Deadline Extended in Nashwauk Mining Project

NASHWAUK (AP) - Gov. Mark Dayton has extended the deadline for a company to come up with financing to finish the Essar Steel taconite mine and processing plant in Nashwauk.

Chippewa Capital Partners won the bidding for the former Essar site in federal bankruptcy court in July. The Minnesota Department of Natural Resources agreed to give Chippewa Capital critical state mineral leases, but the company was to secure $850 million in financing by the end of August.

Dayton has extended that deadline another 30 days. And, if the company cannot come up with financing by then, the DNR will regain control of the leases.