MagIron Secures Five New Iron Ore Mining Leases in Minnesota for Hematite Processing

MagIron LLC has completed five new iron ore mining leases with the Minnesota Department of Natural Resources, approved by the State Executive Council on December 2, 2025. Effective January 1, 2026, these 20-year leases cover 760 acres in Itasca County and contain at least 128 million tonnes of ore with an iron grade of 32.19%.

The leases align with MagIron's proprietary process for upgrading oxidized iron formation into high-grade Direct Reduction grade iron ore concentrate, essential for the U.S. Electric Arc Furnace steel sector.

The new leases enhance MagIron's resource position and support plans to restart Plant 4, a concentrator designed for low-carbon iron production. The company aims to supply the decarbonizing U.S. steel industry from its facilities in Minnesota and Indiana, which previously operated at 2.2 million tonnes per annum and can expand to 3.0 mtpa.