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M&A / Property

Cotec-backed MagIron obtains Minnesota iron leases

By The Northwire Desk — AI Analysis Dec 19, 2025 · 12:07 CTH · 1.68 Cotec Holdings Corp
CTH · Price

Executive Summary

  • Cotec Holdings Corp. highlights that its portfolio company, MagIron LLC, has secured five new state iron ore mining leases in Minnesota, effective January 1, 2026.
  • The leases cover 760 acres in Itasca County, granting rights to explore, mine, and process hematite iron formation for a 20-year term.
  • This acquisition supports MagIron's strategy to restart Plant 4, a concentrator designed to supply low-carbon, direct reduction (DR) grade iron ore concentrate to the U.S. electric arc furnace (EAF) steel sector.

Key Details

  • Lease Acquisition: MagIron acquired five new state iron ore mining leases from the Minnesota Department of Natural Resources, approved by the State of Minnesota Executive Council on December 2, 2025.
  • Lease Terms: The leases are effective January 1, 2026, for a 20-year term.
  • Location and Area: The leases cover 760 acres in Itasca County, Minnesota.
  • Resource Type: The leases grant rights to explore, mine, and process hematite iron formation.
  • Strategic Alignment: These are the first state-issued hematite mining leases specifically aligned with MagIron's proprietary process for targeting and upgrading oxidized iron formation into high-grade DR grade iron ore concentrate.
  • Operational Impact: The new leases, combined with existing stockpiles, tailings, private mineral agreements, and other state leases, strengthen MagIron's restart plans for Plant 4.
  • Plant 4 Details: Plant 4 is described as a modern past-producing concentrator designed to supply the U.S. steel industry with low-carbon, domestically sourced iron units.
  • Cotec Ownership: Cotec Holdings Corp. owns 16.5% of the equity in MagIron on a fully diluted basis.

Notable Quotes

  • Julian Treger, Cotec Chief Executive Officer: "These leases are another exciting milestone for MagIron as it further secures supply for MagIron in the execution of its strategy of becoming a multidecade integrated supplier of DR grade pellets to America's rapidly expanding EAF steel industry."
Read the original news release →

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