Struggling Iron Range Company Magnetation On Verge Of Shut Down

DULUTH, Minn. (AP) — An innovative Iron Range company that mines leftover mine waste is on the verge of shutting down unless it's rescued by outside investors.

A federal judge has approved a bankruptcy settlement that paves the way for Grand Rapids-based Magnetation to wind down operations if it doesn't receive an influx of cash. A hearing on the settlement is scheduled for Sept. 27.

Last week Magnetation notified the U.S. Department of Labor that it may shut down its last operating plant in Minnesota by Sept. 30, as well as an iron ore pellet plant in Indiana that gets iron concentrate from the Minnesota plant.

Rep. Tom Anzelc, D-Balsam Township, tells Minnesota Public Radio that Magnetation is struggling with low ore prices, but he's not ready to give up on the company.

(© Copyright 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)