Minnesota iron mining-our communities, state and nation depend on it.
The Iron Mining Association of Minnesota's (IMA) mission is to promote an iron ore industry that will provide long-term growth and prosperity for all stakeholders through profitability in a competitive, global market.
The membership is made up of the six producing iron ore mines in Northeast Minnesota that are capable of producing over 40 million tons of taconite annually from Minnesota’s iron ore deposits. The trade association also is made up of two hundred vendors that supply products and services to the mining industry. The companies that operate the mines include ArcelorMittal, Cliffs Natural Resources and US Steel.
The iron mines directly contribute $1.8 billion to the economy of Minnesota every year in the form of purchases, wages and benefits, taxes, and royalties. Subsequent business impact induced as the result of iron mining is responsible for more than an additional $1 billion—making the total economic impact $2.8 billion on the state and region’s economy. Currently the mines directly employ approximately 3,000 men and women, with an additional 12,000 employed by vendors.
Part of the direct impact to the economy includes taxes and royalties paid by the iron mining industry. Taxes payable in 2008 equaled $148.7 million. Distribution of those taxes included $56.9 million towards Minnesota’s education--$45.8 million to K-12 and $11.1 million to the University Trust Fund.
This positive effect on the economy is expected to increase with upgrades to existing mines and addition of new iron mining initiatives.
Essar Steel Minnesota, Magnetation, and Mesabi Nugget are presently under construction and have recently joined the IMA. We look forward to them mining and producing iron ore and steel products in the immediate future.
The new mines will increase employment not only in the mines. Businesses that build the infrastructure and supply products and services to the mines are now seeing increases in employment. Minnesota's economy will benefit from the new mines in the form of purchases, wages and benefits, taxes and royalties.
For more information contact Craig Pagel at:
218-722-7724 Office
218-838-0615 Cell
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