Chippewa Capital Gets Extension to Fund Nashwauk Mine
Mineral Leases Could go Back to DNR if Financing Deal Not Reached
NASHWAUK, Minn.-Chippewa Capital Partners has received a 30-day extension to find financing to complete construction of a Nashwauk mining project.
Today, Minnesota Governor Mark Dayton said that if Chippewa can’t secure financing for the project, the permits to mine there could be lost.
If that occurs, the Department of Natural Resources will regain control of the mineral leases there.
“I am dedicated to ensuring that these state leases are utilized by a financially capable entity to mine and process their resources, build and operate a value-added enterprise, and create more jobs and further economic growth on the Iron Range,” said Governor Dayton in a prepared statement.