Essar Steel reaches Milestone for 7 mtpa Pellet Project

Iron Ore Project

Essar Steel reaches Milestone for 7 mtpa Pellet Project

Essar Steel Minnesota LLC (ESML) has succeeded in reaching a major financial milestone by closing the financing to complete construction of its fully permitted open-pit iron ore mine, crushing, concentrating and pelletizing facilities, which will have an annual pellet production capacity of 7 million tonnes.
(ed. WoMaMarcel - 16/12/2014)
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After closing the financing, ESLM will now ramp up procurement and construction activities.

With this financing in place, ESML will now ramp up procurement activities and construction activities at the project site. First, construction activities at the ESML site will focus on completion of foundational and concrete work before winter freeze-up. ESML also anticipates extensive construction activities continuing at the project site during the winter months with the focus on erecting steel for the numerous structures at the site; installation of sheeting on buildings; and the installation of numerous pieces of machinery and equipment in the facilities. ESML anticipates commencing production of taconite pellets in the second half of 2015. Madhu Vuppuluri, ESML’s President and CEO, commented: “This truly is a momentous occasion for our Company and for the Iron Range as we now have in place the necessary financing to complete this historic project, which will be a tremendous economic engine to the benefit of the Iron Range and its residents for the next several decades. By having completed the necessary financing for this project, we look forward to moving aggressively toward project completion and commencement of production. We thank the community for their continued support for the project.” ESML is an iron ore producer engaged in the development of a 7 million t/y fully-integrated pellet production facility in the western Mesabi Range in northern Minnesota. When completed, the USD 1.8 billion project will consist of an open-pit iron ore mine, crushing, concentrating and pelletizing facilities and a rail line and train-loading system. ESML has an aggregate of approx. 1.8 billion tonnes of measured and indicated magnetite iron resources, of which approximately 1.7 billion tonnes are classified as proven or probable reserves, and an additional 0.2 billion tonnes of inferred magnetite iron resources.

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