Duluth, MN (KDAL) - Magnetation L-L-C announced yesterday it had fallen into a pot of secured credit worth $110,000,000. The cash was arranged by JP Morgan, no stranger to the mining industry, and allows Magnetation to go ahead with Phase Two plans to build an iron nugget plant in Reynolds, Indiana. That facility would produce a high grade nugget from raw ore Magnetation is reclaiming from waste mine dumps on the Iron Range.
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