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Iron ore processor plans $350M Indiana project

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A Minnesota-based mining company plans to spend as much as $350 million to build a iron ore pellet plant in Indiana, creating up to 100 jobs by 2015, the company announced Tuesday morning.

Magnetation LLC, of Grand Rapids, Minn., said it would break ground on the plant in Reynolds in the first quarter of 2013. Reynolds is about 25 miles north of Lafayette.

When it becomes operational in 2015, the plant will produce iron ore pellets, a critical raw material in the steelmaking process, for use by AK Steel Corp. Magnetation will transport iron ore concentrate via rail from its operations in northern Minnesota to Reynolds.

"With convenient access to major railways and highways, Reynolds is an outstanding location for the company's new pellet plant," Magnetation CEO  Larry Lehtinen said in a prepared statement.

The Indiana Economic Development Corp. offered MagPellet LLC, a Magnetation subsidiary, up to $1.5 million in conditional tax credits and up to $200,000 in training grants based on the company's job-creation plans.

The Indiana Department of Transportation also will assist the project by improving rail service to the site. White County is offering additional financial support using revenue from a tax increment financing bond.

Utility NIPSCO said it will provide the company $23 million in additional energy and infrastructure incentives.

The Magnetation plant will use a site that was graded and prepared for a high-profile ethanol refinery project late last decade, but was never completed after VeraSun Energy Corp. went bankrupt.

"This announcement is a huge shot in the arm for the local economy in Reynolds and White County," said John Heimlich, president of the White County commissioners, in a prepared statement.
 

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  1. In reality, Lilly is maintaining profit by cutting costs such as Indiana/US citizen IT workers by a significant amount with their Tata Indian consulting connection, increasing Indian H1B's at Lillys Indiana locations significantly and offshoring to India high paying Indiana jobs to cut costs and increase profit at the expense of U.S. workers.

  2. I think perhaps there is legal precedence here in that the laws were intended for family farms, not pig processing plants on a huge scale. There has to be a way to squash this judges judgment and overrule her dumb judgement. Perhaps she should be required to live in one of those neighbors houses for a month next to the farm to see how she likes it. She is there to protect the people, not the corporations.

  3. http://www.omafra.gov.on.ca/english/engineer/facts/03-111.htm Corporate farms are not farms, they are indeed factories on a huge scale. The amount of waste and unhealthy smells are environmentally unsafe. If they want to do this, they should be forced to buy a boundary around their farm at a premium price to the homeowners and landowners that have to eat, sleep, and live in a cesspool of pig smells. Imagine living in a house that smells like a restroom all the time. Does the state really believe they should take the side of these corporate farms and not protect Indiana citizens. Perhaps justifiable they should force all the management of the farms to live on the farm itself and not live probably far away from there. Would be interesting to investigate the housing locations of those working at and managing the corporate farms.

  4. downtown in the same area as O'malia's. 350 E New York. Not sure that another one could survive. I agree a Target is needed d'town. Downtown Philly even had a 3 story Kmart for its downtown residents.

  5. Indy-area residents... most of you have no idea how AMAZING Aurelio's is. South of Chicago was a cool pizza place... but it pales in comparison to the heavenly thin crust Aurelio's pizza. Their deep dish is pretty good too. My waistline is expanding just thinking about this!

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