Minneapolis, Minnesota-based steel trading and distribution company, Cargill Ferrous International announced Thursday that it has reached an agreement with Nashwauk, Minnesota-based iron ore mining company Magnetation Inc., under which the companies will explore opportunities to develop and utilize Magnetation's proprietary mineral processing technology. According to Magnetation, the patent-pending Rev 3TM Separator technology allows mining operators to recover a marketable, high-grade iron ore concentrate from low-grade hematite iron deposits, including material left behind from prior mining and mineral processing operations. The recovered product can be sold to a variety of iron-making industry customers.
Under the agreement, Cargill has the exclusive right to jointly develop and apply the technology with Magnetation, and the rights to market the recovered iron concentrate to its international iron ore customers. Cargill's financial involvement will help enable Magnetation to boost its production of recovered iron in Minnesota from 150,000 to 450,000 net tons (nt) per year.
"This pioneering technology generates, in essence, a new source for high-grade iron concentrate from existing resources," said Larry Lehtinen, Magnetation CEO. "Cargill's support of this iron recovery technology demonstrates the real commercial value it presents to the iron industry worldwide, as well as the promise it holds in terms of its positive environmental footprint."