JANUARY 6 2011 22:13h
Cargill partners with a little brother
The company, Magnetation Inc., specializes in recovering iron ore from unlikely sources, including waste dumps and old mines, the Duluth, Minn., News Tribune reported.
Cargill operates in more than 60 countries, has 131,000 employees and is the largest revenue generating private U.S. company, the newspaper said.
Magnetation, by contrast, began in 2006 and employs about 50 workers. It shipped its first recovered iron ore in February.
Magnetation Chief Executive Officer Larry Lehitnen said the partnership will allow his company to boost production from 150,000 tons to 450,000 tons per year.
Cargill named an environmental benefit from the partnership. Old mine tailings now seen as a valuable source of low-grade iron or can be mined again and turned "into functioning ecological wetlands," Cargill said.
DULUTH, Minn., Jan. 6 (UPI) -- U.S. industrial giant Cargill said Thursday it had invested in a small, alternative iron ore recovery business in Minnesota.