The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1920-01-23
STATEMENT BY
MEsABI IRON CO.
COMPANY GIVES. DETAILS OF
PLANS TO USE Low GRADE
ORES.


ceived from the Mesabi Iron Com.
pany recently organized with un.
limited capital behind it to develop
the low grade ores of the Eastern
Mesaba range, a statement Of its ac-
Invites, and the same sounds good
tOf particular interest is the state
ment that low grade ores will be
utilized as there are countless mil
lions of tons of this class of ore on
both this and the Mesaba range.
The Review says:
"The recent formation of the Me-
sabi Iron Company for the purpose
of developing and working low
grade iron deposits on the eastern
portion of the Mesabi range is of
unusual interest in that it is the
first step taken in. this district if not
in the United States, to commercial
ize iron bearing materials of this
kind, and promises to- be the most
extensive operation in the country
of this nature.
GAS early as 1913 the attention
Of Hayden, Stone & Company was
called to these low grade magnetic
deposits, which upon investigation,
were found to involve problems Of
mining and metllurgy similar in
many essential respects to those per-
tanning to the "porphyry coppers,"
with the development and operation
of which that firm Had been, and still
is, prominently identified.
Preliminary Investigations and
negotiations including the acqui-
sition and control Of large and ia
vorably located area covered per-
iod of about two years extending in
to 1915, in which year, small syn
dictate was organized by Hayden,
Stone & Company to drill and other
wise develop portion of the areas
that had been acquired and to con-
tinue metallurgical investigation up
on a more elaborate scale. A con-
centrating mill of 100 tons daily
capacity of raw material was COM
pleted about the middle of the year
1916, and was operated more or less
continuously until the close of the
year 1918 in the production Of
commercial products on a scale
which resulted in the treatment of a
great many thousand tons of ma
terial from various parts of the
East Mesaba deposits, and the pro-
duction and sale of several thous-
and tons Of high grade iron con-
centrates and sinter, which proved
upon use to be a highly desirable
material in standard blast furnace
practice.
"The expenditure of the Syndi-
cate. in carrying out the above
amounted, to approximately $780,
900. The results Of this work were
so satisfactory, and pointed SO con-
clusively to the commercial practk
cabilty Of the enterprise, that Hay
den, Stone & Company have recently
organized corporation known as
Mesabi Iron Company to replace the
original Syndicate as more adapt
able vehicle through which to de-
velop, equip and operate these prop
critics in larger and more compre-
hensive way.
"The capital stock Of the Mesabi
Iron Company now being issued con-
sists of s3,Oe0,o00 of 8 per cent
stock, the shares Of which are of
8 per cent cumulative convertible
preferred stock, the shares of
which are of 500 per value, and
100000 common shares of no par
value. As all Of the securities are
being issued to the original Syndi-
cate members and their associates,
no public offering or fiotation will be
made or is contemplated until such
time as the commercial plant which is
now being built is in actual opera
ton in the production and sale Of a
commercial product.
"The new plant which is being
built near the mines on a branch of
the Duluth & Iron Range railroad,
will have an initial capacity Of treat
ing some 5000 to A 900 tons per day
Of the law grade magnetic bearing
rock. It is not expected that the
construction Of this plant can be
finished until towards the end of
1920, and accordingly, its product
will not be on the market much, if
any, before the beginning of 1921.
This product will be in the form of
agglomerated or sintered magnetic
concentrate, containing upwards Of
so per cent iron. low in phosphorus
and tn practically no moisture.
and with practically no moisture.
"The quantity of raw material con-
cial and competitive value of which
has been satisfactorily proven, may
be described as practically unlimited,
at least from the viewpoint Of the
succeeding generation.
"The investigation, acquisition
land development Of this property
land enterprise has been directed by
Daniel G. lacking, who win con.
ltinue to supervise the company's
business and operation as its pres
ident. Dwight E. Woodbridge ha.
been associated with the enterprise
since its earliest inception and ha,
had much to do with the field work
OF investigating and acquiring the
INNING nranor4soe W q H.ro :.