As per an electronic certificate of real estate value, Mesabi Metallics Co. LLC paid $12 million for thousands of acres of land in Nashwauk in the last week of July.
Butlertac Holdings LLC, based in San Antonio, sold 3,200 acres of land to Mesabi Land 1 LLC, a Mesabi Metallics subsidiary. After state intervention, the Nashwauk-based mining business is in the process of creating a taconite mine, which it now has 2 years to complete.
According to a news release from Mesabi Metallics, the acquired acreage is located in the Biwabik Iron Formation along the former Butler mine corridor in Itasca County.
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In the eCRV, Butlertac Holdings reported a location and contact information that matches that of McCombs Enterprises. According to the McCombs Enterprises website, Red McCombs is the prior owner of the San Antonio Spurs, Denver Nuggets, and Minnesota Vikings. It is also the founder of Clear Channel Communications.
According to the company’s website, one of its areas of expertise is the energy industry, notably oil and gas investments. By the time of publication, McCombs Enterprises had not responded to requests for comment.
Mesabi Metallic’s purchase “reaffirms” its commitment to completing its Nashwauk taconite mine and pelletization project. According to Mesabi Metallic’s press release, this project will be built on the site of the former Butler mine, which closed 35 years ago.