Serving the Iron Range and northeastern Minnesota

Drilling Incentive Grant Program

The mining of iron ore has been one of the pillars of the northeastern Minnesota economy for over a century, and six taconite plants located on the Mesabi Iron Range produced nearly 40 million tons of taconite pellets in 2005, the highest level since 2000. However, while northeastern Minnesota has significant known deposits of minerals other than iron, none of these deposits yet have been developed. Many indicators suggest that other mineral deposits await discovery, as well.

Iron Range Resources seeks to encourage the exploration of mineral resources located in its service area by providing matching grants for exploratory drilling.

Highlights of the program include:

• Matching grants to mineral exploration companies to assist targeted exploratory (not development or delineation) drilling
  
• Iron Range Resources will match up to 40% of direct drilling costs, not to exceed a match of $20,000 per drill hole
  
• Grantees must be eligible to hold a state minerals lease by meeting criteria established by the Minnesota Department of Natural Resources Lands & Minerals Division.