State legislators tour the largest taconite mine on the Mesabi Range
A group of Minnesota legislators toured Minntac near Mountain Iron, the largest taconite mine on the Mesabi Range. During the tour, lawmakers learned more about the millions of dollars in annual trust money that iron ore mines, also known as ferrous mines, contribute to public education statewide.
In 2012, United States Steel Corporation – which owns and operates Minntac and Keetac near Keewatin – contributed more than $47 million in royalty payments to the trust fund. This amounts to 89 percent of the total trust fund contributions in 2012.
Revenues the state receives from mining activities at iron ore facilities like Minntac and Keetac go directly into the Permanent School Fund. The interest from the fund is distributed to every public school in the state.