CoTec-Backed MagIron Secures Minnesota Iron Ore Leases to Support Low-Carbon Steel Supply

The latest announcement is out from CoTec Holdings ( (TSE:CTH) ).

CoTec Holdings has highlighted a key milestone at portfolio company MagIron LLC, in which it holds a 16.5% fully diluted stake, following MagIron’s acquisition of five new state iron ore mining leases in Itasca County, Minnesota. The 20-year leases, covering 760 acres and effective from January 1, 2026, give MagIron rights to explore, mine and process hematite iron formation using its proprietary process to upgrade oxidized ore into high-grade direct reduction concentrate for the fast-growing U.S. electric arc furnace steel sector. Combined with MagIron’s existing stockpiles, tailings, private mineral agreements, other state mineral leases and owned mineral rights, the new leases bolster plans to restart Plant 4, a modern concentrator designed to supply low-carbon, domestically sourced iron units, strengthening MagIron’s ambition to become a long-term integrated supplier of DR-grade pellets and enhancing CoTec’s exposure to strategic, low-carbon iron ore assets in the U.S. steel supply chain.

More about CoTec Holdings

CoTec Holdings Corp. is a Canadian resource technology company focused on rare earth magnets and strategic materials, aiming to build secure, sustainable and low-cost supply chains for the United States and its allies. Through investments in disruptive extraction and recycling technologies, including magnet recycling in Texas, iron tailings reprocessing in Québec and next-generation copper and iron projects, CoTec targets the transformation of marginal assets and waste into high-value critical minerals to support the energy transition and U.S. economic and national security.

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Technical Sentiment Signal: Buy

Current Market Cap: C$163.8M

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