On This Date in Minnesota History: July 19

*July 19, 1902 – Cleveland Cliffs Iron Company officially announced today that is has purchased the lease held by the Itasca Mining Company on 160 acres of land adjoining the Hawkins mine on the western Mesaba Range about a quarter mile northwest of the new town of Nashwauk. The consideration was $500,000 cash and seven cents per ton for all ore now shown up (about 5,000,000 tons) and all that is yet to be found. The lease provides for the payments to the fee-holders of a royalty of 20 cents per ton on all ore mined, which makes the total consideration considerably over $3,000,000, it being estimated that the tract contains fully 10,000,000 tons of ore.

The Minneapolis Tribune; “Big Mesaba Mine Deal. Cleveland Cliff’s Iron Company Buys Itasca’s Lease—Total Consideration Three Million Dollars.”; July 20, 1902; p. 4.

http://www.grandrapidsmn.com/news/historical-review/article_1a03c4ea-afa5-5712-a48f-5a5cf422eda9.html

http://epicroadtrips.us/2012/mn/d_16_17_18_19/photo0000035.jpg

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