Word: mesabi
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...point rapturously to the benefits of connecting the Great Lakes to the Atlantic, which they believe would make Chicago the commercial capital of the world. They argue that the Seaway could relieve much of the pressure now taxing the country's overloaded transportation system. Minnesotans claim that the great Mesabi iron ore deposits that feed the mid-west steel mills are nearly played out, and if cheap Labrador ores can't be shipped down the St. Lawrence, an unthinkable dislocation of the steel industry will occur. Senator Wiley of Wisconsin warned in recent debates that, by refusing to build...
...were 25,000 manufacturing companies in Canada in 1939; there are more than 30,000 now. This year, Canadian firms are spending $443 million on plant expansion-nearly 50% more than they spent in 1946. Most important, Canada has a wealth of iron. While deposits in the famed U.S. Mesabi range run steadily lower, Canada has begun to exploit vast new iron ore deposits in northern Ontario and on the Quebec-Labrador border...
Along the way he encountered Steep Rock Iron Mines, Ltd. Steep Rock looked like the kind of big business that Eaton likes. In Ontario, some 70 miles north of the famed Mesabi range, Steep Rock owned fabulously rich iron ore lands with proven reserves of 30 million tons; geophysicists estimated that they might contain as much as 500 million tons, half as rich as Mesabi. The trouble was that the ore lay under Steep Rock Lake and 150 feet of water. Eaton bought control of Steep Rock for an initial cash outlay of only $20,000, and started...
With Steep Rock grossing upwards of $8,000,000 a year, Eaton has no intention of cashing in his paper profits. He now plans to open up four more open-pit mines, boost output to 5,000,000 tons in a few years. The Mesabi range is approaching exhaustion and Eaton is sure that he can sell all the ore he can mine for years to come...
...spent $10 million just prospecting. Last May its chief geologist, Dr. J. A. Retty, cautiously reported progress: nine finds of high-grade iron ore bodies in Labrador, 15 in Ungava. Said the trade journal Northern Miner: "The most important iron ore discovery in America since the finding of the Mesabi range...