Mining Reinvestment Fund

Aerial photo of Hibbing TaconiteThe Mining Reinvestment Fund (formerly known as the Taconite Economic Development Fund - TEDF) is one way the agency supports our local mining industry which comprises over 30% of our regional economy.  Each iron ore producer is eligible for a tax rebate of $0.251 per ton of iron concentrate produced annually.  The producer must match the tax rebate dollar for dollar.  Projects eligible for this funding are acquisition of stationary plant mining equipment and facilities, research and development on new mining, taconite, iron, or steel production technology, workforce development, and associated public facility improvements.  The Taconite Production Tax, paid by each mining company in lieu of property taxes, is based on the annual amount of tonnage plus chips and fines produced by each company.

Mining Reinvestment Fund (pdf)