Purpose of the Bill

The purpose of this bill is to allocate funding for a study that aims to enhance the next generation of the iron ore industry in Minnesota. This study focuses on exploring and developing new feedstock resources that can make the iron ore industry more globally competitive.

Main Provisions

• Funding Allocation: The bill proposes appropriating $750,000 from the renewable development account for fiscal year 2026. This fund is designated for the University of Minnesota's Natural Resources Research Institute.

• Study Components: The study will investigate various aspects critical to iron ore production, including:

  • Quantification and characterization of resources such as iron ore, energy, water, hydrogen, and biomass.
  • Examination of carbon materials, process technologies, transportation, and manufacturing infrastructure.
  • Exploring the potential for integrating iron production with other industries like liquid fuels and ammonia.

• Reporting Obligations: The Natural Resources Research Institute is required to provide:

  • An interim report to relevant legislative committees by May 15, 2027.
  • A final report by May 15, 2028.

Significant Changes

The bill mandates the usage of funds from the renewable development account to support an energy and materials research initiative, which shifts traditional resource development focus towards a more modern, integrated approach for sustainability in the iron ore industry.

Relevant Terms

• Iron ore industry
• Feedstock resources
• Renewable development account
• Natural Resources Research Institute
• Hydrogen and biomass
• Carbon materials
• Energy policy and finance