"As a part of this transaction, we will donate public useproperties in Hoyt Lakes for the enjoyment of residents of HoytLakes and the East Range," said Don Shippar, Minnesota Power chiefoperating officer. Shippar said his company will work with the IronRange Resources and Rehabilitation Board, an economic developmentorganization in northern Minnesota, to develop property near GiantsRidge, a resort on the Iron Range.

A subsidiary of Cliffs would pay $12.5 million to LTV to acquirethe Taconite processing plant along with all property related tomining operations. The LTV mining operation was closed early thisyear after LTV filed for protection from creditors in federalbankruptcy court. The deal is subject to court approval. MinnesotaPower is a subsidiary of Duluth-based Allete, which also hassignificant real estate holdings, a wholesale auto auction businessand an auto dealer inventory-financing unit.