Michigan's Empire Mine to get $60 million investment, extends life to 2015

The company that runs an iron ore mine in Michigan's Upper Peninsula plans to invest the $60 million to extend the life of the Empire Mine to 2015.

From a Cliffs Natural Resources Inc. press release:

This project is expected to allow Empire to continue producing at a rate of approximately 3 million tons of iron ore annually through its remaining mine life.

The Mining Journal of Marquette reports Friday that the investment will go toward the purchase of mining equipment.

The announcement from the Cleveland-based mining company was part of $1 billion in planned investments for all of its operations in 2012.