The Star Tribune's Dee Depass reports that Essar Steel has secured $450 million in new private financing, and is injecting $300 million of its own money into finishing its long-awaited Nashwauk taconite plant.

Essar Steel has secured $450 million in new private financing, and is injecting $300 million of its own money into finishing its long-awaited Nashwauk taconite plant.

Here on the ground north of Nashwauk, the project has been a source of local hopes, fears and loathing. The odd start-and-stop nature of Essar's construction plans has periodically left contractors in the lurch and townsfolk wondering if the project was *really* going to happen, even with a massive concrete spire visible for miles around.

The issue: financing. India-based Essar has figurative and often literal irons in the fire all over the world. They've cited slow availability of loans as the reason for the unusual delays and erratic construction pace.

There are more questions ahead. As this section from the story shows, the original goal for this project -- making steel on the Iron Range -- has pretty much slipped away.

Many of the company's Iron Range and state grants were predicated on the idea that this would be a value-added iron mining project. If that doesn't happen, there could be financial repercussions.

Still, after a winter of discontent, the fact that this project is moving ahead is a welcome positive development. As with all mining projects, the market will dictate much about what actually transpires.