Eveleth Mines definition
Examples of Eveleth Mines in a sentence
The only asset owned by Eveleth is a minority ownership interest in Eveleth Mines LLC.
Eveleth Mines, a taconite mining operation located at Eveleth, Minnesota, consists of two operating entities: Eveleth Taconite Company, a Minnesota corporation ("Taconite Company"), and Eveleth Expansion Company, a Minnesota general partnership ("Expansion Company").
On the Closing Date there will be a preliminary settlement between Oglebay and the stockholders of ETCO and between Oglebay and the partners of EXCO, prepared in a manner consistent in all respects with the monthly balance sheets as prepared by the Controller of Eveleth Mines, for Oglebay's and ONCO's respective interests in the current assets and current liabilities.
The combined operations of the Eveleth Mines companies represent a cost-sharing arrangement in accordance with agreements for the life of the mines that govern the combined operations.
Although the labor contract at Eveleth Mines expired simultaneously with those of the other producers, August 1, 1993, its workers stayed Marquette County and nearly all was pelletized.
All of the assets currently owned by EXCO and ETCO and used in the business and operations of the Eveleth Mines shall be transferred to Newco, and the Remaining Companies covenant and agree that they will not for a period of five years from the Closing Date remove such assets from Newco, except in the ordinary course of business and except to pledge such assets as collateral in connection with the execution of loans.
In December 1996, under a restructuring of Eveleth Mines, ▇▇▇▇▇▇▇▇ ▇▇▇▇ increased its ownership interest in Eveleth Mines LLC ("EVTAC"), a newly formed Minnesota limited liability company, to 40%.
Through November 1996, ▇▇▇▇▇▇▇▇ ▇▇▇▇ Taconite Company ("▇▇▇▇▇▇▇▇ ▇▇▇▇"), a member of the AKSII Group, owned a 56% equity interest in Eveleth Expansion Company ("Eveleth"), a partnership that produced iron ore pellets, which equated to a 35% interest in Eveleth Mines.
ONTAC has not been involved in any operations or business other than providing employees to the Eveleth Mines and ONTAC has no undisclosed liabilities unrelated to the operations and business of the Eveleth Mines.
Newco hereby agrees to indemnify and hold Oglebay and ONCO and each of Oglebay's and ONCO's subsidiaries, divisions, affiliates, officers, directors, employees and agents harmless from and against any loss, cost, deficiency, liability, and damage including attorneys' fees and expenses incurred or suffered by Oglebay or ONCO arising out of or resulting from the ownership, management and operations of the Eveleth Mines from and after the Closing Date.