Hibbing Taconite is a Lake Superior-type granular magnetite taconite deposit.

Ores at Hibbing Taconite are hosted by a granular quartz, magnetite, siderite, ankerite, minnesotaite, stilpnomelane and haematite mineral assemblage. Principal ore grading parameters include crude magnetic iron percentage (MagFe), weight recovery (WtRec), final concentrate silica content (SiO2), and an ore hardness and work index value that characterises magnetite liberation (LIS).

The Hibbing Taconite deposit is situated within the westcentral zone of the Mesabi Iron Range, occupying ~10 km of strike length, dipping 6° to 8° southeast, within the Biwabik Iron Formation. An approximately 50 m thick section is mined from the central portion of the Lower Cherty member.
Of the minable units in the Lower Cherty member, the upper three (37 m) are predominantly ‘cherty’ or granular magnetite taconite, with 15 - 30 cm thick massive silicate-chert zones separated by up to 5 cm thick slaty bands. The lower two units (10 m) are predominantly ‘slaty’ taconite with interbedded argillite, magnetite, and minor haematite forming slaty bands from 5 - 25 cm in thickness, separated by 5 - 10 cm cherty zones.

Hibbing operations consist of an open pit truck and shovel mine, a concentrator that utilizes single stage crushing, AG mills and magnetic separation to produce a magnetite concentrate, which is then delivered to an on-site pellet plant. From the site, pellets are transported by BNSF rail to a ship loading port at Superior, Wisconsin, operated by BNSF.