According to these October 2011 filings with the Surface Transportation Board, Mineral Range, Inc. is planning to buy LS&I's existing 12 miles of trackage from Ishpeming yards to Humboldt Jct. CN has, and will retain, trackage rights on this section. They also plan to re-lay the 1.9 miles from Humboldt Jct. to Humboldt. The re-laid track will cross highway US-41/M-28 just west of the northern terminus of highway M-95 in western Marquette County. This section is currently used as a snowmobile trail. Kennecott is rehabbing the Humboldt mill for use by their upcoming copper/nickel mine, and they will re-lay the last 0.75 miles of track from Humboldt to their mill.
All the details you may want, including some rough maps, may be found in the filing linked below (or try Google using search words such as "rail humboldt, mi" or "mineral range, inc")
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