The Metals Royalty Company Celebrates U.S. EXIM Bank Chairman's Visit to the Mesabi Iron Ore Mine and Provides Commissioning Update
EXIM Bank Chairman John Jovanovic visited the Mesabi Metallics iron ore mine and pellet plant in Nashwauk, Minnesota on September 17, 2026 as the project moves into its startup phase. Per EXIM, it is the first new U.S. iron ore mine and pellet plant to begin operations in 50 years. TMCR holds a 2.0% Index-Priced Gross Overriding Production Royalty with a Revenue Floor over the Mesabi project, having recently doubled its interest via the closed acquisition of an additional 1.0% royalty.
Key figures
- Royalty added
- recently closed acquisition of additional 1.0% royalty interest, doubling total to 2.0%
- Royalty interest
- 2.0% Index-Priced Gross Overriding Production Royalty with a Revenue Floor
- Project completion
- 99.25% as of August 31, 2026
- First production target
- Q4 2026
- Exim potential financing
- up to $10 billion
- Ore blasted and stockpiled
- approximately 1.3 million tonnes
AI analysis
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