New Delhi, June 2 (IANS) Mesabi Metallics Company LLC (Mesabi Metallics), backed by Essar Group, has agreed to sell 50 per cent of its royalty interest to The Metals Royalty Company Inc. (TMCR) for a total consideration of $265 million, implying a valuation of more than $500 million for the royalty platform.The transaction with TMCR will be completed in two equal tranches of $132.5 million each: the first tranche closed on June 1, 2026, with the second tranche expected to close within 60 days. T…
Latest Direct Reduction News & Updates
Nashwauk, MN (United States), April 6 (IANS) Mesabi Metallics Company LLC (Mesabi Metallics), backed by Essar Group, on Monday announced that it has secured $150 million of financing from Macquarie Group, supporting the Q3 2026 startup of its world-scale Direct Reduction (DR) grade iron ore mine and pellet plant in Nashwauk, Minnesota.The latest financing builds on recent capital momentum for the structurally important American iron ore project.The financing follows Mesabi’s recently announced…