Mesabi Metallics Sells Part of Royalty Interest for $265 Million

Mesabi Metallics Company LLC has finalized an agreement to sell 50% of its royalty interest to The Metals Royalty Company Inc. for $265 million. The deal implies a valuation exceeding $500 million for Mesabi's royalty platform. It will be executed in two equal tranches, with the first already completed and the second expected within 60 days.

This transaction highlights the significance of Mesabi's DR-grade iron ore mine in Minnesota. Expected to start in Q3 2026, the mine aims to reduce U.S. reliance on imports. It plans to be one of North America's leading DR-grade iron ore pellet producers. The project is supported by $670 million in recent financial commitments, reflecting institutional confidence in its importance.