Mesabi Metallics Company LLC has sold 50% of its royalty interest to The Metals Royalty Company Inc. for $265 million. The transaction, completed in two tranches, values the royalty platform at over $500 million and will support the development of a DR-grade iron ore mine in Minnesota. This mine is expected to commence production in Q3 2026 and aims to reduce U.S. reliance on foreign iron ore imports.
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