Key facts
- Mesabi Metallics monetized a portion of its royalties for $265 million.
- The iron ore mine is valued at $2.5 billion.
- The mine is designed to be a world-class, low-cost, direct-reduction grade iron ore facility.
- The project aims to reduce U.S. steel industry reliance on iron ore imports from countries like Brazil.
Mesabi Metallics Company LLC, supported by Essar, announced on June 3, 2026, from Nashwauk, Minnesota, that it has monetized a portion of its royalties for $265 million. This transaction is associated with the company's $2.5 billion iron ore mine, which is designed to be a world-class, low-cost, direct-reduction grade iron ore facility. The strategic goal of this mine is to reduce the U.S. steel industry's dependence on iron ore imports, particularly from Brazil and other nations.