US Mesabi Metallics Project ~99% Complete, Output Expected in Q4

en.Wedoany.com Reported - On August 24, The Metals Royalty Company (TMCR), a US mining company, announced that the Mesabi Metallics iron ore project in Minnesota, USA, has reached approximately 99% overall completion. The first processing line is scheduled for commissioning in Q3 2026, with initial production expected in Q4.

The project completed its first production blast on July 10, crushing approximately 211,000 tons of ore, paving the way for mining trucks to enter the pit for production operations. TMCR has completed the acquisition of an additional 1% royalty interest in the Mesabi Metallics project, increasing its stake from 1% to 2%; under the previous agreement, the total consideration for the two royalty transactions amounts to $265 million.

The Mesabi Metallics project is located in the core area of the Mesabi Iron Range, one of the most important iron ore resource bases in the United States. The project has approximately 1.3 billion tons of resources, primarily magnetite ore with an average feed grade of about 25%–30% Fe. It includes supporting beneficiation and pelletizing capacity of 7 million tons per year, capable of producing DR-grade pellets with an iron grade exceeding 67%, mainly used for electric arc furnace steelmaking and direct reduced iron (DRI) production. According to site photos released on the Mesabi website in June, surface facilities related to the mine, beneficiation, and pelletizing are still under construction and refinement; if subsequent commissioning and ramp-up proceed smoothly, it will increase domestic DR-grade pellet supply in North America.