Mumbai, June 2 -- Mesabi Metallics Company LLC, backed by the Essar Group, has agreed to monetise 50 per cent of its royalty interest through a transaction with The Metals Royalty Company Inc (TMCR) valued at $265 million.
The deal implies a valuation of more than $500 million for Mesabi Metallics' royalty platform and marks another significant milestone for the Minnesota-based iron ore development project.
Under the agreement, TMCR will acquire a 50 per cent royalty interest in two equal tranches worth $132.5 million each. The first tranche was completed on June 1, 2026, while the second is expected to close within the next 60 days. Company officials said that the majority of the proceeds will be utilised to support the future growth and...