Project UpdateJun 30, 2026, 04:08 PM
Metals Royalty Co: Mesabi Metallics 95.5% Complete, August 2026 Commissioning
AI Summary
The Metals Royalty Company Inc. provided an update on the construction progress at Mesabi Metallics Company LLC, following an executive site visit. The overall project is 95.5% complete as of May 31, 2026, with commissioning of Line 1 targeted for July/August 2026. The project is reported to be fully financed to first production and is expected to become a significant and low-cost domestic producer of DR-grade iron ore pellets in North America.
Key Highlights
- Overall project completion for Mesabi Metallics stands at 95.5% as of May 31, 2026.
- Engineering is 99.0% complete, procurement 99.3% complete, and construction 91.4% complete.
- Commissioning of Line 1 is targeted to commence in July/August 2026.
- The project is reported to be fully financed to first production.
- Mesabi is expected to become one of North America's few significant domestic producers of merchant DR-grade iron ore pellets.
- It is also expected to be among the lowest-cost iron ore producers globally.
Price Impact
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