Nashwauk, Minn-based Mesabi Metallics announced it has secured a $520 million credit facility from Breakwall Capital, accelerating development of its long‑planned iron ore mine and pellet plant in northern Minnesota. The company says the project remains on track to begin operations in the third quarter of 2026.
The $2.5 billion development spans more than 16,000 acres and is already one of the largest private industrial investments in state history. More than 750 construction workers are currently onsite. Essar Group, the project’s parent company, says it has invested more than $2 billion in equity to date, and the U.S. Export‑Import Bank has provided additional support.
“This partnership with Breakwall is an important milestone,” said Joe Broking, Mesabi Metallics’ president and CEO. He said the project will deliver a new domestic source of high‑purity DR‑grade iron ore, reducing U.S. steelmakers’ reliance on imported materials and strengthening the nation’s electric‑arc‑furnace steelmaking sector. Broking emphasized the long‑term job creation and reshoring benefits for northern Minnesota.
Breakwall executives said the project aligns with their focus on large‑scale, strategically important resource developments. The financing, they added, reflects the firm’s broader partnership with Vitol.
According to the company, the mine is expected to support U.S. manufacturing, infrastructure and defense supply chains for decades while creating hundreds of permanent jobs on the Iron Range.
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