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Metals Royalty Closes $165M Financing to Double Mesabi Royalty to 2%

The Metals Royalty Company logoThe Metals Royalty Company
Sig3.23Sen+5.85Env0.00Soc0.00Gov0.00

The Metals Royalty Company closed its option to acquire an additional 1.0% Index-Priced Gross Overriding Production Royalty in the Mesabi Metallics iron ore project in Nashwauk, Minnesota, doubling its total Mesabi royalty interest to 2.0%. The company expects about US$22 million in annual royalty revenue, with a path to US$26 million, funded by a US$140 million convertible note offering and a US$25 million term loan, with its existing senior facility repaid at closing.

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