TMCR doubles Mesabi royalty stake to 2% as Minnesota iron ore project nears first production

The Metals Royalty Company Inc. (TMCR), a Nasdaq-listed, Canada-based metals and mining royalty company focused on acquiring and managing royalties, streams and other related interests in North America, has doubled its royalty interest in the Mesabi Metallics iron ore project in Minnesota to 2.0% from the original 1.0%, according to the company's latest release on Monday.

The increase in royalty position has been completed following the closing of a $265 million acquisition funded through a $140 million convertible note offering and a $25 million senior secured loan facility, per the release. Located in Nashwauk on the Mesabi Range, the Mesabi Metallics project is one of the