United States · Iron Ore and Steel · US$15 Billion Iowa Plant Announced

What happened

On September 28, the White House announced a planned US$15 billion Mesabi Metallics steel mill in Iowa. The first phase is expected to produce 7.5 million tons of steel a year, with planned expansion to about 10 million tons a year. The plant is intended to use iron ore from Mesabi Metallics’ Minnesota mine and pellet operation.

The U.S. Export Import Bank said the Minnesota operation is expected to produce up to 7 million tons a year of direct reduction grade iron ore pellets. EXIM also confirmed that its Board approved a US$770 million direct loan for the Minnesota mine in the prior week. That financing is background to the September 28 steel plant announcement. It was approved in the prior week and falls outside this Daily evidence window.

What happened

Troilus Mining received a credit approved commitment letter from KfW IPEX Bank and Société Générale to underwrite US$850 million in debt financing for the Troilus gold and copper project in Quebec. The commitment forms part of an anticipated US$1.1 billion debt package.

A proposed US$250 million contribution from Export Development Canada continues through its final approval process. The US$850 million commitment is also subject to conditions that include completion of the full debt package, export credit approvals, final diligence, definitive documentation and required regulatory approvals.

What happened

Eldorado Gold announced that the Skouries mine in northern Greece has been energized through its permanent connection to the Greek national power grid. The connection followed final inspection, testing and approval by the Greek transmission authority.

Permanent grid power now supports commissioning and ramp up across the site. Eldorado continues to target commercial production in the fourth quarter of 2026 and reports expected average life of mine production of 140,000 ounces of gold and 67 million pounds of copper a year.

What happened

DEV Mineração began hot commissioning of the Azteca processing plant at the Amapá Iron Ore Project after completing cold and wet commissioning and receiving technical consent from the Amapá State Environmental Secretariat. Existing feed material is now moving through the plant to measure throughput, concentrate grade and recovery.

Initial hot commissioning targets 25% to 50% of plant capacity. The intended commercial operation is approximately 380,000 tonnes a year of about 65% iron concentrate following commissioning and ramp up. Concentrate produced during the test period must remain on site until the Operating Licence is granted.

What happened

Strategic Minerals announced US$9.25 million in U.S. government funding for its wholly owned Cornwall Resources subsidiary to accelerate the Redmoor tungsten, copper and tin project through feasibility work toward a final investment decision.

The programme covers drilling, Mineral Resource and Reserve work, prefeasibility and definitive feasibility studies, metallurgical and engineering studies and related site preparation activities. The award carries no equity dilution and no restrictions on future funding or offtakes. Mine planning and permitting sit outside the funded programme.

What happened

Homeland Nickel and Westwin Elements signed a binding offtake agreement for the Red Flat nickel project in southern Oregon. The agreement contemplates an estimated 20,000 tonnes of nickel concentrate a year from Red Flat for Westwin’s planned U.S. nickel refinery.

Homeland is preparing an updated Mineral Resource Estimate and Preliminary Economic Analysis. If Westwin is satisfied with the PEA, the agreement provides for Westwin to fund a Bankable Feasibility Study covering further drilling, permitting, environmental assessment and detailed economic work.