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March 26, 2026
US Ex-Im Bank making up to $10B available for Mesabi iron ore project: Report
Written by Ethan Bernard
The US Export Import Bank (Ex-Im) has said it will support a Mesabi Metallics iron ore project in Minnesota to up to $10 billion, according to a report in the Economic Times of India.
Mesabi Metallics, part of India’s Essar Group, has been developing a DR-grade iron ore project in Minnesota for over 20 years. (For more background, click here.)
The announcement was made during the recent Indo-Pacific Energy Security Ministerial and Business Forum in Tokyo last week, the March 22 article said.
The loans form part of a strategy made to strengthen America’s supply chain security alongside Indo-Pacific allies, according to the article.
SMU reported in late January that Essar Group Director Prashant Ruia told India’s Business Standard newspaper that the company is finalizing an additional $650 million investment for its 7-million-metric-ton-per-year iron ore mining and pelletizing facility in Nashwauk, Minn.
A request for comment from Mesabi Metallics was not returned by time of publication.
