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Mercuria Signs MOU to Support Minnesota´s Mesabi Metallics
Friday 14 September 2018

14 September 2018 - Swiss energy and commodities group Mercuria Energy has signed a memorandum of understanding with Chippewa Capital Partners, LLC that envisages Mercuria backing the re-emergence of iron ore producer, Mesabi Metallics Company LLC, which is currently 100% owned by CCP, the company said.

The investment is intended to support the creation of new long-term jobs in America's heartland and the century-old iron ore mining district, the Mesabi Range in Minnesota.

The transaction would allow Mercuria to acquire a majority stake in the iron ore producer, which boasts a 7mtpa mine-to-plant pelletisation project (the Mesabi Project).

Mesabi Metallics has met every key milestone that led to the reinstatement of all its mineral lease rights as confirmed by the Department of Natural Resources on 11 July 2018.

Mercuria's backing and investment into Mesabi Metallics is expected to lead to an acceleration of the engineering, procurement and construction of the Mesabi Project.

Mercuria plans to complete its investment into Mesabi upon closing of the acquisition in Q4 2018.

An energy and commodities group, Mercuria is primarily focused on energy, and is present all along the commodity value chain with activities forming a balanced combination of commodity flows and strategic assets.

More than 1,000 people are operating from offices worldwide to sustain the group's business reach with their market knowledge, diversity, and experience.
Date Published: 14/09/2018
Target: Mesabi Metallics Company/majority stake
Country: USA
Sector: Metals/Mining
Type: Corporate acquisition
Status: Agreed
Vendor: Chippewa Capital Partners
Buyer: Mercuria Energy
Terms of the deal were not disclosed