WASHINGTON — The United States has announced support of up to $10 billion for a major iron ore project aimed at deepening strategic ties with India, part of a broader $30 billion Indo-Pacific financing push to strengthen supply chains and industrial capacity.
The funding, backed by the U.S. Export-Import Bank (EXIM), was announced during the Indo-Pacific Energy Security Ministerial and Business Forum in Tokyo.
EXIM said its loans are helping unlock nearly $30 billion in strategic deals designed to reinforce U.S. supply chain security alongside Indo-Pacific allies.
EXIM President and Chairman John Jovanovic joined senior officials, including Interior Secretary Doug Burgum and Environmental Protection Agency Administrator Lee Zeldin, at the forum.
Officials said discussions focused on strengthening critical supply chains and expanding U.S. energy and industrial reach globally.
A central component of the announcement is support of up to $10 billion for a mining and processing facility by Mesabi Metallics on Minnesota’s Mesabi Iron Range.
The project is expected to produce about 7 million tons of high-grade direct-reduction iron ore pellets annually, a key input for modern steelmaking and next-generation industrial processes.
EXIM said the investment will create hundreds of American jobs and expand domestic industrial capacity.
The bank added that the project will deepen strategic economic ties with India and strengthen cooperation on energy, minerals, and industrial supply chains.
The Minnesota project is part of a broader slate of initiatives unveiled at the forum.
EXIM highlighted a $14 billion liquefied natural gas project by Delfin Midstream Inc., which aims to establish the first offshore LNG export facility in the United States in partnership with Japan and South Korea.
The bank also issued Letters of Interest for up to $4.2 billion in potential financing for nuclear fuel sales by General Matter to operators in Japan and South Korea.
The financing would support the purchase of American enriched uranium for existing and advanced nuclear reactors, helping reduce reliance on adversarial suppliers.
In Australia, EXIM is backing a critical minerals project led by RZ Resources with up to $550 million in financing, expected to produce titanium feedstocks, zircon, and other strategic minerals.
EXIM said the initiatives demonstrate growing coordination among like-minded economies to secure critical mineral supply chains and key industrial inputs.
The bank added that its efforts align with the U.S. “energy dominance” agenda, aimed at strengthening domestic industry while expanding partnerships across the Indo-Pacific.
The Indo-Pacific has become central to U.S. economic strategy, particularly in securing energy and critical mineral supply chains. Washington has been working to reduce dependence on rival nations for key industrial inputs.
India has emerged as a key partner in that effort, with cooperation in energy, manufacturing, and critical minerals expanding in recent years as both countries focus on building resilient supply chains and boosting industrial capacity. (Source: IANS)
