Valor Mining Credit Partners II, L.P. (VMP II) is a private credit fund managed by Breakwall Capital LP in partnership with Vitol. Focused on structured credit investments in North American mining and critical minerals companies, it targets event-driven financing opportunities such as debt refinancing, acquisition financing, and development capital.
Launched in 2026 as the successor to the inaugural Valor Mining Credit Partners, L.P.—which deployed approximately $470 million in under six months—VMP II closed its first investment with a $520 million senior secured term loan to Mesabi Metallics Company LLC, supporting the development of a direct reduction-grade iron ore mine and pellet plant in Minnesota.
VMP II forms part of the broader Valor energy credit franchise between Breakwall and Vitol, which has invested over $2.1 billion across upstream oil & gas, mining, and critical minerals sectors in less than three years.
New mining credit fund focusing on structured, event-driven financing for mining and critical minerals. First deal: $520M loan to back a US iron-ore mine and pellet plant; project has $2.2B+ invested.
Northern Minnesota DR-grade iron ore mine and pellet plant on 16,000+ acres progressing toward commercial start; $2.5B project, 750+ construction workers onsite, backed by EXIM support.
