Mesabi Trust Receives Quarterly Royalty Report and Royalty Payment from Cleveland-Cliffs Inc.

Mesabi Trust, a company dealing with iron ore royalties, recently received its quarterly royalty report of iron ore shipments from Silver Bay, Minnesota. The report, received on October 30, 2024, revealed that Mesabi Trust obtained total royalty payments amounting to $7,355,929.

The report was provided by Cleveland-Cliffs Inc., the parent company of Northshore Mining Company, detailing the royalties concerning the quarter ended on September 30, 2024. According to the information shared by Cliffs, Mesabi Trust was credited with a base royalty of $4,469,814 and a bonus royalty of $2,718,456 for the mentioned quarter. Additionally, a royalty payment of $167,659 was directed to the Mesabi Land Trust.

The royalties received by Mesabi Trust are determined by factors such as the volume of iron ore pellets and other products shipped, iron ore pricing, and the proportion of production from Mesabi Trust lands. In the third quarter of 2024, Mesabi Trust was credited with 972,154 tons of iron ore shipped, lower than the 1,019,311 tons from the same period in 2023.

Various factors influence the royalties received by Mesabi Trust, including operational decisions, economic conditions, and production schedules. The Trustees of Mesabi Trust noted that royalties can vary significantly and are not indicative of future royalties or distributions to Unitholders.

Mesabi Trust has not received specific updates on Cliffs’ plans regarding Northshore operations for 2024. In the absence of such information, the company remains cautious about predicting future outcomes.

The report also contains forward-looking statements regarding iron ore production, pricing, and shipments for the year 2024. Mesabi Trust highlights potential risks and uncertainties that could impact actual results compared to expectations, including market conditions, environmental factors, and operational decisions.

In compliance with Form 8-K guidelines, the information presented in this report is not considered as “filed” for Securities Exchange Act purposes. Mesabi Trust commits to updating stakeholders on any significant developments as they unfold.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Mesabi Trust’s 8K filing here.

About Mesabi Trust

Mesabi Trust, a royalty trust, engages in iron ore mining business in the United States. Mesabi Trust was founded in 1961 and is based in New York, New York.