Detail akcie Mesabi Trust online

Business Summary: Mesabi Trust is a royalty trust organized to derive income from an iron mine (the Peter Mitchell Mine) located near Babbitt, Minnesota, at the eastern end of the Mesabi Iron Range. The Trust is a pass-through entity. It operates in one segment, which is iron ore mining. The mine is operated by Northshore Mining Company (Northshore), a subsidiary of Cleveland-Cliffs Inc. (CCI). Northshore mines the ore, which is in the form of taconite, a hard rock containing approximately 21% recoverable iron, crushes it, separates the iron particles from the non-metallic, and forms the resulting concentrate into pellets which are shipped for use in steel-producing blast furnaces of customers of CCI. Northshore pays royalties to the Trust primarily based on the selling price of pellets shipped from Northshore’s pellet plant at Silver Bay, Minnesota, on Lake Superior approximately 45 miles from the mine, plus a significantly smaller royalty based on tons of ore extracted at the mine.
Financial Summary: BRIEF: For the fiscal year ended 31 January 2024, Mesabi Trust revenues increased from $7.7M to $22.9M. Net income increased from $5.3M to $19M. Revenues reflect Royalties under amended lease agreements increase from $7.3M to $21.3M, Interest increase from $246K to $769K, Royalties under Peters Lease fee increase from $242K to $761K. Net income benefited from Compensation of Trustees decrease of 23% to $257K (expense).