Profile: Mesabi Trust (MSB.N)
22 Mar 2017
Mesabi Trust, incorporated in 1961, is a royalty trust. The purpose of the Trust is to conserve and protect the Trust Estate. The Trust operates in the iron ore mining segment. The Trust derives income from the Peter Mitchell Mine, an iron mine located near Babbitt, Minnesota, at the eastern end of the Mesabi Iron Range. The lessee/operator of Mesabi Trust's mineral interests is Northshore Mining Corporation (NMC), a subsidiary of Cliffs Natural Resources Inc. (Cliffs). NMC produces iron ore from Mesabi Trust Lands for the manufacture of iron ore products to be sold to various customers of Cliffs. Mesabi Trust receives royalties on the crude ore extracted from such lands and the pellets produced from such crude ore.
The Mesabi Trust's principal assets consist of two different interests in certain properties in the Mesabi Iron Range: Mesabi Trust's interest as assignor in the Amended Assignment of Peters Lease and the Amended Assignment of Cloquet Lease, which together cover properties aggregating approximately 9,750 contiguous acres in St. Louis County, Minnesota (the Peters Lease Lands and the Cloquet Lease Lands), and Mesabi Trust's ownership of the entire beneficial interest in the Mesabi Land Trust, which has interest as fee owner in the Peters Lease Lands and a fee ownership in certain non-mineral-bearing lands adjacent to the Peters and Cloquet Lease Lands (the Mesabi Lease Lands, together with Mesabi Trust Lands, the Trust Estate). The Peters Lease Lands and the Cloquet Lease Lands are located at the northeastern end of the Mesabi Iron Range and contain mineral deposits consisting of a metamorphosed sedimentary bed of banded magnetite in siliceous gangue, a form of low-grade iron ore known as taconite.
The Trust Estate, including the ore mine, are located in northeastern Minnesota, approximately two miles south of Babbitt, Minnesota. The ore mine on the Trust Estate is called the Peter Mitchell Mine, an open pit mine consisting of approximately 10-mile long segment of a host rock called the Biwabik Iron Formation. The Biwabik Iron Formation extends west and southwest for over 100 miles and constitutes the Mesabi Iron Range.
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