Mesabi Trust (MSB)

Owns lease, assignment and beneficial interests tied to the Peter Mitchell taconite mine in northeastern Minnesota. Northshore Mining Company, a Cleveland-Cliffs subsidiary, operates the mine while the Trust receives base overriding royalties, royalty bonuses and fee royalties from the mineral estate. The operator mines and processes ore into pellets near Babbitt and Silver Bay for the North American steelmaking chain.

Functions as a pass-through royalty trust rather than an operating miner. Trustees collect income, pay expenses, distribute net income and preserve the estate, but cannot direct production, mine plans, marketing or customer allocation. Royalty income therefore depends on Northshore and Cleveland-Cliffs, pellet prices, shipments, scarce third-party pricing references, permits and the mine's operating status. All revenue, operating profit and assets derive from the single northern Minnesota estate.