GREAT NORTHERN IRON ORE PROPERTIES

GREAT NORTHERN IRON ORE PROPERTIES

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Company Overview
Great Northern Iron Ore Properties operates as a publicly quoted Real Estate Investment Trust (REIT) that owns interests in fee, both mineral and non-mineral lands, on the Mesabi Iron Range in Northeastern Minnesota. The company was founded in 1906 and has its registered head office in Saint Paul, Minnesota, USA.
Great Northern Iron Ore Properties derives income from royalties on iron ore minerals (taconite) mined by its lessees from these properties and minimum royalties. The company is involved solely with the leasing and care of its properties and does not have direct control over the tonnage mined from its properties. Although it owns in excess of 67,000 acres in varied fee (surface and/or mineral) and ownership percentage interests in Northeastern Minnesota, Great Northern Iron Ore Properties’ mineral interests on the Mesabi Iron Formation represents only 12,033 acres, including approximately 7,443 acres; 1,080 acres, in which the company is a tenant in common with a 91% interest; 3,350 acres in tenancy in common with a 50% interest, and 160 acres in tenancy in common with other fractional interests. Of the company’s mineral interest total, 9,215 acres are under lease and 2,818 acres are unleased.
Great Northern Iron Ore Properties’ lessees (customers) include Minntac and Keewatin Taconite Company, owned and operated by United States Steel Corporation; Hibbing Taconite Company, owned by Mittal Steel USA, Cleveland Cliffs Inc. and Stelco, and operated by Cleveland Cliffs Inc.; and Minnesota Steel Industries LLC, owned by JML Heirs, LLC and R.M. Bennett Heirs Limited Partnership.
Business Summary
Great Northern Iron Ore Properties (GNIOP) is a conventional non-voting trust that owns interests in fee, both mineral and non-mineral lands, on the Mesabi Iron Range in northeastern Minnesota. The Company derives income from royalties on iron ore minerals (taconite) mined by its lessees from these properties and minimum royalties. GNIOP is involved solely with the leasing and care of these properties. Although the Company owns in excess of 67,000 acres in varied fee (surface and/or mineral) and ownership percentage interests in northeastern Minnesota, its mineral interests on the Mesabi Iron Formation represents 12,033 acres, including approximately 7,443 acres that are wholly owned; 1,080 acres, in which the Company is a tenant in common with a 91% interest; 3,350 acres in tenancy in common with a 50% interest, and 160 acres in tenancy in common with other fractional interests. Of the mineral interest total, 9,695 acres are under lease and 2,338 acres are unleased.
Description and history
Great Northern Iron Ore Properties (GNIOP) is a conventional non-voting trust that owns interests in fee, both mineral and non-mineral lands, on the Mesabi Iron Range in northeastern Minnesota. The Company derives income from royalties on iron ore minerals (taconite) mined by its lessees from these properties and minimum royalties. GNIOP is involved solely with the leasing and care of these properties.

Although the Company owns in excess of 67,000 acres in varied fee (surface and/or mineral) and ownership percentage interests in northeastern Minnesota, its mineral interests on the Mesabi Iron Formation represents 12,033 acres, including approximately 7,443 acres that are wholly owned; 1,080 acres, in which the Company is a tenant in common with a 91% interest; 3,350 acres in tenancy in common with a 50% interest, and 160 acres in tenancy in common with other fractional interests. Of the mineral interest total, 9,695 acres are under lease and 2,338 acres are unleased.

The Company’s royalty income depend on the number of tons of taconite shipped from its properties by the lessees, royalty rates, minimum royalties collected and absorption of minimum royalties collected. The Company’s lessees (customers) include Minntac and Keewatin Taconite Company (Keetac), owned and operated by United States Steel Corporation; Hibbing Taconite Company (Hibtac), owned by Arcelor-Mittal, Cliffs Natural Resources Inc., and United States Steel Corporation, and operated by Cliffs Mining Company, and Essar Steel Minnesota, LLC (ESM), owned by Essar Steel Holdings Ltd., a subsidiary of Essar Global Ltd.

Business Line
Operates as a publicly quoted Real Estate Investment Trust (REIT) that owns interests in fee, both mineral and non-mineral lands, on the Mesabi Iron Range in Northeastern Minnesota
Subsidiary

Advisor
ERNST & YOUNG LLP
IPO date
3/31/1910
US SIC Code
6211
Company Address
W-1290 First Nat’l. Bank Bldg.
332, Minnesota Street
City province or state postal code
55101, SAINT PAUL, MN
Phone: +1 651 224 2385
Fax: +1 651 224 2387
Country address: UNITED STATES OF AMERICA
Website url: www.gniop.com