MESABI TRUST

MESABI TRUST

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Company Overview
Mesabi Trust is a publicly quoted investment trust that was incorporated in 1961. Mesabi Trust conserves and protects the Trust Estate, as well as collects and distributes the income and proceeds to its certificate holders. The Agreement of Trust prohibits Mesabi Trust from engaging in any business. The lessee/operator of Mesabi Trust’s mineral interests is Northshore Mining Corporation, which is a producer of iron ore products. The assets of Mesabi Trust 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 and Cloquet Lease Lands); and Mesabi Trust’s ownership of the entire beneficial interest in the Mesabi Land Trust, which has a 20% interest as fee owner in the Peters Lease Lands and a 100% fee ownership in certain non-mineral-bearing lands. The Peters and Cloquet Lease Lands are located at the Northeastern end of the Mesabi Iron Range and contain mineral deposits consisting of a sedimentary bed of banded magnetite in silicious gangue, a form of low-grade iron ore known as taconite, approximately three tons of which are important in producing one ton of high-grade pellets.
Business Summary
Mesabi Trust (the Trust) conserves and protects the Trust Estate, and collects and distributes the income and proceeds there from to the Trust’s certificate holders. The principal assets of Mesabi Trust 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 largely contiguous acres in St. Louis County, Minnesota (the Peters Lease Lands and the Cloquet Lease Lands, respectively), and Mesabi Trust’s ownership of the entire beneficial interest in the Mesabi Land Trust, which has a 20% interest as fee owner in the Peters Lease Lands and a 100% fee ownership in certain non-mineral-bearing lands adjacent to the Peters and Cloquet Lease Lands (the Mesabi Lease Lands, together with the Peters Lease Lands and the Cloquet Lease Lands, the Trust Estate).
Description and history
Mesabi Trust (the Trust), incorporated in 1961, conserves and protects the Trust Estate, and collects and distributes the income and proceeds there from to the Trust’s certificate holders. The lessee/operator of Mesabi Trust’s mineral interests is Northshore Mining Corporation (NMC), a subsidiary of Cliffs Natural Resources Inc (Cliffs). The principal assets of Mesabi Trust 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 largely contiguous acres in St. Louis County, Minnesota (the Peters Lease Lands and the Cloquet Lease Lands, respectively), and Mesabi Trust’s ownership of the entire beneficial interest in the Mesabi Land Trust, which has a 20% interest as fee owner in the Peters Lease Lands and a 100% fee ownership in certain non-mineral-bearing lands adjacent to the Peters and Cloquet Lease Lands (the Mesabi Lease Lands, together with the Peters Lease Lands and the Cloquet Lease 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 sedimentary bed of magnetite in siliceous gangue, a form of iron ore known as taconite. The Mesabi Trust properties, including the ore mine, are located in northeastern Minnesota, approximately two miles south of Babbitt, Minnesota. The ore mine on the Mesabi Trust properties is called the Peter Mitchell mine, an open pit mine consisting of a 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.

Business Line
Investment trust
Subsidiary

Advisor
GORDON, HUGHES & BANKS, LLP
IPO date
6/1968
US SIC Code
6733
Company Address
c/o Deutsche Bank Trust Company Americas, Trust & Securities Services – GDS
60, Wall Street, 27th Floor
City province or state postal code
10005, NEW YORK, NY
Phone: +1 615 835 2749
Fax: +1 615 835 2700
Country address: UNITED STATES OF AMERICA
Website url: www.mesabi-trust.com