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Mesabi Trust receives $3.07M in quarterly royalties from Cliffs for Q3 iron ore shipments
MSBMesabi Trust
On October 30, 2026, Mesabi Trust received a total royalty payment of $3,071,304 from Cleveland-Cliffs Inc., the parent company of Northshore Mining Company. The payment covers iron ore shipments out of Silver Bay, Minnesota, during the quarter ended September 30, 2026. The base royalty was credited at $2,802,377 for 1,142,290 tons shipped, with no bonus royalties applied as prices remained below the $71.70 per ton threshold. An additional $268,927 was paid to the Mesabi Land Trust. The trust operates in the natural resources sector, holding mineral interests that generate income from iron ore production and shipments.