Welcome to our dedicated page for Mesabi Trust news (Ticker: MSB), a resource for investors and traders seeking the latest updates and insights on Mesabi Trust stock.
Mesabi Trust (MSB) is a royalty trust established in 1961 and headquartered in New York, New York. As a key player in the U.S. iron ore mining industry, Mesabi Trust's primary business involves generating income from royalties on iron ore production. This income is derived from the Peter Mitchell Mine, an iron ore mine situated near Babbitt, Minnesota, at the eastern end of the Mesabi Iron Range.
The Trust is dedicated to the conservation and protection of its assets, ensuring the sustainability of its revenue-generating activities. The Peter Mitchell Mine, operated by Northshore Mining Company under long-term lease agreements, is a significant asset, contributing substantially to the Trust's revenue stream.
Mesabi Trust's financial health is closely tied to the production levels and market prices of iron ore. The Trust distributes the majority of its income to its shareholders in the form of quarterly dividends, making it an appealing option for income-focused investors. Recent achievements include consistent dividend payouts and the effective management of its asset portfolio.
For those interested in the latest updates and news about Mesabi Trust, recent reports indicate continued production activities and plans for potential expansion projects. Investors and stakeholders can stay informed through regular updates provided by the Trust, ensuring transparency and up-to-date information on its operational and financial performance.
Overall, Mesabi Trust remains a notable entity in the iron ore sector, offering a unique investment opportunity through its royalty-based income model. Its commitment to asset conservation and profitable operations underscores its significance in the mining industry.
The Trustees of Mesabi Trust (NYSE:MSB) have announced no distribution for October 2022, in contrast to $1.42 per Unit last year. This decision is primarily due to uncertainties surrounding Northshore Mining Company's idling operations, extended by Cleveland-Cliffs Inc. until at least April 2023. The Trustees aim to maintain reserves to meet potential future liabilities. Additionally, Mesabi Trust has initiated arbitration against Northshore and Cliffs for underpayment of royalties from 2020 to 2022.
The Trustees of Mesabi Trust (NYSE:MSB) announced an increased distribution of $0.84 per Unit of Beneficial Interest, payable on August 20, 2022, to unitholders of record by July 30, 2022. This marks a significant rise from $0.09 per Unit from the previous year, primarily due to increased royalties linked to higher iron ore prices and production volume from Cleveland-Cliffs Inc. Significant royalty payments reached $13,542,442 in April 2022, up from $6,340,032 in April 2021. The Trust's cash reserves remain sufficient to meet current and future expenses despite ongoing operational idling at Northshore.
Mesabi Trust (NYSE: MSB) announced receipt of a quarterly royalty report revealing total royalty payments of
The Trustees of Mesabi Trust (NYSE:MSB) announced a distribution of $1.04 per Unit, payable on May 20, 2022, to unitholders recorded by April 30, 2022. This reflects a 15-cent increase from last year's $0.89. The increase is primarily due to a rise in total royalties, with $20,933,315 received from Cleveland-Cliffs Inc. in January 2022, compared to $12,317,853 in January 2021. The Trust has sufficient cash reserves for this distribution while also increasing unallocated reserves amid the potential idling of Northshore Mining operations by Cliffs.
The Trustees of Mesabi Trust (NYSE:MSB) announced a distribution of $1.75 per Unit of Beneficial Interest, payable on February 20, 2022, to unitholders of record as of January 30, 2022. This marks an increase from $0.46 per Unit during the same period last year, driven by total royalty payments of $19,053,159 from Cleveland-Cliffs Inc.. The increase includes underpaid royalties and higher iron ore prices. The Trust maintains sufficient reserves for future liabilities, despite potential production idling at Northshore Mining.
The Trustees of Mesabi Trust (NYSE:MSB) announced a distribution of $1.42 per Unit of Beneficial Interest, payable on November 20, 2021. This represents an increase from $0.36 per Unit during the same period last year. The rise in distribution is primarily due to total royalty payments of $19,495,040 received from Cleveland-Cliffs Inc. for the second quarter of 2021, significantly up from $4,349,830 in 2020. The Trust expects sufficient reserves to meet future expenses and liabilities, reflecting solid operational performance amidst favorable iron ore pricing.
The Trustees of Mesabi Trust (NYSE:MSB) declared a distribution of $0.09 per Unit of Beneficial Interest, an increase from $0.05 last year, payable on August 20, 2021. This rise is attributed to a significant increase in royalty payments from Cleveland-Cliffs Inc., totaling $6,340,032, compared to $449,496 in April 2020. Higher iron ore prices and shipment volumes contributed to this increase. The Trust maintains sufficient reserves for future obligations, with quarterly royalty payments due on July 30, 2021, to be reported to the SEC afterward.
On April 30, 2021, Mesabi Trust (NYSE: MSB) received a quarterly royalty report from Cleveland-Cliffs for iron ore shipments during Q1 2021. The report indicated total royalty payments of $6,340,032, comprising a base royalty of $3,048,457 and a bonus royalty of $3,658,148. Adjustments for prior pricing estimates resulted in a $557,016 reduction. The report outlined fluctuations in shipments, with 919,457 tons shipped in Q1 2021, significantly higher than 340,617 tons in Q1 2019. Future royalties may vary due to pricing adjustments in customer contracts.
The Trustees of Mesabi Trust (NYSE:MSB) announced a distribution of $0.89 per Unit of Beneficial Interest, payable on May 20, 2021, to Unitholders of record as of April 30, 2021. This distribution reflects a significant increase from last year's $0.56 per Unit, attributed to higher average iron ore sales prices and increased royalty payments from Cliffs Northshore Mining Company, amounting to $12,317,853 in January 2021 compared to $9,410,394 in January 2020. The Trust's reserves are deemed sufficient to continue distributions while maintaining appropriate reserves for future needs.
The Trustees of Mesabi Trust (NYSE:MSB) announced a distribution of $0.46 per Unit, payable on February 20, 2021, significantly lower than last year's $0.70. This decline is attributed to a decrease in royalty payments from Cleveland-Cliffs Inc., totaling $5,925,181 in October 2020, compared to $12,095,964 in October 2019. The fall in royalties is linked to reduced shipments and lower iron ore sales prices. The Trust is ensuring sufficient reserves for current and future liabilities while maintaining distribution levels.
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