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Mesabi Trust Declares Distribution
07/20/2004 - Trustees of Mesabi Trust declared a distribution of $0.175 per Unit of Beneficial Interest payable on August 20, 2004 to Mesabi Trust unitholders of record at the close of business on July 30, 2004. This compares to $0.07 per Unit for the same period last year.
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Mesabi Nugget LLC Update The iron nugget pilot plant constructed by Mesabi Nugget LLC is in the final test phases of test operations at Northshore. The facility had successfully produced iron nuggets using Mesabi Trust iron ore in test runs during the second half of 2003 and early 2004. According to earlier reports by Cleveland-Cliffs Inc (the parent of Northshore), if this pilot plant is successful, a decision to pursue construction of a commercial-sized facility capable of producing 300,000 to 700,000 tons of iron nuggets annually could be made as early as later this year or early 2005. Although the pilot plant is located at Northshore's facility in Silver Bay, it is not certain that if a decision is made to build a commercial plant, Mesabi Trust iron ore will be used or that the commercial plant will be constructed at Northshore's plant location. |
Trustees of Mesabi Trust declared a distribution of $0.175 per Unit of Beneficial Interest payable on August 20, 2004 to Mesabi Trust unitholders of record at the close of business on July 30, 2004. This compares to $0.07 per Unit for the same period last year.
The increase in distribution compared to the same quarter last year is due to an increase in the volume of shipments and increased prices of iron ore pellets during the quarter by Northshore Mining Co., the lessee/operator.
Royalties paid to the Trust are dependent on the volume of shipments of iron ore pellets for the quarter and the year to date, the pricing of the iron ore product sales and the percentage of iron ore pellet shipments from Mesabi Trust lands rather than from other lands. The volume of shipments of iron ore pellets by Northshore and the pellet sales prices vary from quarter to quarter and year to year based on a number of factors, including weather conditions on the Great Lakes, the requested delivery schedules of customers and general economic conditions in the iron ore industry.
