Quarterly UpdatesJul 31, 2026, 04:32 PM
Mesabi Trust Receives $1.81M Quarterly Royalty Payment
AI Summary
Mesabi Trust announced it received a quarterly royalty payment of $1,807,779 from Cleveland-Cliffs Inc. on July 30, 2026, for iron ore shipments during the quarter ended June 30, 2026. The payment included a base royalty of $1,585,696 but no bonus royalty, as shipment prices were below the $71.70 per ton threshold. Total iron ore tons shipped were 902,331, a decrease from 924,442 tons in the prior year's quarter.
Key Highlights
- Received total quarterly royalty payment of $1,807,779.
- Base royalty credited was $1,585,696 for Q2 2026.
- Bonus royalty for Q2 2026 was $0 due to prices below threshold.
- A royalty payment of $222,083 was made to the Mesabi Land Trust.
- 902,331 tons of iron ore shipped in Q2 2026.
- Q2 2026 shipments decreased from 924,442 tons in Q2 2025.
- Bonus royalty threshold for 2026 is $71.70 per ton.
Price Impact
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