The Trustees of Mesabi Trust (MSB) declared a distribution of 21 cents per unit payable Aug. 20 to unitholders of record at the close of business on July 30. This compares to a distribution of 22 cents for the same period last year.
The one cent decrease was partly attributed to a lower volume of shipments during the first calendar quarter 2019 compared to the first calendar quarter 2018, and to higher expenses. The distribution recognizes that the trust received total royalty payments of $3,149,582 on April 30 from Northshore Mining Co.
Quarterly royalty payments earned for iron ore shipments payable by Northshore to Mesabi Trust are due on July 30, together with the quarterly royalty report.