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Article Excerpt
The Trustees of Mesabi Trust (NYSE: MSB) have determined to not distribute any royalty income for the three months ended July 31, 2009. The decision to not pay a quarterly distribution is the result of a significant decrease in shipments of iron ore credited to the Trust during the second calendar quarter of 2009, combined with the extended shutdown of mining operations at Northshore Mining Company, the lessee/operator of Mesabi Trust lands ("Northshore"), which, as the Trust previously reported, extended from April 2009 through early July 2009. The entirety of the second quarter royalty payment, after the payment of the Trust's expenses, will be retained by the Trust and added to the Trust's unallocated reserve, which was ($392,377) as of April 30, 2009.
In making this decision, the Trustees considered the per-unit royalty income that would have been available for distribution to the Trust's Unitholders, as well as...
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