Mesabi Trust raises quarterly distribution to 39c per share from 35c
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 17 2024
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Should l Buy MSB?
Distribution Announcement: Mesabi Trust declared a distribution of 39 cents per Unit of Beneficial Interest, payable on November 20, 2024, to unitholders recorded by October 30, 2024.
Comparison with Previous Year: This distribution is an increase from the 35 cents per Unit declared for the same period last year.
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About MSB
Mesabi Trust is a royalty trust organized to derive income from an iron mine (the Peter Mitchell Mine) located near Babbitt, Minnesota, at the eastern end of the Mesabi Iron Range. The Trust is a pass-through entity. It operates in one segment, which is iron ore mining. The mine is operated by Northshore Mining Company (Northshore), a subsidiary of Cleveland-Cliffs Inc. (CCI). Northshore mines the ore, which is in the form of taconite, a hard rock containing approximately 21% recoverable iron, crushes it, separates the iron particles from the non-metallic, and forms the resulting concentrate into pellets which are shipped for use in steel-producing blast furnaces of customers of CCI. Northshore pays royalties to the Trust primarily based on the selling price of pellets shipped from Northshore’s pellet plant at Silver Bay, Minnesota, on Lake Superior approximately 45 miles from the mine, plus a significantly smaller royalty based on tons of ore extracted at the mine.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Ex-Dividend Date Arrangement: The ex-dividend date is also set for January 30, requiring investors to purchase shares before this date to receive the dividend, which may lead to increased trading activity leading up to this date.
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- Strategic Focus: This transition is part of the company's periodic review of board composition and leadership structure, aimed at enhancing commercial delivery capabilities and shareholder value, with plans to strengthen U.S. market expertise in the next twelve months.
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- FDA Approval: Ryoncil®, as the first FDA-approved mesenchymal stromal cell product, particularly for children under 12 with SR-aGvHD, marks a significant advancement for Mesoblast in the field of cellular therapies, potentially opening new revenue streams for the company.
See More
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See More
