Mesabi Trust Says Total Royalty Payments Received On April 30, 2024 From Cliffs Were $5,059,648
Portfolio Pulse from Benzinga Newsdesk
Mesabi Trust (NYSE:MSB) received a total royalty payment of $5,059,648 from Cleveland-Cliffs Inc. (Cliffs) on April 30, 2024, for iron ore shipments from Silver Bay, Minnesota during Q1 2024. The payment includes base and bonus royalties based on the volume of iron ore shipped, which was 1,006,692 tons, a significant increase from zero tons shipped in Q1 2023. The variations in royalty payments are influenced by multiple factors including Cliffs' operational decisions and general economic conditions.
May 02, 2024 | 8:59 pm
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Mesabi Trust received a significant royalty payment from Cleveland-Cliffs, indicating a substantial increase in iron ore shipments and potentially positive financial performance.
The substantial increase in royalty payments to Mesabi Trust from Cleveland-Cliffs, based on increased iron ore shipments, suggests a positive outlook for MSB's financial performance in the short term. This is particularly notable given the contrast with the zero tons shipped in Q1 2023, indicating a recovery or improvement in operational activities. Investors may view this as a positive signal for MSB's revenue and profitability prospects.
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