Mesabi Trust is a royalty trust. The Trust derives income from the Peter Mitchell Mine, an iron mine located near Babbitt, Minnesota, at the eastern end of the Mesabi Iron Range. The Peter Mitchell 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, 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, a producer of iron ore pellets in North America. Northshore pays royalties to the Trust 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.