Great Northern Iron Ore Properties is a conventional nonvoting trust. The Trust owns interests in fee, both mineral and non-mineral lands, on the Mesabi Iron Range in northeastern Minnesota. Many of these properties are leased to steel and mining companies that mine the mineral lands for taconite iron ore. The Trust is primarily involved with the leasing and care of its properties. The major source of income to the Trust is earned royalties derived from taconite production from the Trust's properties by the Trust's lessees (customers) and minimum royalties, pursuant to mineral leases. The Trust owns in excess of 67,000 acres in varied fee (surface and mineral) and ownership percentage interests in northeastern Minnesota.