Mesabi Trust (the Trust) is a royalty trust. The Trust was 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 conserves and protects the Trust Estate and to collect and distribute the income and proceeds there from to the Trust's certificate holders after the payment of, or provision for, expenses and liabilities. The Agreement of Trust prohibits the Trust from engaging in any business other than the collection and distribution of royalties and payment of expenses. The lessee/operator of Mesabi Trust's mineral interests is Northshore Mining Corporation (NMC), a subsidiary of Cliffs Natural Resources Inc (Cliffs). Cliffs is a producer of iron ore products. Mesabi Trust holds all of the interests formerly owned by Mesabi Iron Company.