Excerpt:

"...Historically, over 90% of the iron ore mined at Northshore comes from trust lands, and there is no indication that this will change in the foreseeable future. The current iron ore reserves of these lands is equivalent to 309.7 Million tonnes of iron ore pellets, according to Cliffs' 2011 10-K, dated February, 16 2012. You can read the report here.

(click to enlarge)

Above is a chart created by the author highlighting Cliffs' Northshore mine using data provided from Cliffs' 2011-10K..."

For full article see:

http://seekingalpha.com/article/1086271-using-yield-spreads-to-assess-the-relative-value-of-the-mesabi-trust?source=yahoo

Good reading , and a Happy and Prosperous New Year!

Cheers,

durban1