Mesabi Trust (MSB) 10-K 15 Apr 14 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Jan. 31, 2014	Apr. 01, 2014	Jul. 31, 2013
Document and Entity Information	'	'	'
Entity Registrant Name	'MESABI TRUST	'	'
Entity Central Index Key	'0000065172	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Jan-14	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--01-31	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Accelerated Filer	'	'
Entity Public Float	'	'	$237,340,981
Entity Common Stock, Shares Outstanding	'	13,120,010	'
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'FY	'	'

BALANCE_SHEETS

BALANCE SHEETS (USD $)	Jan. 31, 2014	Jan. 31, 2013
ASSETS	'	'
CASH AND CASH EQUIVALENTS	$7,719,963	$6,727,461
U.S. GOVERNMENT SECURITIES, at amortized cost (which approximates market)	205,055	438,815
ACCRUED INCOME RECEIVABLE	63,253	218,053
PREPAID EXPENSE	54,950	56,573
CURRENT ASSETS	8,043,221	7,440,902
U.S. GOVERNMENT SECURITIES, at amortized cost (which approximates market)	510,573	205,055
Assignments of leased property	'	'
Amended assignment of Peters Lease	1	1
Assignment of Cloquet Leases	1	1
Certificate of beneficial interest for 13,120,010 units of Land Trust	1	1
TOTAL FIXED PROPERTY, including intangibles, at nominal values	3	3
TOTAL ASSETS	8,553,797	7,645,960
LIABILITIES, UNALLOCATED RESERVE AND TRUST CORPUS	'	'
DISTRIBUTION PAYABLE	7,478,406	6,428,805
ACCRUED EXPENSES	91,294	34,930
TOTAL LIABILITIES	7,569,700	6,463,735
UNALLOCATED RESERVE	984,094	1,182,222
TRUST CORPUS	3	3
TOTAL LIABILITIES, UNALLOCATED RESERVE AND TRUST CORPUS	$8,553,797	$7,645,960

BALANCE_SHEETS_Parenthetical

BALANCE SHEETS (Parenthetical)	Jan. 31, 2014	Jan. 31, 2013
BALANCE SHEETS	'	'
Certificate of beneficial interest of land trust, units	13,120,010	13,120,010

STATEMENTS_OF_INCOME

STATEMENTS OF INCOME (USD $)	12 Months Ended
	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2012
REVENUES	'	'	'
Royalties under amended lease agreements	$21,497,563	$30,767,335	$33,467,153
Royalties under Peters Lease fee	545,028	794,146	687,029
Interest	2,562	1,464	4,144
Total revenues	22,045,153	31,562,945	34,158,326
EXPENSES	'	'	'
Compensation of Trustees	213,373	248,624	243,048
Corporate Trustee's administrative fees	62,500	62,500	62,500
Professional fees and expenses:	'	'	'
Legal	306,564	214,629	272,931
Accounting	106,699	116,563	127,320
Mining consultant and field representatives	53,680	25,368	24,953
Insurance	121,724	120,843	113,955
Annual stock exchange fee	42,115	38,444	38,000
Transfer agent's and registrar's fees	8,081	8,381	6,597
Other Trust expenses	74,128	72,856	31,690
Total expenses	988,864	908,208	920,994
NET INCOME	$21,056,289	$30,654,737	$33,237,332
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING	13,120,010	13,120,010	13,120,010
NET INCOME PER UNIT (in dollars per unit)	$1.61	$2.34	$2.53

STATEMENTS_OF_UNALLOCATED_RESE

STATEMENTS OF UNALLOCATED RESERVE AND TRUST CORPUS (Equity) (USD $)	Total	Unallocated Reserve Number of Units	Unallocated Reserve	Trust Corpus
	USD ($)		USD ($)	USD ($)
BALANCE at Jan. 31, 2011	'	'	$987,802	$3
BALANCE (in units) at Jan. 31, 2011	'	13,120,010	'	'
Increase (Decrease) in Unallocated Reserve and Trust Corpus	'	'	'	'
Distribution paid $.51, $.46, $.08, 1.13, $.64, $.065, $1.12 , $.60, $.05, per unit for November 20, 2013, August 20, 2013, May 20, 2013, November 20, 2012, August 20, 2012, May 20, 2012, November 20, 2011, August 20, 2011, May 20, 2011, respectively	'	'	-656,001	'
BALANCE at May. 20, 2011	'	'	'	'
BALANCE at Jan. 31, 2011	'	'	987,802	3
BALANCE (in units) at Jan. 31, 2011	'	13,120,010	'	'
Increase (Decrease) in Unallocated Reserve and Trust Corpus	'	'	'	'
Distribution paid $.51, $.46, $.08, 1.13, $.64, $.065, $1.12 , $.60, $.05, per unit for November 20, 2013, August 20, 2013, May 20, 2013, November 20, 2012, August 20, 2012, May 20, 2012, November 20, 2011, August 20, 2011, May 20, 2011, respectively	'	'	-7,872,006	'
BALANCE at Aug. 20, 2011	'	'	'	'
BALANCE at Jan. 31, 2011	'	'	987,802	3
BALANCE (in units) at Jan. 31, 2011	'	13,120,010	'	'
Increase (Decrease) in Unallocated Reserve and Trust Corpus	'	'	'	'
Distribution paid $.51, $.46, $.08, 1.13, $.64, $.065, $1.12 , $.60, $.05, per unit for November 20, 2013, August 20, 2013, May 20, 2013, November 20, 2012, August 20, 2012, May 20, 2012, November 20, 2011, August 20, 2011, May 20, 2011, respectively	'	'	-14,694,411	'
BALANCE at Nov. 20, 2011	'	'	'	'
BALANCE at Oct. 31, 2011	'	'	'	'
Increase (Decrease) in Unallocated Reserve and Trust Corpus	'	'	'	'
Distribution declared $.57, $.49, $.76 per unit for January 17, 2014, January 15, 2013, January 13, 2012 respectively and paid on February 20, 2014, 2013 and 2011, respectively	'	'	-9,971,208	'
BALANCE at Jan. 31, 2012	'	'	1,031,508	3
BALANCE (in units) at Jan. 31, 2012	'	13,120,010	'	'
Increase (Decrease) in Unallocated Reserve and Trust Corpus	'	'	'	'
Distribution paid $.51, $.46, $.08, 1.13, $.64, $.065, $1.12 , $.60, $.05, per unit for November 20, 2013, August 20, 2013, May 20, 2013, November 20, 2012, August 20, 2012, May 20, 2012, November 20, 2011, August 20, 2011, May 20, 2011, respectively	'	'	-852,801	'
BALANCE at May. 20, 2012	'	'	'	'
BALANCE at Jan. 31, 2012	'	'	1,031,508	3
BALANCE (in units) at Jan. 31, 2012	'	13,120,010	'	'
Increase (Decrease) in Unallocated Reserve and Trust Corpus	'	'	'	'
Distribution paid $.51, $.46, $.08, 1.13, $.64, $.065, $1.12 , $.60, $.05, per unit for November 20, 2013, August 20, 2013, May 20, 2013, November 20, 2012, August 20, 2012, May 20, 2012, November 20, 2011, August 20, 2011, May 20, 2011, respectively	'	'	-8,396,806	'
BALANCE at Aug. 20, 2012	'	'	'	'
BALANCE at Jan. 31, 2012	'	'	1,031,508	3
BALANCE (in units) at Jan. 31, 2012	'	13,120,010	'	'
Increase (Decrease) in Unallocated Reserve and Trust Corpus	'	'	'	'
Distribution paid $.51, $.46, $.08, 1.13, $.64, $.065, $1.12 , $.60, $.05, per unit for November 20, 2013, August 20, 2013, May 20, 2013, November 20, 2012, August 20, 2012, May 20, 2012, November 20, 2011, August 20, 2011, May 20, 2011, respectively	'	'	-14,825,611	'
BALANCE at Nov. 20, 2012	'	'	'	'
BALANCE at Oct. 31, 2012	'	'	'	'
Increase (Decrease) in Unallocated Reserve and Trust Corpus	'	'	'	'
Net income	4,787,533	'	'	'
Distribution declared $.57, $.49, $.76 per unit for January 17, 2014, January 15, 2013, January 13, 2012 respectively and paid on February 20, 2014, 2013 and 2011, respectively	'	'	-6,428,805	'
BALANCE at Jan. 31, 2013	3	'	1,182,222	3
BALANCE (in units) at Jan. 31, 2013	'	13,120,010	'	'
Increase (Decrease) in Unallocated Reserve and Trust Corpus	'	'	'	'
Distribution paid $.51, $.46, $.08, 1.13, $.64, $.065, $1.12 , $.60, $.05, per unit for November 20, 2013, August 20, 2013, May 20, 2013, November 20, 2012, August 20, 2012, May 20, 2012, November 20, 2011, August 20, 2011, May 20, 2011, respectively	'	'	-1,049,601	'
BALANCE at May. 20, 2013	'	'	'	'
BALANCE at Jan. 31, 2013	'	'	1,182,222	3
BALANCE (in units) at Jan. 31, 2013	'	13,120,010	'	'
Increase (Decrease) in Unallocated Reserve and Trust Corpus	'	'	'	'
Distribution paid $.51, $.46, $.08, 1.13, $.64, $.065, $1.12 , $.60, $.05, per unit for November 20, 2013, August 20, 2013, May 20, 2013, November 20, 2012, August 20, 2012, May 20, 2012, November 20, 2011, August 20, 2011, May 20, 2011, respectively	'	'	-6,035,205	'
BALANCE at Aug. 20, 2013	'	'	'	'
BALANCE at Jan. 31, 2013	'	'	1,182,222	3
BALANCE (in units) at Jan. 31, 2013	'	13,120,010	'	'
Increase (Decrease) in Unallocated Reserve and Trust Corpus	'	'	'	'
Distribution paid $.51, $.46, $.08, 1.13, $.64, $.065, $1.12 , $.60, $.05, per unit for November 20, 2013, August 20, 2013, May 20, 2013, November 20, 2012, August 20, 2012, May 20, 2012, November 20, 2011, August 20, 2011, May 20, 2011, respectively	'	'	-6,691,205	'
BALANCE at Nov. 20, 2013	'	'	'	'
BALANCE at Oct. 31, 2013	'	'	'	'
Increase (Decrease) in Unallocated Reserve and Trust Corpus	'	'	'	'
Net income	5,092,605	'	'	'
Distribution declared $.57, $.49, $.76 per unit for January 17, 2014, January 15, 2013, January 13, 2012 respectively and paid on February 20, 2014, 2013 and 2011, respectively	'	'	-7,478,406	'
BALANCE at Jan. 31, 2014	$3	'	$984,094	$3
BALANCE (in units) at Jan. 31, 2014	'	13,120,010	'	'

STATEMENTS_OF_UNALLOCATED_RESE1

STATEMENTS OF UNALLOCATED RESERVE AND TRUST CORPUS (Parenthetical) (USD $)	3 Months Ended
	Jan. 31, 2014	Oct. 31, 2013	Jul. 31, 2013	Jan. 31, 2013	Oct. 31, 2012	Jul. 31, 2012	Jan. 31, 2012	Oct. 31, 2011	Jul. 31, 2011
STATEMENTS OF UNALLOCATED RESERVE AND TRUST CORPUS	'	'	'	'	'	'	'	'	'
Distribution paid (in dollars per unit)	$0.51	$0.46	$0.08	$1.13	$0.64	$0.07	$1.12	$0.60	$0.05
Distributions declared per unit (in dollars per unit)	$0.57	'	'	$0.49	'	'	$0.76	'	'

STATEMENTS_OF_CASH_FLOWS

STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2012
OPERATING ACTIVITIES	'	'	'
Royalties received	$22,197,875	$31,731,348	$33,997,720
Interest received	2,078	1,524	5,412
Expenses paid	-930,877	-1,042,405	-887,998
NET CASH FROM OPERATING ACTIVITIES	21,269,076	30,690,467	33,115,134
INVESTING ACTIVITIES	'	'	'
Maturities of U.S. Government securities	438,875	35,000	767,400
Purchases of U.S. Government securities	-510,633	-205,054	-572,327
NET CASH FROM (USED FOR) INVESTING ACTIVITIES	-71,758	-170,054	195,073
FINANCING ACTIVITY	'	'	'
Distributions to unitholders	-20,204,816	-34,046,426	-31,750,424
NET CHANGE IN CASH AND CASH EQUIVALENTS	992,502	-3,526,013	1,559,783
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	6,727,461	10,253,474	8,693,691
CASH AND CASH EQUIVALENTS, END OF YEAR	7,719,963	6,727,461	10,253,474
RECONCILIATION OF NET INCOME TO NET CASH FROM OPERATING ACTIVITIES	'	'	'
Net income	21,056,289	30,654,737	33,237,332
Decrease (increase) in accrued income receivable	154,800	169,927	-155,194
Decrease (increase) in prepaid expense	1,623	-2,806	-3,560
Increase (decrease) in accrued expenses	56,364	-131,391	36,556
NET CASH FROM OPERATING ACTIVITIES	21,269,076	30,690,467	33,115,134
NON CASH FINANCING ACTIVITY	'	'	'
Distributions declared and payable	$7,478,406	$6,428,805	$9,971,208

NATURE_OF_BUSINESS_AND_ORGANIZ

NATURE OF BUSINESS AND ORGANIZATION	12 Months Ended
	Jan. 31, 2014
NATURE OF BUSINESS AND ORGANIZATION	'
NATURE OF BUSINESS AND ORGANIZATION	'
	NOTE 1 -                                        NATURE OF BUSINESS AND ORGANIZATION
	Nature of Business
	Mesabi Trust was created in 1961 upon the liquidation of Mesabi Iron Company. The sole purpose of the Trust, as set forth in the Agreement of Trust dated as of July 18, 1961, is to conserve and protect the Trust Estate and to collect and distribute the income and proceeds therefrom 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.  In accordance with the Agreement of Trust, the Trust will terminate twenty-one years after the death of the survivor of twenty-five persons named in an exhibit to the Agreement of Trust, the youngest of whom is believed to be fifty-three years old.
	The lessee/operator of Mesabi Trust’s mineral interests is Northshore Mining Company (“Northshore”), a subsidiary of Cliffs Natural Resources Inc. (“Cliffs”). Cliffs is among the world’s largest producers of iron ore products. Prior to September 30, 1994, the lessee/operator had been a subsidiary of Cyprus Amax Minerals Company and was named Cyprus Northshore Mining Corporation (“Cyprus NMC”).
	Organization
	The beneficial interest in Mesabi Trust is represented by 13,120,010 transferable units distributed on July 27, 1961 to shareholders of Mesabi Iron Company.
	The Trust’s status as a grantor trust was confirmed by letter ruling addressed to Mesabi Iron Company from the Internal Revenue Service in 1961. As a grantor trust, Mesabi is exempt from federal income taxes and its income is taxable directly to Unitholders.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jan. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 2 -                                        SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Cash and Cash Equivalents
	The Trust considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.  As of January 31, 2014 and 2013, the Trust held $7,719,963 and $6,727,461, respectively, in a money market fund that invests primarily in obligations of the U.S. Treasury, which it considers to be cash and cash equivalents.
	Investments
	The Trust invests solely in U.S. government securities. The Trustees determine the appropriate classifications of the securities at the time they are acquired and evaluate the appropriateness of such classifications as of each balance sheet date.
	The U.S. government securities are classified as held-to-maturity securities as the Trust has the positive intent and ability to hold to maturity and are therefore stated at amortized cost.
	Revenue Recognition
	Royalty income under the Amended Assignment Agreements with Northshore is recognized as it is earned. Under such agreements, royalties are earned upon shipment from Silver Bay, Minnesota, regardless of whether the actual sales proceeds for any shipment are received by Northshore’s parent, Cliffs.  The amount of base overriding royalties and royalty bonuses payable is determined on the volume of tonnage shipped from Silver Bay, Minnesota during each calendar quarter and the actual proceeds to Cliffs resulting from such shipments.
	Royalty income includes accrued income receivable.  Accrued income receivable represents royalty income earned but not yet received by the Trust under the Amended Assignment Agreements.   Accrued income receivable is calculated based on (i) shipments during the last month of Mesabi Trust’s fiscal year, if any, and (ii) net price adjustments resulting from the price adjustment mechanisms in the agreements between Cliffs and its customers that determine the final sales price of the shipments from Silver Bay, Minnesota.
	Adjustments to royalty income may result from changes in final reconciliations of tonnage shipped by Northshore with the final amounts received from Northshore’s customers.  Adjustments may also result from revisions to estimated prices previously used to record revenue for tonnage shipped.  Pricing decreases may give rise to negative price adjustments which may be applied against future royalty income recognized by the Trust.
	During the fourth quarter of fiscal 2014, negative price adjustments were recorded by Mesabi Trust as an offset to accrued income receivable due to price adjustment mechanisms in the agreements between Cliffs and its customers that determine the final sales price of the shipments from Northshore with respect to certain shipments during calendar years 2011 and 2012.  As of January 31, 2014, the Trust recognized revenue related to approximately 369,600 tons of iron ore that were shipped by Northshore as of December 31, 2013, but for which Cliffs has indicated that final pricing is not yet known.  Pricing related to these tons is expected to be finalized in the first calendar quarter of 2014.
	Royalty income under the Amended Assignment Agreements is also recognized quarterly as it is earned. Under such agreements, however, royalties are earned at the option of Northshore either upon mining of crude ore from Peters Lease Lands or upon shipment from Silver Bay of iron ore product produced from Peters Lease Lands.
	Fixed Property, Including Intangibles
	The Trust’s fixed property, including intangibles, is recorded at nominal values and includes the following:
	1.                                      The entire beneficial interest as assignor in the Amended Assignment of Peters Lease and the Amended Assignment of Cloquet Lease covering taconite properties in Minnesota which are leased to Northshore.
	2.                                      The entire beneficial interest in Mesabi Land Trust which owns a 20% fee interest in the lands subject to the Peters Lease and the entire fee interest in Mesabi Lease Lands.
	Net Income Per Unit
	Net income per unit is computed by dividing net income by the weighted average number of Units outstanding.
	Concentration of Credit Risk
	Financial instruments which potentially subject the Trust to concentrations of credit risk consist primarily of cash that is maintained at an FDIC insured financial institution. At times during a fiscal year the Trust’s cash balance may exceed insured limits.
	As further described in Note 1, Northshore is the lessee/operator of the Mesabi Trust Lands.  All royalty income earned by the Trust is received from Northshore, and accordingly, substantially all of the accrued income receivable is also due from Northshore.
	Accounting Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires the Trustees to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.  Specifically, the accrued income receivable, deferred royalty revenue and related royalty revenue are significant estimates which are subject to change in the near term, and changes to these estimates could have a material effect on the Trust’s financial statements.
	Subsequent Events
	Material subsequent events are evaluated for recognition or disclosure in the accompanying financial statements.
	Fair Value Measures
	Valuation Hierarchy
	GAAP establishes a three-level valuation hierarchy for classification of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date.
	·        Level 1 — Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets.
	·        Level 2 — Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
	·        Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement.
	The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety.
	The carrying amounts of financial instruments approximated fair value as of January 31, 2014 and 2013, because of the relative short maturity of these instruments.
	Recent Accounting Pronouncements
	The Trust has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on the Trust’s financial condition or results of its operations. Various accounting standards and interpretations were issued during the fiscal year ended January 31, 2014. The Trust has evaluated the recently issued accounting pronouncements that are effective for the fiscal year ended January 31, 2014 and none of them had a material effect on the Trust’s financial position, results of operations or cash flows.

U_S_GOVERNMENT_SECURITIES

U. S. GOVERNMENT SECURITIES	12 Months Ended
	Jan. 31, 2014
U. S. GOVERNMENT SECURITIES	'
U. S. GOVERNMENT SECURITIES	'
	NOTE 3 -                                        U. S. GOVERNMENT SECURITIES
	U.S. government securities at January 31, 2014 and 2013 are classified as held-to-maturity and mature as follows:
		2014				2013
		Carrying				Carrying
		Value		Fair Value		Value		Fair Value
	Due within one year	$	205,055	$	205,057	$	438,815	$	439,065
	Due after one year through three years	510,573		507,996		205,055		204,925
		$	715,628	$	713,053	$	643,870	$	643,990
	The fair value of U.S. government securities have been valued using level 1 inputs.

ROYALTY_AGREEMENT

ROYALTY AGREEMENT	12 Months Ended
	Jan. 31, 2014
ROYALTY AGREEMENT	'
ROYALTY AGREEMENT	'
	NOTE 4 -                                        ROYALTY AGREEMENT
	The current royalty rate schedule became effective on August 17, 1989, which was established pursuant to the Amended Assignment Agreements the Trust entered into with Cyprus NMC.  Pursuant to the Amended Assignment Agreements, overriding royalties are determined by both the volume and selling price of iron ore products shipped.
	Pursuant to the Amended Assignment Agreements, Northshore is obligated to pay Mesabi Trust base overriding royalties, in varying amounts constituting a percentage of the gross proceeds of shipments, from Silver Bay, Minnesota, of iron ore product produced from Mesabi Trust Lands or, to a limited extent, other lands.  Northshore is obligated to make payments of overriding royalties on product shipments within 30 days following the calendar quarter in which such shipments occur.  Northshore resumed mining operations and shipping product from Silver Bay in the second calendar quarter of 1990, and the first payment of overriding royalties was made in July 1990.
	Royalty bonuses are payable on all iron ore products produced from Mesabi Ore shipped from Silver Bay during a calendar quarter and sold at prices above the Adjusted Threshold Price.  The Adjusted Threshold Price was $50.65 per ton for calendar year 2012, $51.55 per ton for calendar year 2013, and will be $52.31 per ton for calendar year 2014.  The Adjusted Threshold Price is subject to adjustment (but not below $30 per ton) for inflation and deflation and is determined each year on the basis of the change in the Gross Domestic Product Implicit Price Deflator, a broad-based index of inflation and deflation published quarterly by the U.S. Department of Commerce.
	Northshore also is obligated to pay to Mesabi Trust a minimum advance royalty of $500,000 per annum, subject to adjustment for inflation and deflation (but not below $500,000), which is credited against base overriding royalties and royalty bonuses. Northshore is obligated to make quarterly payments of the minimum advance royalty in January, April, July and October of each year. For the calendar year ending December 31, 2014, the minimum advance royalty is $872,156. The minimum annual advance royalty was $859,429 and $844,452, for the calendar years ended December 31, 2013 and 2012, respectively.

UNALLOCATED_RESERVE_AND_DISTRI

UNALLOCATED RESERVE AND DISTRIBUTIONS	12 Months Ended
	Jan. 31, 2014
UNALLOCATED RESERVE AND DISTRIBUTIONS	'
UNALLOCATED RESERVE AND DISTRIBUTIONS	'
	NOTE 5 -                                        UNALLOCATED RESERVE AND DISTRIBUTIONS
	The Trustees have determined that the unallocated cash and U.S. government securities portion of the Unallocated Reserve should be maintained at a prudent level, usually within the range of $500,000 to $1,000,000, to meet present or future liabilities of the Trust.  Accordingly, although the actual amount of the Unallocated Reserve will fluctuate from time to time, and may increase or decrease from its current level, it is currently anticipated that future distributions will be highly dependent upon royalty payments received quarterly and the level of Trust expenses that the Trustees expect to occur in subsequent quarters.
	As of January 31, 2014 and January 31, 2013, the unallocated cash and U.S. government securities portion of the Trust’s Unallocated Reserve consisted of the following components:
		January 31, 2014			January 31, 2013
	Cash and U.S. Government Securities	$	8,435,591		$	7,373,331
	Distribution Payable	7,478,406			6,428,805
	Unallocated Cash and U.S. Government Securities	$	957,185		$	944,526
	A reconciliation of the Trust’s Unallocated Reserve from January 31, 2013 to January 31, 2014 is as follows:
	Unallocated Reserve, January 31, 2013	$	1,182,222
	Net Income, twelve months ended January 31, 2014	21,056,289
	Distributions Declared	(21,254,417		)
	Unallocated Reserve, January 31, 2014	$	984,094
	The Trustees determine the level of distributions on a quarterly basis after receiving notification from Northshore as to the amount of royalty income that will be received and after determination of any known or anticipated expenses, liabilities and obligations of the Trust.  As a result of fluctuations in the accrued income receivable portion of the Unallocated Reserve, future distributions may vary depending upon the adjustments to royalty income, which are determined by Northshore, and the level of Trust expenses that the Trustees anticipate occurring in subsequent quarters.
	During the fiscal years ended January 31, 2014, 2013, and 2012, the Trustees distributed cash payments totaling $20,204,816 ($1.540 per Unit), $34,046,426 ($2.595 per Unit), and $31,750,424 ($2.42 per Unit), respectively. In addition, in January 2014 the Trustees declared a distribution of $0.57 per Unit of beneficial interest, which was paid in February 2014.

SUMMARY_OF_QUARTERLY_EARNINGS_

SUMMARY OF QUARTERLY EARNINGS (UNAUDITED)	12 Months Ended
	Jan. 31, 2014
SUMMARY OF QUARTERLY EARNINGS (UNAUDITED)	'
SUMMARY OF QUARTERLY EARNINGS (UNAUDITED)	'
	NOTE 6 -                                        SUMMARY OF QUARTERLY EARNINGS (UNAUDITED)
	The quarterly results of operations for the years ended January 31, 2014 and 2013 are presented below:
		2014
		First		Second		Third		Fourth
		Quarter		Quarter		Quarter		Quarter
	Revenue	$	2,528,807	$	7,834,715	$	6,347,628	$	5,334,003
	Expenses	326,418		209,935		211,113		241,398
	Net income	$	2,202,389	$	7,624,780	$	6,136,515	$	5,092,605
	Net income per unit	$	0.168	$	0.581	$	0.468	$	0.388
		2013
		First		Second		Third		Fourth
		Quarter		Quarter		Quarter		Quarter
	Revenue	$	3,693,446	$	11,060,224	$	11,814,420	$	4,994,855
	Expenses	323,554		186,938		190,394		207,322
	Net income	$	3,369,892	$	10,873,286	$	11,624,026	$	4,787,533
	Net income per unit	$	0.257	$	0.829	$	0.886	$	0.364

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jan. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	The Trust considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.  As of January 31, 2014 and 2013, the Trust held $7,719,963 and $6,727,461, respectively, in a money market fund that invests primarily in obligations of the U.S. Treasury, which it considers to be cash and cash equivalents.
Investments	'
	Investments
	The Trust invests solely in U.S. government securities. The Trustees determine the appropriate classifications of the securities at the time they are acquired and evaluate the appropriateness of such classifications as of each balance sheet date.
	The U.S. government securities are classified as held-to-maturity securities as the Trust has the positive intent and ability to hold to maturity and are therefore stated at amortized cost.
Revenue Recognition	'
	Revenue Recognition
	Royalty income under the Amended Assignment Agreements with Northshore is recognized as it is earned. Under such agreements, royalties are earned upon shipment from Silver Bay, Minnesota, regardless of whether the actual sales proceeds for any shipment are received by Northshore’s parent, Cliffs.  The amount of base overriding royalties and royalty bonuses payable is determined on the volume of tonnage shipped from Silver Bay, Minnesota during each calendar quarter and the actual proceeds to Cliffs resulting from such shipments.
	Royalty income includes accrued income receivable.  Accrued income receivable represents royalty income earned but not yet received by the Trust under the Amended Assignment Agreements.   Accrued income receivable is calculated based on (i) shipments during the last month of Mesabi Trust’s fiscal year, if any, and (ii) net price adjustments resulting from the price adjustment mechanisms in the agreements between Cliffs and its customers that determine the final sales price of the shipments from Silver Bay, Minnesota.
	Adjustments to royalty income may result from changes in final reconciliations of tonnage shipped by Northshore with the final amounts received from Northshore’s customers.  Adjustments may also result from revisions to estimated prices previously used to record revenue for tonnage shipped.  Pricing decreases may give rise to negative price adjustments which may be applied against future royalty income recognized by the Trust.
	During the fourth quarter of fiscal 2014, negative price adjustments were recorded by Mesabi Trust as an offset to accrued income receivable due to price adjustment mechanisms in the agreements between Cliffs and its customers that determine the final sales price of the shipments from Northshore with respect to certain shipments during calendar years 2011 and 2012.  As of January 31, 2014, the Trust recognized revenue related to approximately 369,600 tons of iron ore that were shipped by Northshore as of December 31, 2013, but for which Cliffs has indicated that final pricing is not yet known.  Pricing related to these tons is expected to be finalized in the first calendar quarter of 2014.
	Royalty income under the Amended Assignment Agreements is also recognized quarterly as it is earned. Under such agreements, however, royalties are earned at the option of Northshore either upon mining of crude ore from Peters Lease Lands or upon shipment from Silver Bay of iron ore product produced from Peters Lease Lands.
Fixed Property, Including Intangibles	'
	Fixed Property, Including Intangibles
	The Trust’s fixed property, including intangibles, is recorded at nominal values and includes the following:
	1.                                      The entire beneficial interest as assignor in the Amended Assignment of Peters Lease and the Amended Assignment of Cloquet Lease covering taconite properties in Minnesota which are leased to Northshore.
	2.                                      The entire beneficial interest in Mesabi Land Trust which owns a 20% fee interest in the lands subject to the Peters Lease and the entire fee interest in Mesabi Lease Lands.
Net Income Per Unit	'
	Net Income Per Unit
	Net income per unit is computed by dividing net income by the weighted average number of Units outstanding.
Concentration of Credit Risk	'
	Concentration of Credit Risk
	Financial instruments which potentially subject the Trust to concentrations of credit risk consist primarily of cash that is maintained at an FDIC insured financial institution. At times during a fiscal year the Trust’s cash balance may exceed insured limits.
	As further described in Note 1, Northshore is the lessee/operator of the Mesabi Trust Lands.  All royalty income earned by the Trust is received from Northshore, and accordingly, substantially all of the accrued income receivable is also due from Northshore.
Accounting Estimates	'
	Accounting Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires the Trustees to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.  Specifically, the accrued income receivable, deferred royalty revenue and related royalty revenue are significant estimates which are subject to change in the near term, and changes to these estimates could have a material effect on the Trust’s financial statements.
Subsequent Events	'
	Subsequent Events
	Material subsequent events are evaluated for recognition or disclosure in the accompanying financial statements.
Fair Value Measures	'
	Fair Value Measures
	Valuation Hierarchy
	GAAP establishes a three-level valuation hierarchy for classification of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date.
	·        Level 1 — Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities in active markets.
	·        Level 2 — Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
	·        Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement.
	The classification of assets and liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement in its entirety.
	The carrying amounts of financial instruments approximated fair value as of January 31, 2014 and 2013, because of the relative short maturity of these instruments.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	The Trust has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on the Trust’s financial condition or results of its operations. Various accounting standards and interpretations were issued during the fiscal year ended January 31, 2014. The Trust has evaluated the recently issued accounting pronouncements that are effective for the fiscal year ended January 31, 2014 and none of them had a material effect on the Trust’s financial position, results of operations or cash flows.

U_S_GOVERNMENT_SECURITIES_Tabl

U. S. GOVERNMENT SECURITIES (Tables)	12 Months Ended
	Jan. 31, 2014
U. S. GOVERNMENT SECURITIES	'
Schedule of U.S. government securities classified as held-to-maturity	'
		2014				2013
		Carrying				Carrying
		Value		Fair Value		Value		Fair Value
	Due within one year	$	205,055	$	205,057	$	438,815	$	439,065
	Due after one year through three years	510,573		507,996		205,055		204,925
		$	715,628	$	713,053	$	643,870	$	643,990

UNALLOCATED_RESERVE_AND_DISTRI1

UNALLOCATED RESERVE AND DISTRIBUTIONS (Tables)	12 Months Ended
	Jan. 31, 2014
UNALLOCATED RESERVE AND DISTRIBUTIONS	'
Schedule of unallocated cash and U.S. government securities portion of the Trust's Unallocated Reserve	'
		January 31, 2014			January 31, 2013
	Cash and U.S. Government Securities	$	8,435,591		$	7,373,331
	Distribution Payable	7,478,406			6,428,805
	Unallocated Cash and U.S. Government Securities	$	957,185		$	944,526
Schedule of reconciliation of Trust's Unallocated Reserve	'
	Unallocated Reserve, January 31, 2013	$	1,182,222
	Net Income, twelve months ended January 31, 2014	21,056,289
	Distributions Declared	(21,254,417		)
	Unallocated Reserve, January 31, 2014	$	984,094

SUMMARY_OF_QUARTERLY_EARNINGS_1

SUMMARY OF QUARTERLY EARNINGS (UNAUDITED) (Tables)	12 Months Ended
	Jan. 31, 2014
SUMMARY OF QUARTERLY EARNINGS (UNAUDITED)	'
Summary of quarterly results of operations	'
		2014
		First		Second		Third		Fourth
		Quarter		Quarter		Quarter		Quarter
	Revenue	$	2,528,807	$	7,834,715	$	6,347,628	$	5,334,003
	Expenses	326,418		209,935		211,113		241,398
	Net income	$	2,202,389	$	7,624,780	$	6,136,515	$	5,092,605
	Net income per unit	$	0.168	$	0.581	$	0.468	$	0.388
		2013
		First		Second		Third		Fourth
		Quarter		Quarter		Quarter		Quarter
	Revenue	$	3,693,446	$	11,060,224	$	11,814,420	$	4,994,855
	Expenses	323,554		186,938		190,394		207,322
	Net income	$	3,369,892	$	10,873,286	$	11,624,026	$	4,787,533
	Net income per unit	$	0.257	$	0.829	$	0.886	$	0.364

NATURE_OF_BUSINESS_AND_ORGANIZ1

NATURE OF BUSINESS AND ORGANIZATION (Details)	12 Months Ended
	Jan. 31, 2014	Jan. 31, 2013
	item
NATURE OF BUSINESS AND ORGANIZATION	'	'
Period of termination of the Trust after the death of the survivor of persons named in the exhibit	'21 years	'
Number of persons named in the exhibit to the Agreement of Trust	25	'
Age of the youngest survivor	'53 years	'
Beneficial interest in the Trust (in units)	13,120,010	13,120,010

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	12 Months Ended
	Jan. 31, 2014	Jan. 31, 2013
	T
Cash and Cash Equivalents	'	'
Amount held by the Trust in a money market fund	$7,719,963	$6,727,461
Revenue Recognition	'	'
Quantity of iron ore shipped by NMC subject to price determination recognized in revenue (in tons)	369,600	'
Fixed Property, Including Intangibles	'	'
Percentage of fee interest owned by Mesabi Land Trust in the lands subject to the Peters Lease	20.00%	'

U_S_GOVERNMENT_SECURITIES_Deta

U. S. GOVERNMENT SECURITIES (Details) (U.S. government securities, USD $)	Jan. 31, 2014	Jan. 31, 2013
U.S. government securities	'	'
Carrying Value	'	'
Due within one year	$205,055	$438,815
Due after one year through three years	510,573	205,055
Total	715,628	643,870
Fair Value	'	'
Due within one year	205,057	439,065
Due after one year through three years	507,996	204,925
Total	$713,053	$643,990

ROYALTY_AGREEMENT_Details

ROYALTY AGREEMENT (Details) (Cyprus NMC, USD $)	12 Months Ended
	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2012
ROYALTY AGREEMENT	'	'	'
Adjusted threshold price (in dollars per ton)	52.31	51.55	50.65
Maximum	'	'	'
ROYALTY AGREEMENT	'	'	'
Obligation to make payments of overriding royalties on product shipments, period	'30 days	'	'
Minimum	'	'	'
ROYALTY AGREEMENT	'	'	'
Adjusted threshold price subject to adjustment (in dollars per ton)	30	'	'
Obligation to pay advance royalty subject to adjustment	$500,000	'	'
Advance royalty	$872,156	$859,429	$844,452

UNALLOCATED_RESERVE_AND_DISTRI2

UNALLOCATED RESERVE AND DISTRIBUTIONS (Details) (USD $)	3 Months Ended								12 Months Ended
	Jan. 31, 2014	Oct. 31, 2013	Jul. 31, 2013	Apr. 30, 2013	Jan. 31, 2013	Oct. 31, 2012	Jul. 31, 2012	Apr. 30, 2012	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2012
UNALLOCATED RESERVE AND DISTRIBUTIONS	'	'	'	'	'	'	'	'	'	'	'
Cash and U.S. Government Securities	$8,435,591	'	'	'	$7,373,331	'	'	'	$8,435,591	$7,373,331	'
Distribution Payable	-7,478,406	'	'	'	-6,428,805	'	'	'	-7,478,406	-6,428,805	'
Unallocated Cash and U.S. Government Securities	957,185	'	'	'	944,526	'	'	'	957,185	944,526	'
Reconciliation of Unallocated Reserve	'	'	'	'	'	'	'	'	'	'	'
Unallocated Reserve at the beginning of the period	'	'	'	1,182,222	'	'	'	'	1,182,222	'	'
Net Income	5,092,605	6,136,515	7,624,780	2,202,389	4,787,533	11,624,026	10,873,286	3,369,892	21,056,289	30,654,737	33,237,332
Distributions Declared	'	'	'	'	'	'	'	'	-21,254,417	'	'
Unallocated Reserve at the end of the period	984,094	'	'	'	1,182,222	'	'	'	984,094	1,182,222	'
Distributed cash payments	'	'	'	'	'	'	'	'	20,204,816	34,046,426	31,750,424
Distributed cash payments (in dollars per unit)	'	'	'	'	'	'	'	'	$1.54	$2.60	$2.42
Distribution declared per unit of beneficial interest (in dollars per unit)	'	'	'	'	'	'	'	'	$0.57	'	'
Within a range of not less	'	'	'	'	'	'	'	'	'	'	'
UNALLOCATED RESERVE AND DISTRIBUTIONS	'	'	'	'	'	'	'	'	'	'	'
Unallocated Cash and U.S. Government Securities	500,000	'	'	'	'	'	'	'	500,000	'	'
Within a range of not more	'	'	'	'	'	'	'	'	'	'	'
UNALLOCATED RESERVE AND DISTRIBUTIONS	'	'	'	'	'	'	'	'	'	'	'
Unallocated Cash and U.S. Government Securities	$1,000,000	'	'	'	'	'	'	'	$1,000,000	'	'

SUMMARY_OF_QUARTERLY_EARNINGS_2

SUMMARY OF QUARTERLY EARNINGS (UNAUDITED) (Details) (USD $)	3 Months Ended								12 Months Ended
	Jan. 31, 2014	Oct. 31, 2013	Jul. 31, 2013	Apr. 30, 2013	Jan. 31, 2013	Oct. 31, 2012	Jul. 31, 2012	Apr. 30, 2012	Jan. 31, 2014	Jan. 31, 2013	Jan. 31, 2012
SUMMARY OF QUARTERLY EARNINGS (UNAUDITED)	'	'	'	'	'	'	'	'	'	'	'
Revenue	$5,334,003	$6,347,628	$7,834,715	$2,528,807	$4,994,855	$11,814,420	$11,060,224	$3,693,446	$22,045,153	$31,562,945	$34,158,326
Expenses	241,398	211,113	209,935	326,418	207,322	190,394	186,938	323,554	'	'	'
NET INCOME	$5,092,605	$6,136,515	$7,624,780	$2,202,389	$4,787,533	$11,624,026	$10,873,286	$3,369,892	$21,056,289	$30,654,737	$33,237,332
Net income per unit (in dollars per unit)	$0.39	$0.47	$0.58	$0.17	$0.36	$0.89	$0.83	$0.26	$1.61	$2.34	$2.53