Mesabi Trust (MSB) 10-K 12 Apr 19 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jan. 31, 2019	Apr. 10, 2019	Jul. 31, 2018
Document and Entity Information
Entity Registrant Name	MESABI TRUST
Entity Central Index Key	0000065172
Document Type	10-K
Document Period End Date	Jan. 31, 2019
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 Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Public Float			$ 369,976,436
Entity Common Stock, Shares Outstanding		13,120,010
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY

Balance Sheets

Balance Sheets - USD ($)	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2016
ASSETS
Cash and cash equivalents	$ 881,810	$ 314,835	$ 13,695,168	$ 2,587,165
U.S. Government securities, current, at amortized cost (which approximates market)	32,122,312	23,797,451
Accrued income receivable	2,339,060	1,956,091
Contract asset	56,357	99,264
Prepaid expenses	54,472	54,640
Current assets	35,454,011	26,222,281
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	3	3
Total assets	35,454,014	26,222,284
LIABILITIES, UNALLOCATED RESERVE AND TRUST CORPUS
Distribution payable	18,236,814	15,481,612
Accrued expenses	411,508	133,994
Total liabilities	18,648,322	15,615,606
Unallocated reserve	16,805,689	10,606,675
Trust corpus	3	3
Total liabilities, unallocated reserve and trust corpus	$ 35,454,014	$ 26,222,284

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - shares	Jan. 31, 2019	Jan. 31, 2018
Balance Sheets
Certificate of beneficial interest of Land Trust, units	13,120,010	13,120,010

Statements of Income

Statements of Income - USD ($)	3 Months Ended								12 Months Ended
	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2018	Apr. 30, 2018	Jan. 31, 2018	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
REVENUES
Royalties under amended lease agreements									$ 46,430,497	$ 33,883,561	$ 10,465,279
Royalties under Peters Lease fee									603,294	519,327	416,788
Interest									259,974	92,527	5,126
Total revenues	$ 7,483,923	$ 13,973,843	$ 19,151,952	$ 6,684,047	$ 4,565,998	$ 10,924,999	$ 14,237,447	$ 4,766,971	47,293,765	34,495,415	10,887,193
EXPENSES
Compensation of Trustees									264,278	207,520	188,789
Corporate Trustee's administrative fees									62,500	62,500	62,500
Professional fees and expenses:
Legal									636,224	366,205	399,737
Accounting and auditing									140,938	142,214	151,947
Mining consultant and field representatives									33,468	56,100	27,988
Insurance									119,224	118,392	118,490
Annual stock exchange fee									65,255	59,967	53,095
Transfer agent's and registrar's fees									7,244	7,366	5,540
Other Trust expenses									405,590	51,726	115,336
Total Expenses	697,244	388,781	280,497	368,199	309,121	227,330	240,493	295,046	1,734,721	1,071,990	1,123,422
Net income	$ 6,786,679	$ 13,585,062	$ 18,871,455	$ 6,315,848	$ 4,256,877	$ 10,697,669	$ 13,996,954	$ 4,471,925	$ 45,559,044	$ 33,423,425	$ 9,763,771
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING									13,120,010	13,120,010	13,120,010
Net income per unit (Note 2) (in dollars per unit)	$ 0.517	$ 1.035	$ 1.438	$ 0.481	$ 0.324	$ 0.815	$ 1.067	$ 0.341	$ 3.472	$ 2.548	$ 0.744

STATEMENTS OF UNALLOCATED RESER

STATEMENTS OF UNALLOCATED RESERVE AND TRUST CORPUS (Equity) - USD ($)	Unallocated Reserve	Trust Corpus	Total
Beginning Balance at Jan. 31, 2016	$ 9,009,911	$ 3
Units, Beginning Balance at Jan. 31, 2016	13,120,010
Increase (Decrease) in Unallocated Reserve and Trust Corpus
Net income	$ 9,763,771		$ 9,763,771
First quarter's distribution paid	(2,624,002)
Second quarter's distribution paid	(2,624,002)
Third quarter's distribution paid	(1,312,001)
Fourth quarter's distribution declared/paid	(1,836,801)
Ending Balance at Jan. 31, 2017	$ 10,376,876	3
Units, Ending Balance at Jan. 31, 2017	13,120,010
Increase (Decrease) in Unallocated Reserve and Trust Corpus
Net income	$ 33,423,425		$ 33,423,425
First quarter's distribution paid	(7,216,006)
Second quarter's distribution paid	(2,099,202)
Third quarter's distribution paid	(8,396,806)
Fourth quarter's distribution declared/paid	(15,481,612)
Ending Balance at Jan. 31, 2018	$ 10,606,675	3
Units, Ending Balance at Jan. 31, 2018	13,120,010		13,120,010
Increase (Decrease) in Unallocated Reserve and Trust Corpus
Net income	$ 45,559,044		$ 45,559,044
First quarter's distribution paid	(5,904,005)
Second quarter's distribution paid	(2,886,402)
Third quarter's distribution paid	(12,332,809)
Fourth quarter's distribution declared/paid	(18,236,814)
Ending Balance at Jan. 31, 2019	$ 16,805,689	$ 3
Units, Ending Balance at Jan. 31, 2019	13,120,010		13,120,010

STATEMENTS OF UNALLOCATED RES_2

STATEMENTS OF UNALLOCATED RESERVE AND TRUST CORPUS (Parenthetical) - $ / shares	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
STATEMENTS OF UNALLOCATED RESERVE AND TRUST CORPUS
First Quarterly Distribution Paid Per Unit	$ 0.45	$ 0.55	$ 0.20
Second Quarterly Distribution Paid Per Unit	0.22	0.16	0.20
Third Quarterly Distribution Paid Per Unit	0.94	0.64	0.10
Fourth Quarterly Distribution Declared Or Paid Per Unit	$ 1.39	$ 1.18	$ 0.14

Statements of Cash Flows

Statements of Cash Flows	12 Months Ended
	Jan. 31, 2019USD ($)
Operating activities
Royalties received	$ 46,705,036
Interest received	248,667
Expenses paid	(1,457,039)
Net cash from operating activities	45,496,664
Investing activities
Maturities of U.S. Government securities	81,835,668
Sales of U.S. Government securities	99,740
Purchases of U.S. Government securities	(90,260,269)
Net cash used for investing activities	(8,324,861)
Financing activity
Distributions to unitholders	(36,604,828)
Net change in cash and cash equivalents	566,975
Cash and cash equivalents, beginning of period	314,835
Cash and cash equivalents, end of period	881,810
Reconciliation of net income to net cash from operating activities
Net income	45,559,044
Decrease (increase) in accrued income receivable	(382,969)
Decrease (increase) in contract asset	42,907
Decrease (increase) in prepaid expense	168
Increase (decrease) in accrued expenses	277,514
Net cash from operating activities	45,496,664
Non cash financing activity
Distributions declared and payable	$ 18,236,814

NATURE OF BUSINESS AND ORGANIZA

NATURE OF BUSINESS AND ORGANIZATION	12 Months Ended
	Jan. 31, 2019
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 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. 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 was believed to be fifty-four years old as of October 1, 2014. The lessee/operator of Mesabi Trust’s mineral interests is Northshore Mining Corporation (NMC), a subsidiary of Cleveland-Cliffs Inc. (Cliffs). 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 the Unitholders.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jan. 31, 2019
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, 2019 and 2018, the Trust held $209,709 and $314,835, 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 Base Overriding Royalties The performance obligation for the base overriding royalty consists of providing Northshore Mining Company (“Northshore”) access to the Peters Lands, Cloquet Lands, and Mesabi Lands and the right to mine on these lands. The consideration to be received from this access relates to the volume of iron ore shipped by Northshore. Mesabi Trust receives royalties at the greater of (i) the aggregate quantity of iron ore products shipped that were mined from Mesabi Trust Lands, and (ii) a portion of the aggregate quantity of all iron ore products shipped from Silver Bay that were mined from any lands, such portion being 90% of the first four million tons shipped from Silver Bay during such year, 85% of the next two million tons shipped during such year, and 25% of all tonnage shipped during such year in excess of six million tons. The royalty percentage paid to the Trust increases as the aggregate tonnage of iron ore products shipped, attributable to the Trust, in any calendar year increases past each of the first four one-million ton volume thresholds. The base overriding royalties contain variable consideration, as the transaction price is based on a percentage that varies based on the total cumulative tons of iron ore shipped for the calendar year. The Trust estimates the variable consideration it expects to be entitled to receive over the contractual period associated with royalty agreement, which resets the royalty percentages at the beginning of each calendar year. The Trust evaluates the estimate of the variable consideration to determine whether the estimate needs to be constrained; therefore, the Trust includes the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. For the base overriding royalties, the Trust estimates the base overriding royalty percentage using the expected value method, which calculates the estimate based off the historical, current, and forecasted shipments. The Trust recognizes base overriding royalties on a quarterly basis based on the actual shipments for the fiscal quarter at the estimated royalty percentage as described above and based on the estimated prices for iron ore products sold under the Cliffs Pellet Agreements. Bonus Royalties The performance obligation for the bonus royalties consists of providing Northshore Mining access to the Peters Lands, Cloquet Lands, and Mesabi Lands and the right to mine on these lands and the consideration to be received from this access relates to the volume of iron ore shipped by Northshore. The Trust recognizes bonus royalties on a quarterly basis based on the actual shipments of the fiscal quarter at the actual royalty percentage for those shipments and based on the anticipated prices for iron ore products sold under the Cliffs Pellet Agreements. Fee Royalties The performance obligation for the fee royalties consists of the volume of crude ore mined on a quarterly basis. The Trust recognizes fee royalties on a quarterly basis based on the actual crude ore mined during the fiscal quarter. Accrued Income Receivable The accrued income receivable represents royalty income earned but not yet received by the Trust under the royalty agreements described elsewhere in these notes. 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. Contract Asset The contract asset is based on the revenue recognized on the base overriding royalties, at the estimated prices for iron ore products sold under the Cliffs Pellet Agreements, that will be collected in subsequent quarters as the uncertainty associated with the variable consideration is resolved. The Trust includes estimated future royalty rates on current contracted volumes within the contract asset. Contract Liability The contract liability represents an estimate of decreases in royalty revenue related to tons of iron ore that were shipped by Northshore, but for which Northshore has indicated that final pricing is not yet known and is adjusted in accordance with the Trust’s revenue recognition policy each quarter as updated pricing information is received. 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 Peters Lease Assignment and the Amended Cloquet Lease Assignment covering taconite properties in Minnesota which are leased to NMC. 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 other properties in Minnesota. 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 the year, the Trust’s cash balance may exceed insured limits. As further described in Note 1, NMC is the lessee/operator of the Mesabi Trust land. All royalty income earned by the Trust is received from NMC, and accordingly, substantially all of the accrued income receivable is also due from NMC. 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, 2019 and 2018, because of the relative short maturity of these instruments. Recent Accounting Pronouncements Various accounting standards and interpretations were issued during the fiscal year ended January 31, 2019. The Trust has evaluated the recently issued accounting pronouncements that are effective for the fiscal year ended January 31, 2019 and believe they will not have a material effect on the Trust’s financial position, results of operations or cash flows when adopted. New Accounting Standards Adopted ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606). ASU 2014-09 and several related ASU’s (collectively referred to as “ASU 2014-09”) supersede the revenue recognition requirements in Topic 605, Revenue Recognition, as well as most industry-specific guidance, and provide a principles-based, comprehensive framework in Topic 606, Revenue from Contracts with Customers. ASU 2014-09 also specifies the accounting for certain costs to obtain or fulfill a contract with a customer and provides enhanced disclosure requirements. The Trust adopted ASU 2014-09 in fiscal year 2019 first quarter using the full retrospective transition method. The following tables present the effect of the adoption of ASU 2014-09 on the Trust’s 2018 and 2017 Financial Statements. Throughout this report, our 2018 and 2017 financial results reflect the “As Adjusted” amounts shown in the tables below. Income Statements Twelve Months Ended January 31, 2018 Twelve Months Ended January 31, 2017 As Previously Adoption As Previously Adoption Reported of ASC 606 (As Adjusted) Reported of ASC 606 (As Adjusted) Revenues Royalties under amended lease agreements $ 33,955,703 $ (72,142) $ 33,883,561 $ 10,314,620 $ 150,659 $ 10,465,279 Royalties under Peters Lease fee 519,327 — 519,327 416,788 — 416,788 Interest 92,527 — 92,527 5,126 — 5,126 Total revenues 34,567,557 (72,142) 34,495,415 10,736,534 150,659 10,887,193 Expenses Compensation of Trustees 207,520 — 207,520 188,789 — 188,789 Corporate Trustee’s administrative fees 62,500 — 62,500 62,500 — 62,500 Professional fees and expenses: Legal 366,205 — 366,205 399,737 — 399,737 Accounting and auditing 142,214 — 142,214 151,947 — 151,947 Mining consultant and field representatives 56,100 — 56,100 27,988 — 27,988 Insurance 118,392 — 118,392 118,490 — 118,490 Annual stock exchange fee 59,967 — 59,967 53,095 — 53,095 Transfer agent’s and registrar’s fees 7,366 — 7,366 5,540 — 5,540 Other Trust expenses 51,726 — 51,726 115,336 — 115,336 Total expenses 1,071,990 — 1,071,990 1,123,422 — 1,123,422 Net income $ 33,495,567 $ (72,142) $ 33,423,425 $ 9,613,112 $ 150,659 $ 9,763,771 WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING 13,120,010 — 13,120,010 13,120,010 — 13,120,010 Net income per unit (Note 2) $ 2.553 $ (0.005) $ 2.548 $ 0.733 $ 0.011 $ 0.744 Balance Sheets January 31, 2018 As Previously Adoption January 31, 2018 Reported of ASC 606 (As Adjusted) Assets Cash and cash equivalents $ 314,835 $ — $ 314,835 U.S. Government securities, at amortized cost (which approximates market) 23,797,451 — 23,797,451 Accrued income receivable 1,956,091 — 1,956,091 Contract asset — 99,264 99,264 Prepaid expenses 54,640 — 54,640 Current assets 26,123,017 99,264 26,222,281 Fixed property, including intangibles, at nominal values 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 3 — 3 Total assets $ 26,123,020 $ 99,264 $ 26,222,284 Liabilities, Unallocated Reserve And Trust Corpus Liabilities Distribution payable $ 15,481,612 $ — $ 15,481,612 Accrued expenses 133,994 — 133,994 Total liabilities 15,615,606 — 15,615,606 Unallocated reserve 10,507,411 99,264 10,606,675 Trust corpus 3 — 3 Total liabilities, unallocated reserve and trust corpus $ 26,123,020 $ 99,264 $ 26,222,284 Statements of Cash Flows Twelve Months Ended January 31, 2018 Twelve Months Ended January 31, 2017 As Previously Adoption As Previously Adoption Reported of ASC 606 (As Adjusted) Reported of ASC 606 (As Adjusted) Operating activities Royalties received $ 30,470,480 $ — $ 30,470,480 $ 13,702,276 $ — $ 13,702,276 Interest received 86,616 — 86,616 5,541 — 5,541 Expenses paid (1,047,221) — (1,047,221) (1,124,467) — (1,124,467) Net cash from operating activities 29,509,875 — 29,509,875 12,583,350 — 12,583,350 Investing activities Maturities of U.S. Government securities 37,636,412 — 37,636,412 5,740,659 — 5,740,659 Purchases of U.S. Government securities (60,977,805) — (60,977,805) — — — Net cash From (used for) investing activities (23,341,393) — (23,341,393) 5,740,659 — 5,740,659 Financing activity Distributions to unitholders (19,548,815) — (19,548,815) (7,216,006) — (7,216,006) Net change in cash and cash equivalents (13,380,333) — (13,380,333) 11,108,003 — 11,108,003 Cash and cash equivalents, beginning of year 13,695,168 — 13,695,168 2,587,165 — 2,587,165 Cash and cash equivalents, end of year $ 314,835 $ — $ 314,835 $ 13,695,168 $ — $ 13,695,168 Reconciliation of net income to net cash from operating activities Net income $ 33,495,567 $ (72,142) $ 33,423,425 $ 9,613,112 $ 150,659 $ 9,763,771 Decrease (increase) in accrued income receivable (1,911,046) — (1,911,046) 933,101 — 933,101 Decrease (increase) in contract asset — 72,142 72,142 — (150,659) (150,659) Decrease (increase) in prepaid expense (1,032) — (1,032) 1,322 — 1,322 Increase (decrease) in accrued expenses 25,801 — 25,801 (63,600) — (63,600) Increase (decrease) in deferred royalty revenue (2,099,415) 2,099,415 — 2,099,415 (2,099,415) — Increase (decrease) in contract liability — (2,099,415) (2,099,415) — 2,099,415 2,099,415 Net cash from operating activities $ 29,509,875 $ — $ 29,509,875 $ 12,583,350 $ — $ 12,583,350 Non cash financing activity Distributions declared and payable $ 15,481,612 $ — $ 15,481,612 $ 1,836,801 $ — $ 1,836,801 Placeholder

U. S. GOVERNMENT SECURITIES

U. S. GOVERNMENT SECURITIES	12 Months Ended
	Jan. 31, 2019
U. S. GOVERNMENT SECURITIES
U. S. GOVERNMENT SECURITIES	NOTE 3 - U.S. GOVERNMENT SECURITIES U.S. Government Securities at January 31, 2019 and 2018 are classified as held-to-maturity and mature as follows: 2019 2018 Carrying Carrying Value Fair Value Value Fair Value Due within one year $ 32,122,312 $ 32,138,647 $ 23,797,451 $ 23,800,904 Due after one year — — — — $ 32,122,312 $ 32,138,647 $ 23,797,451 $ 23,800,904 The fair value of U.S. Government Securities have been valued using level 1 inputs.

ROYALTY AGREEMENT

ROYALTY AGREEMENT	12 Months Ended
	Jan. 31, 2019
ROYALTY AGREEMENT
ROYALTY AGREEMENT	NOTE 4 - ROYALTY AGREEMENT The current royalty rate schedule became effective on August 17, 1989, which was established pursuant to certain agreements (the “Amended Assignment Agreements”) the Trust entered into with Cyprus Northshore Mining Corporation (“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, NMC 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. NMC is obligated to make payments of overriding royalties on product shipments within 30 days following the calendar quarter in which such shipments occur. NMC 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 $54.74 per ton for calendar year 2017, $55.74 per ton for calendar year 2018, and will be $56.93 per ton for calendar year 2019. 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. NMC 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. NMC 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, 2019, the minimum advance royalty threshold is $949,295. The minimum annual advance royalty threshold was $929,320 and $912,725, for the calendar years ended December 31, 2018 and 2017, respectively.

UNALLOCATED RESERVE AND DISTRIB

UNALLOCATED RESERVE AND DISTRIBUTIONS	12 Months Ended
	Jan. 31, 2019
UNALLOCATED RESERVE AND DISTRIBUTIONS
UNALLOCATED RESERVE AND DISTRIBUTIONS	NOTE 5 - UNALLOCATED RESERVE AND DISTRIBUTIONS Each quarter, as authorized by the Agreement of Trust, the Trustees will reevaluate all relevant factors including all costs, expenses, obligations, and present and future liabilities of the Trust (whether known or contingent) in determining a prudent level of unallocated reserve in light of the unpredictable nature of the iron ore industry and current economic conditions. The actual amount of the Unallocated Reserve will fluctuate from time to time and may increase or decrease from its current level. 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 expected that future distributions will be highly dependent upon royalty payments received quarterly and the level of Trust expenses that the Trustees anticipate occurring in subsequent quarters. As of January 31, 2019 and January 31, 2018, the unallocated cash and U.S. Government Securities portion of the Trust’s Unallocated Reserve consisted of the following components: January 31, 2019 January 31, 2018 Cash and U.S. Government securities $ 33,004,122 $ 24,112,286 Distribution payable (18,236,814) (15,481,612) Unallocated cash and U.S. Government securities $ 14,767,308 $ 8,630,674 A reconciliation of the Trust’s Unallocated Reserve from January 31, 2018 to January 31, 2019 is as follows: Unallocated Reserve, January 31, 2018 $ 10,606,675 Net income 45,559,044 Distributions declared (39,360,030) Unallocated Reserve, January 31, 2019 $ 16,805,689 The Trustees determine the level of distributions on a quarterly basis after receiving notification from NMC 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 NMC, and the level of Trust expenses that the Trustees anticipate occurring in subsequent quarters. During the fiscal years ended January 31, 2019, 2018, and 2017, the Trustees distributed cash payments totaling $36,604,828 ($2.79 per Unit), $19,548,815 ($1.49 per Unit), and $7,216,006 ($0.55 per Unit), respectively. In addition, in January 2019, the Trustees declared a distribution of $1.39 per Unit of beneficial interest, which was paid in February 2019.

SUMMARY OF QUARTERLY EARNINGS (

SUMMARY OF QUARTERLY EARNINGS (UNAUDITED)	12 Months Ended
	Jan. 31, 2019
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, 2019 and 2018 are presented below: 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Revenue $ 6,684,047 $ 19,151,952 $ 13,973,843 $ 7,483,923 Expenses 368,199 280,497 388,781 697,244 Net income $ 6,315,848 $ 18,871,455 $ 13,585,062 $ 6,786,679 Net income per unit $ 0.481 $ 1.438 $ 1.035 $ 0.517 2018 First Second Third Fourth Quarter Quarter Quarter Quarter Revenue $ 4,766,971 $ 14,237,447 $ 10,924,999 $ 4,565,998 Expenses 295,046 240,493 227,330 309,121 Net income $ 4,471,925 $ 13,996,954 $ 10,697,669 $ 4,256,877 Net income per unit $ 0.341 $ 1.067 $ 0.815 $ 0.324

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jan. 31, 2019
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, 2019 and 2018, the Trust held $209,709 and $314,835, 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 Base Overriding Royalties The performance obligation for the base overriding royalty consists of providing Northshore Mining Company (“Northshore”) access to the Peters Lands, Cloquet Lands, and Mesabi Lands and the right to mine on these lands. The consideration to be received from this access relates to the volume of iron ore shipped by Northshore. Mesabi Trust receives royalties at the greater of (i) the aggregate quantity of iron ore products shipped that were mined from Mesabi Trust Lands, and (ii) a portion of the aggregate quantity of all iron ore products shipped from Silver Bay that were mined from any lands, such portion being 90% of the first four million tons shipped from Silver Bay during such year, 85% of the next two million tons shipped during such year, and 25% of all tonnage shipped during such year in excess of six million tons. The royalty percentage paid to the Trust increases as the aggregate tonnage of iron ore products shipped, attributable to the Trust, in any calendar year increases past each of the first four one-million ton volume thresholds. The base overriding royalties contain variable consideration, as the transaction price is based on a percentage that varies based on the total cumulative tons of iron ore shipped for the calendar year. The Trust estimates the variable consideration it expects to be entitled to receive over the contractual period associated with royalty agreement, which resets the royalty percentages at the beginning of each calendar year. The Trust evaluates the estimate of the variable consideration to determine whether the estimate needs to be constrained; therefore, the Trust includes the variable consideration in the transaction price only to the extent that it is probable that a significant reversal of the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. For the base overriding royalties, the Trust estimates the base overriding royalty percentage using the expected value method, which calculates the estimate based off the historical, current, and forecasted shipments. The Trust recognizes base overriding royalties on a quarterly basis based on the actual shipments for the fiscal quarter at the estimated royalty percentage as described above and based on the estimated prices for iron ore products sold under the Cliffs Pellet Agreements. Bonus Royalties The performance obligation for the bonus royalties consists of providing Northshore Mining access to the Peters Lands, Cloquet Lands, and Mesabi Lands and the right to mine on these lands and the consideration to be received from this access relates to the volume of iron ore shipped by Northshore. The Trust recognizes bonus royalties on a quarterly basis based on the actual shipments of the fiscal quarter at the actual royalty percentage for those shipments and based on the anticipated prices for iron ore products sold under the Cliffs Pellet Agreements. Fee Royalties The performance obligation for the fee royalties consists of the volume of crude ore mined on a quarterly basis. The Trust recognizes fee royalties on a quarterly basis based on the actual crude ore mined during the fiscal quarter. Accrued Income Receivable The accrued income receivable represents royalty income earned but not yet received by the Trust under the royalty agreements described elsewhere in these notes. 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. Contract Asset The contract asset is based on the revenue recognized on the base overriding royalties, at the estimated prices for iron ore products sold under the Cliffs Pellet Agreements, that will be collected in subsequent quarters as the uncertainty associated with the variable consideration is resolved. The Trust includes estimated future royalty rates on current contracted volumes within the contract asset. Contract Liability The contract liability represents an estimate of decreases in royalty revenue related to tons of iron ore that were shipped by Northshore, but for which Northshore has indicated that final pricing is not yet known and is adjusted in accordance with the Trust’s revenue recognition policy each quarter as updated pricing information is received.
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 Peters Lease Assignment and the Amended Cloquet Lease Assignment covering taconite properties in Minnesota which are leased to NMC. 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 other properties in Minnesota.
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 the year, the Trust’s cash balance may exceed insured limits. As further described in Note 1, NMC is the lessee/operator of the Mesabi Trust land. All royalty income earned by the Trust is received from NMC, and accordingly, substantially all of the accrued income receivable is also due from NMC.
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, 2019 and 2018, because of the relative short maturity of these instruments.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Various accounting standards and interpretations were issued during the fiscal year ended January 31, 2019. The Trust has evaluated the recently issued accounting pronouncements that are effective for the fiscal year ended January 31, 2019 and believe they will not have a material effect on the Trust’s financial position, results of operations or cash flows when adopted. New Accounting Standards Adopted ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606). ASU 2014-09 and several related ASU’s (collectively referred to as “ASU 2014-09”) supersede the revenue recognition requirements in Topic 605, Revenue Recognition, as well as most industry-specific guidance, and provide a principles-based, comprehensive framework in Topic 606, Revenue from Contracts with Customers. ASU 2014-09 also specifies the accounting for certain costs to obtain or fulfill a contract with a customer and provides enhanced disclosure requirements. The Trust adopted ASU 2014-09 in fiscal year 2019 first quarter using the full retrospective transition method. The following tables present the effect of the adoption of ASU 2014-09 on the Trust’s 2018 and 2017 Financial Statements. Throughout this report, our 2018 and 2017 financial results reflect the “As Adjusted” amounts shown in the tables below. Income Statements Twelve Months Ended January 31, 2018 Twelve Months Ended January 31, 2017 As Previously Adoption As Previously Adoption Reported of ASC 606 (As Adjusted) Reported of ASC 606 (As Adjusted) Revenues Royalties under amended lease agreements $ 33,955,703 $ (72,142) $ 33,883,561 $ 10,314,620 $ 150,659 $ 10,465,279 Royalties under Peters Lease fee 519,327 — 519,327 416,788 — 416,788 Interest 92,527 — 92,527 5,126 — 5,126 Total revenues 34,567,557 (72,142) 34,495,415 10,736,534 150,659 10,887,193 Expenses Compensation of Trustees 207,520 — 207,520 188,789 — 188,789 Corporate Trustee’s administrative fees 62,500 — 62,500 62,500 — 62,500 Professional fees and expenses: Legal 366,205 — 366,205 399,737 — 399,737 Accounting and auditing 142,214 — 142,214 151,947 — 151,947 Mining consultant and field representatives 56,100 — 56,100 27,988 — 27,988 Insurance 118,392 — 118,392 118,490 — 118,490 Annual stock exchange fee 59,967 — 59,967 53,095 — 53,095 Transfer agent’s and registrar’s fees 7,366 — 7,366 5,540 — 5,540 Other Trust expenses 51,726 — 51,726 115,336 — 115,336 Total expenses 1,071,990 — 1,071,990 1,123,422 — 1,123,422 Net income $ 33,495,567 $ (72,142) $ 33,423,425 $ 9,613,112 $ 150,659 $ 9,763,771 WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING 13,120,010 — 13,120,010 13,120,010 — 13,120,010 Net income per unit (Note 2) $ 2.553 $ (0.005) $ 2.548 $ 0.733 $ 0.011 $ 0.744 Balance Sheets January 31, 2018 As Previously Adoption January 31, 2018 Reported of ASC 606 (As Adjusted) Assets Cash and cash equivalents $ 314,835 $ — $ 314,835 U.S. Government securities, at amortized cost (which approximates market) 23,797,451 — 23,797,451 Accrued income receivable 1,956,091 — 1,956,091 Contract asset — 99,264 99,264 Prepaid expenses 54,640 — 54,640 Current assets 26,123,017 99,264 26,222,281 Fixed property, including intangibles, at nominal values 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 3 — 3 Total assets $ 26,123,020 $ 99,264 $ 26,222,284 Liabilities, Unallocated Reserve And Trust Corpus Liabilities Distribution payable $ 15,481,612 $ — $ 15,481,612 Accrued expenses 133,994 — 133,994 Total liabilities 15,615,606 — 15,615,606 Unallocated reserve 10,507,411 99,264 10,606,675 Trust corpus 3 — 3 Total liabilities, unallocated reserve and trust corpus $ 26,123,020 $ 99,264 $ 26,222,284 Statements of Cash Flows Twelve Months Ended January 31, 2018 Twelve Months Ended January 31, 2017 As Previously Adoption As Previously Adoption Reported of ASC 606 (As Adjusted) Reported of ASC 606 (As Adjusted) Operating activities Royalties received $ 30,470,480 $ — $ 30,470,480 $ 13,702,276 $ — $ 13,702,276 Interest received 86,616 — 86,616 5,541 — 5,541 Expenses paid (1,047,221) — (1,047,221) (1,124,467) — (1,124,467) Net cash from operating activities 29,509,875 — 29,509,875 12,583,350 — 12,583,350 Investing activities Maturities of U.S. Government securities 37,636,412 — 37,636,412 5,740,659 — 5,740,659 Purchases of U.S. Government securities (60,977,805) — (60,977,805) — — — Net cash From (used for) investing activities (23,341,393) — (23,341,393) 5,740,659 — 5,740,659 Financing activity Distributions to unitholders (19,548,815) — (19,548,815) (7,216,006) — (7,216,006) Net change in cash and cash equivalents (13,380,333) — (13,380,333) 11,108,003 — 11,108,003 Cash and cash equivalents, beginning of year 13,695,168 — 13,695,168 2,587,165 — 2,587,165 Cash and cash equivalents, end of year $ 314,835 $ — $ 314,835 $ 13,695,168 $ — $ 13,695,168 Reconciliation of net income to net cash from operating activities Net income $ 33,495,567 $ (72,142) $ 33,423,425 $ 9,613,112 $ 150,659 $ 9,763,771 Decrease (increase) in accrued income receivable (1,911,046) — (1,911,046) 933,101 — 933,101 Decrease (increase) in contract asset — 72,142 72,142 — (150,659) (150,659) Decrease (increase) in prepaid expense (1,032) — (1,032) 1,322 — 1,322 Increase (decrease) in accrued expenses 25,801 — 25,801 (63,600) — (63,600) Increase (decrease) in deferred royalty revenue (2,099,415) 2,099,415 — 2,099,415 (2,099,415) — Increase (decrease) in contract liability — (2,099,415) (2,099,415) — 2,099,415 2,099,415 Net cash from operating activities $ 29,509,875 $ — $ 29,509,875 $ 12,583,350 $ — $ 12,583,350 Non cash financing activity Distributions declared and payable $ 15,481,612 $ — $ 15,481,612 $ 1,836,801 $ — $ 1,836,801

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - New ASU (Tables)	12 Months Ended
	Jan. 31, 2019
Accounting Standards Update 2014-09 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Schedule of effect of adoption	Twelve Months Ended January 31, 2018 Twelve Months Ended January 31, 2017 As Previously Adoption As Previously Adoption Reported of ASC 606 (As Adjusted) Reported of ASC 606 (As Adjusted) Revenues Royalties under amended lease agreements $ 33,955,703 $ (72,142) $ 33,883,561 $ 10,314,620 $ 150,659 $ 10,465,279 Royalties under Peters Lease fee 519,327 — 519,327 416,788 — 416,788 Interest 92,527 — 92,527 5,126 — 5,126 Total revenues 34,567,557 (72,142) 34,495,415 10,736,534 150,659 10,887,193 Expenses Compensation of Trustees 207,520 — 207,520 188,789 — 188,789 Corporate Trustee’s administrative fees 62,500 — 62,500 62,500 — 62,500 Professional fees and expenses: Legal 366,205 — 366,205 399,737 — 399,737 Accounting and auditing 142,214 — 142,214 151,947 — 151,947 Mining consultant and field representatives 56,100 — 56,100 27,988 — 27,988 Insurance 118,392 — 118,392 118,490 — 118,490 Annual stock exchange fee 59,967 — 59,967 53,095 — 53,095 Transfer agent’s and registrar’s fees 7,366 — 7,366 5,540 — 5,540 Other Trust expenses 51,726 — 51,726 115,336 — 115,336 Total expenses 1,071,990 — 1,071,990 1,123,422 — 1,123,422 Net income $ 33,495,567 $ (72,142) $ 33,423,425 $ 9,613,112 $ 150,659 $ 9,763,771 WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING 13,120,010 — 13,120,010 13,120,010 — 13,120,010 Net income per unit (Note 2) $ 2.553 $ (0.005) $ 2.548 $ 0.733 $ 0.011 $ 0.744 Balance Sheets January 31, 2018 As Previously Adoption January 31, 2018 Reported of ASC 606 (As Adjusted) Assets Cash and cash equivalents $ 314,835 $ — $ 314,835 U.S. Government securities, at amortized cost (which approximates market) 23,797,451 — 23,797,451 Accrued income receivable 1,956,091 — 1,956,091 Contract asset — 99,264 99,264 Prepaid expenses 54,640 — 54,640 Current assets 26,123,017 99,264 26,222,281 Fixed property, including intangibles, at nominal values 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 3 — 3 Total assets $ 26,123,020 $ 99,264 $ 26,222,284 Liabilities, Unallocated Reserve And Trust Corpus Liabilities Distribution payable $ 15,481,612 $ — $ 15,481,612 Accrued expenses 133,994 — 133,994 Total liabilities 15,615,606 — 15,615,606 Unallocated reserve 10,507,411 99,264 10,606,675 Trust corpus 3 — 3 Total liabilities, unallocated reserve and trust corpus $ 26,123,020 $ 99,264 $ 26,222,284 Statements of Cash Flows Twelve Months Ended January 31, 2018 Twelve Months Ended January 31, 2017 As Previously Adoption As Previously Adoption Reported of ASC 606 (As Adjusted) Reported of ASC 606 (As Adjusted) Operating activities Royalties received $ 30,470,480 $ — $ 30,470,480 $ 13,702,276 $ — $ 13,702,276 Interest received 86,616 — 86,616 5,541 — 5,541 Expenses paid (1,047,221) — (1,047,221) (1,124,467) — (1,124,467) Net cash from operating activities 29,509,875 — 29,509,875 12,583,350 — 12,583,350 Investing activities Maturities of U.S. Government securities 37,636,412 — 37,636,412 5,740,659 — 5,740,659 Purchases of U.S. Government securities (60,977,805) — (60,977,805) — — — Net cash From (used for) investing activities (23,341,393) — (23,341,393) 5,740,659 — 5,740,659 Financing activity Distributions to unitholders (19,548,815) — (19,548,815) (7,216,006) — (7,216,006) Net change in cash and cash equivalents (13,380,333) — (13,380,333) 11,108,003 — 11,108,003 Cash and cash equivalents, beginning of year 13,695,168 — 13,695,168 2,587,165 — 2,587,165 Cash and cash equivalents, end of year $ 314,835 $ — $ 314,835 $ 13,695,168 $ — $ 13,695,168 Reconciliation of net income to net cash from operating activities Net income $ 33,495,567 $ (72,142) $ 33,423,425 $ 9,613,112 $ 150,659 $ 9,763,771 Decrease (increase) in accrued income receivable (1,911,046) — (1,911,046) 933,101 — 933,101 Decrease (increase) in contract asset — 72,142 72,142 — (150,659) (150,659) Decrease (increase) in prepaid expense (1,032) — (1,032) 1,322 — 1,322 Increase (decrease) in accrued expenses 25,801 — 25,801 (63,600) — (63,600) Increase (decrease) in deferred royalty revenue (2,099,415) 2,099,415 — 2,099,415 (2,099,415) — Increase (decrease) in contract liability — (2,099,415) (2,099,415) — 2,099,415 2,099,415 Net cash from operating activities $ 29,509,875 $ — $ 29,509,875 $ 12,583,350 $ — $ 12,583,350 Non cash financing activity Distributions declared and payable $ 15,481,612 $ — $ 15,481,612 $ 1,836,801 $ — $ 1,836,801

U. S. GOVERNMENT SECURITIES (Ta

U. S. GOVERNMENT SECURITIES (Tables)	12 Months Ended
	Jan. 31, 2019
U. S. GOVERNMENT SECURITIES
Schedule of U.S. government securities classified as held-to-maturity	2019 2018 Carrying Carrying Value Fair Value Value Fair Value Due within one year $ 32,122,312 $ 32,138,647 $ 23,797,451 $ 23,800,904 Due after one year — — — — $ 32,122,312 $ 32,138,647 $ 23,797,451 $ 23,800,904

UNALLOCATED RESERVE AND DISTR_2

UNALLOCATED RESERVE AND DISTRIBUTIONS (Tables)	12 Months Ended
	Jan. 31, 2019
UNALLOCATED RESERVE AND DISTRIBUTIONS
Schedule of unallocated cash and U.S. Government securities portion of the Trust's Unallocated Reserve	January 31, 2019 January 31, 2018 Cash and U.S. Government securities $ 33,004,122 $ 24,112,286 Distribution payable (18,236,814) (15,481,612) Unallocated cash and U.S. Government securities $ 14,767,308 $ 8,630,674
Schedule of reconciliation of Trust's Unallocated Reserve	Unallocated Reserve, January 31, 2018 $ 10,606,675 Net income 45,559,044 Distributions declared (39,360,030) Unallocated Reserve, January 31, 2019 $ 16,805,689

SUMMARY OF QUARTERLY EARNINGS_2

SUMMARY OF QUARTERLY EARNINGS (UNAUDITED) (Tables)	12 Months Ended
	Jan. 31, 2019
SUMMARY OF QUARTERLY EARNINGS (UNAUDITED)
Summary of quarterly results of operations	2019 First Second Third Fourth Quarter Quarter Quarter Quarter Revenue $ 6,684,047 $ 19,151,952 $ 13,973,843 $ 7,483,923 Expenses 368,199 280,497 388,781 697,244 Net income $ 6,315,848 $ 18,871,455 $ 13,585,062 $ 6,786,679 Net income per unit $ 0.481 $ 1.438 $ 1.035 $ 0.517 2018 First Second Third Fourth Quarter Quarter Quarter Quarter Revenue $ 4,766,971 $ 14,237,447 $ 10,924,999 $ 4,565,998 Expenses 295,046 240,493 227,330 309,121 Net income $ 4,471,925 $ 13,996,954 $ 10,697,669 $ 4,256,877 Net income per unit $ 0.341 $ 1.067 $ 0.815 $ 0.324

NATURE OF BUSINESS AND ORGANI_2

NATURE OF BUSINESS AND ORGANIZATION (Details)	12 Months Ended
	Jan. 31, 2019itemshares	Jan. 31, 2018shares	Jan. 31, 2017shares
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
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 | item	25
Age of the youngest survivor	54 years
Number of units outstanding	13,120,010	13,120,010	13,120,010
As Previously Reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Number of units outstanding		13,120,010	13,120,010

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Jan. 31, 2019USD ($)itemMT	Jan. 31, 2018USD ($)
Cash and Cash Equivalents
Amount held by the Trust in a money market fund | $	$ 209,709	$ 314,835
Revenue from Contract with Customer [Abstract]
Accrued income receivable | $	$ 2,339,060	$ 1,956,091
Fixed Property, Including Intangibles
Percentage of fee interest owned by Mesabi Land Trust in the lands subject to the Peters Lease	20.00%
Base Overriding Royalties
Revenue from Contract with Customer [Abstract]
Base overriding royalties, first tier portion percentage	90.00%
Base overriding royalties, first tier shipment ceiling (in million tons)	4
Base overriding royalties, second tier portion percentage	85.00%
Base overriding royalties, second tier shipment ceiling (in million tons)	2
Base overriding royalties, third tier portion percentage	25.00%
Base overriding royalties, third tier shipment threshold (in million tons)	6
Base overriding royalties, number of volume thresholds for transaction price | item	4
Base overriding royalties, volume threshold for transaction price	1

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Effect of adoption I/S (Details) - USD ($)	3 Months Ended								12 Months Ended
	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2018	Apr. 30, 2018	Jan. 31, 2018	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
REVENUES
Royalties under amended lease agreements									$ 46,430,497	$ 33,883,561	$ 10,465,279
Royalties under Peters Lease fee									603,294	519,327	416,788
Interest									259,974	92,527	5,126
Total revenues	$ 7,483,923	$ 13,973,843	$ 19,151,952	$ 6,684,047	$ 4,565,998	$ 10,924,999	$ 14,237,447	$ 4,766,971	47,293,765	34,495,415	10,887,193
EXPENSES
Compensation of Trustees									264,278	207,520	188,789
Corporate Trustee's administrative fees									62,500	62,500	62,500
Professional fees and expenses:
Legal									636,224	366,205	399,737
Accounting and auditing									140,938	142,214	151,947
Mining consultant and field representatives									33,468	56,100	27,988
Insurance									119,224	118,392	118,490
Annual stock exchange fee									65,255	59,967	53,095
Transfer agent's and registrar's fees									7,244	7,366	5,540
Other Trust expenses									405,590	51,726	115,336
Total Expenses	697,244	388,781	280,497	368,199	309,121	227,330	240,493	295,046	1,734,721	1,071,990	1,123,422
Net income	$ 6,786,679	$ 13,585,062	$ 18,871,455	$ 6,315,848	$ 4,256,877	$ 10,697,669	$ 13,996,954	$ 4,471,925	$ 45,559,044	$ 33,423,425	$ 9,763,771
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING									13,120,010	13,120,010	13,120,010
Net income per unit (Note 2) (in dollars per unit)	$ 0.517	$ 1.035	$ 1.438	$ 0.481	$ 0.324	$ 0.815	$ 1.067	$ 0.341	$ 3.472	$ 2.548	$ 0.744
As Previously Reported
REVENUES
Royalties under amended lease agreements										$ 33,955,703	$ 10,314,620
Royalties under Peters Lease fee										519,327	416,788
Interest										92,527	5,126
Total revenues										34,567,557	10,736,534
EXPENSES
Compensation of Trustees										207,520	188,789
Corporate Trustee's administrative fees										62,500	62,500
Professional fees and expenses:
Legal										366,205	399,737
Accounting and auditing										142,214	151,947
Mining consultant and field representatives										56,100	27,988
Insurance										118,392	118,490
Annual stock exchange fee										59,967	53,095
Transfer agent's and registrar's fees										7,366	5,540
Other Trust expenses										51,726	115,336
Total Expenses										1,071,990	1,123,422
Net income										$ 33,495,567	$ 9,613,112
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING										13,120,010	13,120,010
Net income per unit (Note 2) (in dollars per unit)										$ 2.553	$ 0.733
Accounting Standards Update 2014-09 [Member] | Restatement Adjustment
REVENUES
Royalties under amended lease agreements										$ (72,142)	$ 150,659
Total revenues										(72,142)	150,659
Professional fees and expenses:
Net income										$ (72,142)	$ 150,659
Net income per unit (Note 2) (in dollars per unit)										$ (0.005)	$ 0.011

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Effect of adoption B/S (Details) - USD ($)	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2016
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cash and cash equivalents	$ 881,810	$ 314,835	$ 13,695,168	$ 2,587,165
U.S. Government securities, current, at amortized cost (which approximates market)	32,122,312	23,797,451
Accrued income receivable	2,339,060	1,956,091
Contract asset	56,357	99,264
Prepaid expenses	54,472	54,640
Current assets	35,454,011	26,222,281
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	3	3
Total assets	35,454,014	26,222,284
Distribution payable	18,236,814	15,481,612
Accrued expenses	411,508	133,994
Total liabilities	18,648,322	15,615,606
Unallocated reserve	16,805,689	10,606,675
Trust corpus	3	3
Total liabilities, unallocated reserve and trust corpus	$ 35,454,014	$ 26,222,284
Beneficial interest in the Trust (in units)	13,120,010	13,120,010
Restatement Adjustment | Accounting Standards Update 2014-09 [Member]
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Contract asset		$ 99,264
Current assets		99,264
Total assets		99,264
Unallocated reserve		99,264
Total liabilities, unallocated reserve and trust corpus		99,264
As Previously Reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Cash and cash equivalents		314,835	$ 13,695,168	$ 2,587,165
U.S. Government securities, current, at amortized cost (which approximates market)		23,797,451
Accrued income receivable		1,956,091
Prepaid expenses		54,640
Current assets		26,123,017
Amended assignment of Peters Lease		1
Assignment of Cloquet Leases		1
Certificate of beneficial interest for 13,120,010 units of Land Trust		1
Total fixed property		3
Total assets		26,123,020
Distribution payable		15,481,612
Accrued expenses		133,994
Total liabilities		15,615,606
Unallocated reserve		10,507,411
Trust corpus		3
Total liabilities, unallocated reserve and trust corpus		$ 26,123,020

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Effect of adoption SCF (Details) - USD ($)	12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Royalties received	$ 46,705,036	$ 30,470,480	$ 13,702,276
Interest received	248,667	86,616	5,541
Expenses paid	(1,457,039)	(1,047,221)	(1,124,467)
Net cash from operating activities	45,496,664	29,509,875	12,583,350
Maturities of U.S. Government securities	81,835,668	37,636,412	5,740,659
Purchases of U.S. Government securities	(90,260,269)	(60,977,805)
Net cash used for investing activities	(8,324,861)	(23,341,393)	5,740,659
Distributions to unitholders	(36,604,828)	(19,548,815)	(7,216,006)
Net change in cash and cash equivalents	566,975	(13,380,333)	11,108,003
Cash and cash equivalents, beginning of period	314,835	13,695,168	2,587,165
Cash and cash equivalents, end of period	881,810	314,835	13,695,168
Reconciliation of net income to net cash from operating activities
Net income	45,559,044	33,423,425	9,763,771
Decrease (increase) in accrued income receivable	(382,969)	(1,911,046)	933,101
Decrease (increase) in contract asset	42,907	72,142	(150,659)
Decrease (increase) in prepaid expense	168	(1,032)	1,322
Increase (decrease) in accrued expenses	277,514	25,801	(63,600)
Increase (decrease) in contract liability		(2,099,415)	2,099,415
Distributions declared and payable	18,236,814	15,481,612	1,836,801
Restatement Adjustment | Accounting Standards Update 2014-09 [Member]
Reconciliation of net income to net cash from operating activities
Net income		(72,142)	150,659
Decrease (increase) in contract asset		72,142	(150,659)
Increase (decrease) in deferred royalty revenue		2,099,415	(2,099,415)
Increase (decrease) in contract liability		(2,099,415)	2,099,415
As Previously Reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Royalties received		30,470,480	13,702,276
Interest received		86,616	5,541
Expenses paid		(1,047,221)	(1,124,467)
Net cash from operating activities		29,509,875	12,583,350
Maturities of U.S. Government securities		37,636,412	5,740,659
Purchases of U.S. Government securities		(60,977,805)
Net cash used for investing activities		(23,341,393)	5,740,659
Distributions to unitholders		(19,548,815)	(7,216,006)
Net change in cash and cash equivalents		(13,380,333)	11,108,003
Cash and cash equivalents, beginning of period	$ 314,835	13,695,168	2,587,165
Cash and cash equivalents, end of period		314,835	13,695,168
Reconciliation of net income to net cash from operating activities
Net income		33,495,567	9,613,112
Decrease (increase) in accrued income receivable		(1,911,046)	933,101
Decrease (increase) in prepaid expense		(1,032)	1,322
Increase (decrease) in accrued expenses		25,801	(63,600)
Increase (decrease) in deferred royalty revenue		(2,099,415)	2,099,415
Distributions declared and payable		$ 15,481,612	$ 1,836,801

U. S. GOVERNMENT SECURITIES (De

U. S. GOVERNMENT SECURITIES (Details) - U.S. government securities - USD ($)	Jan. 31, 2019	Jan. 31, 2018
Carrying Value
Due within one year	$ 32,122,312	$ 23,797,451
Total	32,122,312	23,797,451
Fair Value, Inputs, Level 1 [Member]
Fair Value
Due within one year	32,138,647	23,800,904
Total	$ 32,138,647	$ 23,800,904

ROYALTY AGREEMENT (Details)

ROYALTY AGREEMENT (Details) - Cyprus NMC	12 Months Ended
	Dec. 31, 2019$ / T	Jan. 31, 2019USD ($)$ / T	Dec. 31, 2018USD ($)$ / T	Dec. 31, 2017USD ($)$ / T
ROYALTY AGREEMENT
Adjusted threshold price (in dollars per ton)			55.74	54.74
Adjusted threshold price subject to adjustment (in dollars per ton)	56.93
Maximum
ROYALTY AGREEMENT
Period for payments of overriding royalties on product shipments		30 days
Minimum
ROYALTY AGREEMENT
Adjusted threshold price (in dollars per ton)		30
Advance royalty threshold | $		$ 500,000	$ 929,320	$ 912,725
Advance royalty threshold, next calendar year | $			$ 949,295

UNALLOCATED RESERVE AND DISTR_3

UNALLOCATED RESERVE AND DISTRIBUTIONS (Details) - USD ($)	3 Months Ended								12 Months Ended
	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2018	Apr. 30, 2018	Jan. 31, 2018	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
UNALLOCATED RESERVE AND DISTRIBUTIONS
Distribution declared or paid (in dollars per unit)									$ 2.79	$ 1.49	$ 0.55
Unallocated Cash and Securities portion of Unallocated Reserve
Cash and U.S. Government securities	$ 33,004,122				$ 24,112,286				$ 33,004,122	$ 24,112,286
Distribution payable	(18,236,814)				(15,481,612)				(18,236,814)	(15,481,612)
Unallocated cash and U.S. Government securities	14,767,308				8,630,674				14,767,308	8,630,674
Reconciliation of Trust's Unallocated Reserve
Unallocated Reserve at the beginning of the period				$ 10,606,675					10,606,675
Net income	6,786,679	$ 13,585,062	$ 18,871,455	$ 6,315,848	4,256,877	$ 10,697,669	$ 13,996,954	$ 4,471,925	45,559,044	33,423,425	$ 9,763,771
Distributions declared									(39,360,030)
Unallocated Reserve at the end of the period	$ 16,805,689				$ 10,606,675				$ 16,805,689	$ 10,606,675
Distribution declared per unit									$ 1.39	$ 1.18	$ 0.14

SUMMARY OF QUARTERLY EARNINGS_3

SUMMARY OF QUARTERLY EARNINGS (UNAUDITED) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2018	Apr. 30, 2018	Jan. 31, 2018	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017
SUMMARY OF QUARTERLY EARNINGS (UNAUDITED)
Revenue	$ 7,483,923	$ 13,973,843	$ 19,151,952	$ 6,684,047	$ 4,565,998	$ 10,924,999	$ 14,237,447	$ 4,766,971	$ 47,293,765	$ 34,495,415	$ 10,887,193
Expenses	697,244	388,781	280,497	368,199	309,121	227,330	240,493	295,046	1,734,721	1,071,990	1,123,422
Net income	$ 6,786,679	$ 13,585,062	$ 18,871,455	$ 6,315,848	$ 4,256,877	$ 10,697,669	$ 13,996,954	$ 4,471,925	$ 45,559,044	$ 33,423,425	$ 9,763,771
Net income (loss) per unit (in dollars per unit)	$ 0.517	$ 1.035	$ 1.438	$ 0.481	$ 0.324	$ 0.815	$ 1.067	$ 0.341	$ 3.472	$ 2.548	$ 0.744