Headquarters: W-1290 First Nat'l. Bank Bldg.
332 Minnesota Street
Saint Paul, MN 55101
Great Northern Iron Ore Properties (GNIOP) is a conventional non-voting trust that owns interests in fee, both mineral and non-mineral lands, on the Mesabi Iron Range in northeastern Minnesota. The Company primarily derives income from royalties on iron ore minerals (taconite) mined by its lessees from these properties and minimum royalties. GNIOP is involved solely with the leasing and care of these properties. Although the Company owns in excess of 67,000 acres in varied fee (surface and/or mineral) and ownership percentage interests in northeastern Minnesota, its mineral interests on the Mesabi Iron Formation represents 12,033 acres, including approximately 7,443 acres that are wholly owned; 1,080 acres, in which the Company is a tenant in common with a 91% interest; 3,350 acres in tenancy in common with a 50% interest, and 160 acres in tenancy in common with other fractional interests. Of the mineral interest total, 9,215 acres are under lease and 2,818 acres are unleased.