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Scully Royalty (SRL) owns a 7% royalty (the royalty is paid under a global marketing arrangement with Cargill, structured as 7% of net revenues at the Port of shipment) on the privately held Scully Mine in Labrador, Canada, which produces a high quality 65% iron ore concentrate product. The mine recently restarted production under new ownership (global commodities giant Cargill and private equity firm Proterra Partners) and with a new cost structure in August of this year,