Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - NATURAL RESOURCE PARTNERS LP | h78945e8vk.htm |
Exhibit 99.1
| Natural Resource Partners L.P. 601 Jefferson St., Suite 3600, Houston, TX 77002 |
 |
NEWS RELEASE
Natural Resource Partners L.P.
Completes Fourth Acquisition of Coal Reserves
at Deer Run mine in Illinois Basin
Completes Fourth Acquisition of Coal Reserves
at Deer Run mine in Illinois Basin
HOUSTON, January 13, 2011 — Natural Resource Partners L.P. (NYSE:NRP) announced today
that it has completed the fourth acquisition of coal reserves at the Deer Run mine in Illinois for
$70 million from Colt LLC, an affiliate of the Cline Group. The acquisition was funded through
NRP’s credit facility. NRP has paid $175 million of the $255 million slated for the acquisition of
approximately 200 million tons of reserves. Future closings will be associated with the completion
of certain milestones relating to the new mine’s construction. NRP anticipates completing
additional acquisitions totalling $65 million in 2011 and $15 million in 2012.
Deer Run Details
The Deer Run mine is located near Hillsboro in Montgomery and Bond Counties, Illinois and the coal
reserves are leased to the mining company Hillsboro Energy, an affiliate of the Cline Group.
Construction of the new longwall mine is well underway with longwall production expected to
commence in early 2012.
Production from the mine is forecasted to be approximately eight to ten million tons per year when
the longwall is in full production, from which NRP ultimately anticipates receiving in excess of
$40 million per year of income. Based upon these production levels, the life of the mine will
exceed 20 years.
Company Profile
Natural Resource Partners L.P. is a master limited partnership headquartered in Houston, TX, with
its operations headquarters in Huntington, WV. NRP is principally engaged in the business of
owning and managing mineral reserve properties. NRP primarily owns coal, aggregate and oil and gas
reserves across the United States that generate royalty income for the partnership.
For additional information, please contact Kathy H. Roberts at 713-751-7555 or
kroberts@nrplp.com. Further information about NRP is available on the partnership’s website
at www.nrplp.com.
| NRP Completes Fourth Acquisition of Coal Reserves at Deer Run in Illinois Basin | Page 2 of 2 |
Forward-Looking Statements
This press release may include “forward-looking statements” as defined by the Securities and
Exchange Commission. Such statements include the commencement of longwall production from Deer Run
mine, the anticipated revenue, and peak production targets. All statements, other than statements
of historical facts, included in this press release that address activities, events or developments
that the partnership expects, believes or anticipates will or may occur in the future are
forward-looking statements. These statements are based on certain assumptions made by the
partnership based on its experience and perception of historical trends, current conditions,
expected future developments and other factors it believes are appropriate in the circumstances.
Such statements are subject to a number of assumptions, risks and uncertainties, many of which are
beyond the control of the partnership. These risks include, but are not limited to, decreases in
demand for coal; changes in operating conditions and costs; production cuts by our lessees;
commodity prices; unanticipated geologic problems; changes in the legislative or regulatory
environment and other factors detailed in Natural Resource Partners’ Securities and Exchange
Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information, future events or otherwise.
11-01
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