HOUSTON, July 16 /PRNewswire-FirstCall/ -- Natural Resource Partners L.P.
(NYSE: NRP) today announced that it has acquired limestone reserves from Blue
Star Materials, LLC. Total expected acquisition costs are expected to be
approximately $24 million, $9 million of which was funded at closing. The
remainder will be funded during 2009 based upon various performance criteria.
The acquisition will be funded through NRP's credit facility.
The limestone reserves are located on a 121-acre site northwest of the
Dallas-Fort Worth area in Wise County, TX. The production facilities will be
owned and operated by Blue Star and NRP will be paid a royalty upon the sale
of the production. The reserves are currently under development and are
anticipated to be in production in early 2010 as demand begins to increase due
to several major infrastructure projects scheduled for the DFW area.
"In April 2008Dennis Coker joined NRP as the Vice President - Aggregates.
Dennis brought to NRP his years of experience in the aggregates industry and a
large network of contacts. In the last year he has been focused on educating
the industry about Natural Resource Partners and our desire to increase our
royalty business plan in aggregates. We expect this transaction to be one of
a series of acquisitions that will increase our exposure to aggregates and
further diversify our income stream," said Nick Carter, President and Chief
Operating Officer of NRP.
Company Profile
Natural Resource Partners L.P. is headquartered in Houston, TX, with its
operations headquarters in Huntington, WV. NRP is a master limited
partnership that is principally engaged in the business of owning and managing
mineral reserve properties. NRP owns coal reserves and coal handling and
transportation infrastructure in the three major coal producing regions of the
United States: Appalachia, the Illinois Basin and the Powder River Basin. In
addition, the partnership owns and manages aggregate reserves in Texas, West
Virginia and Washington.
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 http://www.nrplp.com.
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 production from the aggregate reserves. 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.
SOURCE Natural Resource Partners L.P.
-0- 07/16/2009
/CONTACT: Kathy H. Roberts of Natural Resource Partners L.P.,
+1-713-751-7555, kroberts@nrplp.com/
/Photo: http://www.newscom.com/cgi-bin/prnh/20060109/NRPLOGO
http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com/
/Web Site: http://www.nrplp.com /
(NRP)
CO: Natural Resource Partners L.P.; Blue Star Materials, LLC
ST: Texas, West Virginia
IN: MNG OIL CST
SU: TNM
PR
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