HOUSTON, March 10, 2011 /PRNewswire/ -- Natural Resource Partners L.P. (NYSE: NRP) today announced that it has acquired approximately 160 million tons of aggregate reserves in Kentucky and Tennessee within the last month for a total purchase price of approximately $20.7 million. At the closings, approximately $14.7 million was funded through the partnership's credit facility and an additional $6.0 million is expected to be funded by mid-2011.
The properties include two separate parcels:
- The land and limestone reserves associated with a 508 acre parcel located on the Tennessee River near Paducah, Kentucky. The property is leased to CALX Resources, LLC and is to be the site for the development of a new crushed limestone operation that will service not only the local markets but also water based sales along the Tennessee, Cumberland and Mississippi Rivers.
- The land and limestone reserves associated with an approximately 500 acre parcel located in Cleveland, TN near Chattanooga. The parcel is located near a major highway, on rail and a navigable river. The property is leased to East Tennessee Materials, LLC and is to be the site for development of a new crushed limestone operation that will service the Cleveland/Chattanooga, Tennessee market.
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.
Further information about NRP is available on the partnership's website at http://www.nrplp.com.
This press release may include "forward-looking statements" as defined by the Securities and Exchange Commission. Such statements include the development of the new crushed limestone operations and the additional funding for the acquisitions. 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.