Natural Resource Partners L.P. Acquires Coal Reserves in Ohio and Pennsylvania
21 11월 2005 - 10:30PM
PR Newswire (US)
HOUSTON, Nov. 21 /PRNewswire-FirstCall/ -- Natural Resource
Partners L.P. (NYSE:NRP) and (NYSE:NSP) today announced that it has
closed an acquisition of coal reserves in Ohio and Pennsylvania for
$29 million. The partnership paid $10 million in cash and funded
the remainder of the acquisition through the use of its revolving
credit facility. The acquisition consists of 179 million tons of
coal reserves in three distinct areas: Southwest Pennsylvania,
Central Pennsylvania and Ohio. A significant portion of the
Southwest Pennsylvania property is leased to Consol, which is
currently mining the Pittsburgh seam from the Enlow Fork mine. The
Ohio and Central Pennsylvania reserves are under lease to other
operators and will be mined in the future. The transaction is
effective as of October 1, 2005 and will be immediately accretive.
NRP estimates that it will generate approximately $1.8 million of
coal royalty revenues based on approximately 1 million tons of coal
production for the remainder of 2005 and approximately $5.8 million
in 2006 from 3.3 million tons of production. NRP expects the coal
reserves to continue to generate stable cash flows through the end
of this decade, at which time the current mine plans indicate that
the lessees will be producing on other properties. NRP anticipates
substantial revenues beginning again approximately eight years from
now from two major mines moving back onto these properties and
believes the acquisition is another step towards ensuring the
long-term sustainability of NRP's growth. "We are using our
financial strength to assure our ability to continue to increase
distributions over the long-term," said Corbin J. Robertson, Jr.,
Chairman and Chief Executive Officer. Nick Carter, President and
Chief Operating Officer said "This acquisition exemplifies the kind
of diversity we seek at NRP: 2 new states, a large amount of high
BTU, medium sulfur coal, new markets, 6 new lessees, and more
opportunities to expand." The reserves were purchased from
subsidiaries of American Financial Group (NYSE:AFG) and were
previously part of the Penn Central Transportation Company. 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 coal properties in the three major coal producing
regions of the United States: Appalachia, the Illinois Basin and
the Powder River Basin. The common units are traded on the New York
Stock Exchange (NYSE) under the symbol NRP and the subordinated
units are traded on the NYSE under the symbol NSP. For additional
information, please contact Kathy Hager at 713-751-7555 or .
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 estimated coal
reserves, the anticipated coal royalty revenues and production, the
accretive nature of the transaction and the ability of NRP to
increase distributions in the future. 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.
http://www.newscom.com/cgi-bin/prnh/20060109/NRPLOGO
http://photoarchive.ap.org/ DATASOURCE: Natural Resource Partners
L.P. CONTACT: Kathy Hager of Natural Resource Partners L.P.,
+1-713-751-7555, or Web site: http://www.nrplp.com/
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