North / South America
Natural Resource Partners moves into Kentucky and Tennessee
Jun, 02 2011
(HOUSTON, Texas) – Natural Resource Partners L.P. (NYSE:NRP) acquired in March approximately 160 million tons of aggregate reserves in Kentucky and Tennessee 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.
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