Natural Resource Partners L.P. reported the purchase of mineral properties in the Appalachian Basin, which the company believes has significant reserves of materials used in construction activities.
Natural Resource Partners L.P. agreed to pay $20.7 million for properties located in Kentucky and Tennessee. The company reported that the two properties have 160 million tons of aggregate reserves. Natural Resource Partners L.P. will fund $14.7 million of the purchase price through a drawdown of the company’s credit line, and the balance of $6 million in mid 2011.
The first parcel acquired by Natural Resource Partners L.P. is approximately 508 acres and is situated on the Tennessee River near Paducah, Kentucky. The site is leased to a third party who is planning on constructing a crushed limestone facility to supply nearby markets.
The second parcel acquired by the company is approximately 500 acres and is located in Cleveland, Tennessee. This property is also leased to a third party that is planning on constructing a crushed limestone facility to supply markets in eastern Tennessee.
Natural Resource Partners L.P. is headquartered in Houston, Texas, and is organized as a master limited partnership. The company owns mineral properties in the United States that contain coal, aggregate and oil and gas reserves.
For more information on the company, go to http://www.nrplp.com