Natural Resource Partners L.P. (NRP, Financial) filed Quarterly Report for the period ended 2010-09-30.
Natural Resource Partners L.p. has a market cap of $2.11 billion; its shares were traded at around $28.35 with a P/E ratio of 20.8 and P/S ratio of 8.2. The dividend yield of Natural Resource Partners L.p. stocks is 7.5%. Natural Resource Partners L.p. had an annual average earning growth of 20.5% over the past 10 years.NRP is in the portfolios of Chuck Royce of Royce& Associates.
Pursuant to the purchase and sale agreement signed in the Colt acquisition, we expect to fund an additional $150 million over the next two years, of which approximately $70 million is anticipated to be funded in the first quarter of 2011 as the operator achieves various development milestones. We anticipate funding the Colt acquisition, as well as any other acquisitions that we consummate, through the use of the available capacity under our credit facility and through the issuance of debt and/or equity in the capital markets. We believe that we have enough liquidity to meet our current capital needs.
For the nine months ended September 30, 2010, our lessees produced 37.3 million tons of coal and aggregates, generating $168.0 million in royalty revenues from our properties, and our total revenues were $223.9 million. Prices for both steam and metallurgical coal remained at higher levels than we had forecasted for the third quarter of 2010. We expect the prices for metallurgical coal to remain constant over the remainder of 2010, and because approximately 39% of our coal royalty revenues and 33% of the related production during the first nine months of 2010 were from metallurgical coal, we expect to continue to benefit as the global economy recovers and the demand for steel remains high.
International Paper. In June 2010, we and International Paper Company created a venture, BRP LLC, to own and manage mineral assets previously owned by International Paper. Some of these assets are currently subject to leases, and certain other assets have not yet been developed but are available for future development by the venture. In exchange for a $42.5 million contribution we became the managing and controlling member with the right to designate two of the three managers of BRP. NRP has a 51% income interest plus a preferential cumulative annual distribution prior to profit sharing. In exchange for the contribution of the producing properties and the properties not currently producing, International Paper received $42.5 million in cash from BRP, a minority voting interest and a 49% income interest after the preferential cumulative annual distribution. The amount of the preference is fixed throughout the life of the venture but can be reduced by a portion of the proceeds received from sales of producing properties included in the initial acquisition. Identified tangible assets in the transaction include oil and gas, coal and aggregate reserves, as well the rights to coal bed methane, geothermal, CO2 sequestration, water rights, precious metals, industrial minerals and base metals. Certain properties, including oil and gas, coal and aggregates, as well as land leased for cell towers, are currently under lease and generating revenues.
North American Limestone. In April 2010, we signed an agreement to build and own for the construction of a fine grind processing facility for high calcium carbonate limestone located in Putnam County, Indiana. We will lease the facility to a local operator. The total cost for the facility is not to exceed $6.5 million. As of our filing date, we have funded approximately $5.6 million of the acquisition.
Colt. In September 2009, we signed a definitive agreement to acquire approximately 200 million tons of coal reserves related to the Deer Run Mine in Illinois from Colt, LLC, an affiliate of the Cline Group, through several separate transactions for a total purchase price of $255 million. In October 2010, we closed a transaction for $55.0 million and acquired approximately 27.4 million tons of reserves. As of our filing date, we had acquired approximately 50.2 million tons of reserves associated with the initial production from the mine. Future closings anticipated through 2012 will be associated with completion of certain milestones related to the new mines construction.
Read the The complete Report
Natural Resource Partners L.p. has a market cap of $2.11 billion; its shares were traded at around $28.35 with a P/E ratio of 20.8 and P/S ratio of 8.2. The dividend yield of Natural Resource Partners L.p. stocks is 7.5%. Natural Resource Partners L.p. had an annual average earning growth of 20.5% over the past 10 years.NRP is in the portfolios of Chuck Royce of Royce& Associates.
Highlight of Business Operations:
As of September 30, 2010, we had $261 million in available capacity under our existing credit facility, which does not mature until March 2012, as well as approximately $72 million in cash. On October 4, 2010, we acquired another 27.4 million tons of reserves from Colt, LLC in Illinois for $55 million, which we funded through our credit facility.Pursuant to the purchase and sale agreement signed in the Colt acquisition, we expect to fund an additional $150 million over the next two years, of which approximately $70 million is anticipated to be funded in the first quarter of 2011 as the operator achieves various development milestones. We anticipate funding the Colt acquisition, as well as any other acquisitions that we consummate, through the use of the available capacity under our credit facility and through the issuance of debt and/or equity in the capital markets. We believe that we have enough liquidity to meet our current capital needs.
For the nine months ended September 30, 2010, our lessees produced 37.3 million tons of coal and aggregates, generating $168.0 million in royalty revenues from our properties, and our total revenues were $223.9 million. Prices for both steam and metallurgical coal remained at higher levels than we had forecasted for the third quarter of 2010. We expect the prices for metallurgical coal to remain constant over the remainder of 2010, and because approximately 39% of our coal royalty revenues and 33% of the related production during the first nine months of 2010 were from metallurgical coal, we expect to continue to benefit as the global economy recovers and the demand for steel remains high.
International Paper. In June 2010, we and International Paper Company created a venture, BRP LLC, to own and manage mineral assets previously owned by International Paper. Some of these assets are currently subject to leases, and certain other assets have not yet been developed but are available for future development by the venture. In exchange for a $42.5 million contribution we became the managing and controlling member with the right to designate two of the three managers of BRP. NRP has a 51% income interest plus a preferential cumulative annual distribution prior to profit sharing. In exchange for the contribution of the producing properties and the properties not currently producing, International Paper received $42.5 million in cash from BRP, a minority voting interest and a 49% income interest after the preferential cumulative annual distribution. The amount of the preference is fixed throughout the life of the venture but can be reduced by a portion of the proceeds received from sales of producing properties included in the initial acquisition. Identified tangible assets in the transaction include oil and gas, coal and aggregate reserves, as well the rights to coal bed methane, geothermal, CO2 sequestration, water rights, precious metals, industrial minerals and base metals. Certain properties, including oil and gas, coal and aggregates, as well as land leased for cell towers, are currently under lease and generating revenues.
North American Limestone. In April 2010, we signed an agreement to build and own for the construction of a fine grind processing facility for high calcium carbonate limestone located in Putnam County, Indiana. We will lease the facility to a local operator. The total cost for the facility is not to exceed $6.5 million. As of our filing date, we have funded approximately $5.6 million of the acquisition.
Colt. In September 2009, we signed a definitive agreement to acquire approximately 200 million tons of coal reserves related to the Deer Run Mine in Illinois from Colt, LLC, an affiliate of the Cline Group, through several separate transactions for a total purchase price of $255 million. In October 2010, we closed a transaction for $55.0 million and acquired approximately 27.4 million tons of reserves. As of our filing date, we had acquired approximately 50.2 million tons of reserves associated with the initial production from the mine. Future closings anticipated through 2012 will be associated with completion of certain milestones related to the new mines construction.
Read the The complete Report
