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SMALL BUSINESS
Natural Resource Partners will buy coal reserve
AP ONLINE
posted: 77 DAYS 21 HOURS AGO
HOUSTON (AP) — Natural Resource Partners LP said Thursday it agreed to pay $255 million to buy 200 million tons of coal reserves from a mine in Illinois.
The company said it will buy the reserves from Colt LLC, which is an affiliate of the Cline Group. The reserves come from the Deer Run mine in southern Illinois. Natural Resource Partners said construction of the mine is under way, and initial production is expected to start in 2010.
The deal includes a $10 million upfront payment, and Natural Resource Partners will get 3.3 million tons of reserves from initial production. Other payments will be made as parts of construction are completed. Natural Resource Partners said it will gain revenue from the mine starting in the first quarter.
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