Natural Resource Partners L.P. (NYSE:NRP) has completed its fifth coal reserve acquisition at Deer Run mine near Hillsboro, Illinois, according to a company statement released earlier today.
The new acquisition comes at the expense of $40 million dollars (in cash) which were paid by Colt LLC, an affiliate of the Cline Group. Natural Resource Partners has already paid $215 million dollars of the $255 million slated for the acquisition of approximately 200 million tons of reserves.
According to NRP, the final acquisition for $40 million will be associated with the completion of the first pass of the longwall, currently scheduled for August 2012.
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.
Shares of NRP last closed at $27.14 per share. Additionally, NRP shares have been consolidating in a tightened price range after reaching its current 52-week low.