NATURAL Resource Partners has acquired 17.5 million tons of high quality, low-vol metallurgical coal reserves in Wyoming and McDowell counties in West Virginia for $US27.2 million.
The reserves were bought from National Resources, a subsidiary of Bluestone Coal Corporation, and will generate coal royalty revenues of about $750,000 in the 2007 fourth quarter.
Houston-based NRP borrowed $16 million under its credit facility and funded the remaining $11.2 million from cash.
NRP is a master limited partnership that owns and manages coal properties and coal handling and transportation infrastructure in Appalachia, the Illinois Basin and the Powder River Basin.
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