West Coast Sand And Gravel

Natural Resource Partners Setting Revenue Records

For The State Journal

HUNTINGTON — Natural Resource Partners makes money from coal without ever digging for it or selling a single ton of it.

As Nick Carter, the partnership’s president and chief operating officer, explained, NRP doesn’t actively engage in the mining of coal. Rather it leases its coal properties, many of them in West Virginia, to various operators in exchange for royalty payments. In addition to West Virginia, NRP has coal reserves elsewhere in Appalachia, in the Illinois Basin and the western United States. The reserves include both steam coal used in power plants and metallurgical coal required in steel making.

“At 2.3 billion tons, we’re the fifth largest owner of coal reserves in the United States,” Carter said.

NRP reported record-setting revenues of $301.4 million in 2010, up 18 percent from 2009. Carter said this was the first time the partnership had generated revenues in excess of $300 million, and he said he sees a promising outlook for the year ahead. He noted that revenues for the first quarter of 2011 also set a record of $84.9 million, up 34 percent from the first quarter of 2010.

“Most of our recent coal growth has been in the Illinois Basin,” Carter said, pointing to a big, new mine set to open in Illinois that will produce 8 million tons of coal a year “and we will get a royalty on every single ton.”

Coal royalty revenues account for nearly three-fourths of NRP’s revenue stream, but the partnership also leases land for the mining of aggregates.

Aggregates — sand, gravel, limestone and such — are used in nearly every structure that is built, from the smallest house to the biggest office building, as well as in highways and bridges.

“We feel confident that aggregates will be a significant growth opportunity for us over the next several years,” Carter said.

On June 1, NRP reported it had paid $16.5 million to acquire a 21-year royalty interest in frac sand reserves located on a 711-acre tract near Tyler, Texas. Oil and gas companies use frac sand in the fracturing process during the completion of wells.

Last year, NRP formed a joint venture with International Paper to develop the mineral rights on more than 7 million acres of land in 31 states, primarily in the Gulf Coast and Pacific Northwest regions.

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