Natural Resource Partners Closes Purchase of 92 Million Tons of West Virginia Coal Reserves
Natural Resource Partners LP, which manages coal properties, said Tuesday it completed the acquisition of 92 million tons of West Virginia coal reserves from Dingess-Rum Properties Inc. in exchange for an equity stake.
The acquisition also includes 33,700 acres of surface and timber.
NRP said it issued 2.4 million common units to Dingess-Rum, bringing the company’s total common units outstanding to about 26 million. The transaction took effect Jan. 1.
Dingess-Rum staff have joined NRP and will continue to manage the properties, NRP said.
Shares of NRP rose 26 cents to close at $59.49 on the New York Stock Exchange.
