Natural Resource Partners L.P. (NYSE: NRP) and Foresight
Energy LP (NYSE: FELP) today announced the settlement of the
litigations regarding Foresight Energy’s Hillsboro Energy Deer Run mine
and Foresight Energy’s Macoupin Energy Shay mine. Upon execution of
final documents, NRP will receive a payment of $25 million from
Foresight Energy in consideration of disputed past due amounts. In
addition, NRP and Foresight Energy will amend the Hillsboro Energy coal
mining lease to provide $11 million of non-recoupable annual minimum
payments to NRP and extend the current lease term through the end of
2033. All claims will be dismissed in both the Hillsboro Energy and
Macoupin Energy litigations.
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“These agreements represent a favorable outcome for NRP and an important
step in advancing our business relationship with Foresight. We look
forward to continuing our long-term partnership with them,” said Craig
Nunez, President and Chief Operating Officer of NRP.
“We are pleased to have reached a mutually beneficial resolution in
these lawsuits. These agreements provide us with long-term control of
our coal reserves and operational flexibility at Hillsboro Energy’s Deer
Run mine. We look forward to continuing our relationship with NRP in the
future,” said Robert D. Moore, President and Chief Executive Officer of
Foresight Energy LP.
Natural Resource Partners L.P. Company Profile
Natural Resource Partners L.P., a master limited partnership
headquartered in Houston, TX, is a diversified natural resource company
that owns interests in coal, aggregates, and industrial minerals
across the United States. A large percentage of NRP's revenues are
generated from royalties and other passive income. In addition, NRP owns
an equity investment in Ciner Wyoming, a trona/soda ash operation and
owns a construction aggregates company.
Foresight Energy LP Company Profile
Foresight Energy is a leading producer and marketer of thermal coal
controlling over 1.7 billion tons of coal reserves in the Illinois
Basin. Foresight Energy currently operates two longwall mining complexes
with three longwall mining systems (Williamson (one longwall mining
system) and Sugar Camp (two longwall mining systems)), one continuous
mining operation (Macoupin) and the Sitran river terminal on the Ohio
River. Foresight’s operations are strategically located near multiple
rail and river transportation access points, providing transportation
cost certainty and flexibility to direct shipments to the domestic and
international markets. Foresight Energy also owns coal interests and
mining assets located in southeastern Ohio.
Forward-Looking Statements
This press release includes “forward-looking statements” as defined
by the Securities and Exchange Commission. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that Natural Resource
Partners L.P. expects, believes or anticipates will or may occur in the
future are forward-looking statements. These statements are based on
certain assumptions made by Natural Resource Partners L.P. based on its
experience and perception of historical trends, current conditions,
expected future developments and other factors it believes are
appropriate in the circumstances Such statements are subject to a number
of assumptions, risks and uncertainties, many of which are beyond the
control of Natural Resource Partners L.P. These risks include, but are
not limited to, commodity prices; decreases in demand for coal,
aggregates and industrial minerals, including trona/soda ash; changes in
operating conditions and costs; production cuts by our lessees;
unanticipated geologic problems; liquidity, leverage and access to
capital and financing sources; changes in the legislative or regulatory
environment, litigation risk, and other factors detailed in Natural
Resource Partners’ Securities and Exchange Commission filings. Natural
Resource Partners L.P. has no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information,
future events or otherwise.
This press release contains “forward-looking” statements within the
meaning of the federal securities laws. These statements contain
words such as “possible,” “intend,” “will,” “if” and “expect” and can be
impacted by numerous factors, including risks relating to the securities
markets, the impact of adverse market conditions affecting business of
Foresight Energy, adverse changes in laws including with respect to tax
and regulatory matters and other risks. There can be no assurance that
actual results will not differ from those expected by management of
Foresight Energy. Known material factors that could cause actual results
to differ from those in the forward-looking statements are described in
Part I, “Item 1A. Risk Factors” of Foresight Energy’s Annual
Report on Form 10-K filed on March 7, 2018. Foresight Energy undertakes
no obligation to update or revise such forward-looking statements to
reflect events or circumstances that occur, or which Foresight Energy
becomes aware of, after the date hereof.
For additional information please contact Kathy Roberts at 713-751-7555
or kroberts@nrplp.com; Tiffany
Sammis at 713-751-7515 or tsammis@nrplp.com;
or Cody E. Nett at 314-932-6105 or Cody.Nett@foresight.com.
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