Natural Resource Partners and Foresight Energy Resolve Legal Disputes
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Natural Resource Partners and Foresight Energy has resolved the settlement of the litigations regarding Foresight Energy’s Hillsboro Energy Deer Run mine and 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.
“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.
About Natural Resource Partners L.P. Company
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.
To stop by Natural Resource Partners’ website, CLICK HERE
About Foresight Energy LP Company
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.
To stop by Foresight Energy’s website, CLICK HERE
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