HOUSTON & ST. LOUIS--(BUSINESS WIRE)--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.
“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.
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 email@example.com; Tiffany Sammis at 713-751-7515 or firstname.lastname@example.org; or Cody E. Nett at 314-932-6105 or Cody.Nett@foresight.com.