Natural Resource Partners and Foresight Energy Resolve Legal Disputes
25 Octubre 2018 - 3:30PM
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.
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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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version on businesswire.com: https://www.businesswire.com/news/home/20181025005842/en/
Natural Resource Partners L.P.Kathy Roberts,
713-751-7555kroberts@nrplp.comorTiffany Sammis,
713-751-7515tsammis@nrplp.comorForesight Energy LPCody E.
Nett, 314-932-6105Cody.Nett@foresight.com
Foresight Energy Partners (NYSE:FELP)
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