Natural Resource Partners LP
A royalty-based asset manager that owns and leases mineral properties across the United States rather than mining them itself, Natural Resource Partners collects payments from third-party operators who extract coal and other resources. Formed in 2002 as a master limited partnership, it was built by combining coal and timber properties from CSX's Western Pocahontas unit with holdings from Arch Coal and Great Northern Properties. It also holds a stake in a Wyoming soda-ash producer tapping the world's largest trona deposit.
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