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Natural Resource Partners LP Message Board

  • ayscuew ayscuew Jun 3, 2013 5:48 PM Flag

    The second quarter

    Probably be very little change in the first and second quarter results. Important number is "cash flow". In the first quarter cash flow totaled $44.5 million. Once yearly charges totaled $40.6 million (bonuses, property taxes etc.) Means that cash flow in the second quarter should be around $84 million. More than enough to cover the distribution.
    The big worry now is mine closures. In the guidance in February. NRP management anticipated closures. Don't think it has happened yet. When it does, NRP financials will take a hit. Aluminum, copper and steel are now in recession (or worse). . Unless we see some improvement in met coal, some of NRP's lessees will fail.

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    • A leasee going bankrupt is no big deal here. Depreciated equipment is sold to some new entity, the miners simply transfer, and coal mining resumes when coal prices rise. Having NRP own the coal reserves means easy financing for a new coal mining group to take over a lapsed lease. It's just normal business for a NRP.

 
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