Natural Resource Partners LP

Natural Resource Partners L.P. (NRP) is a publicly traded Delaware limited partnership formed in 2002 that owns, manages, and leases a diversified portfolio of mineral properties in the United States. The company also owns a non-controlling 49% interest in Sisecam Wyoming LLC, a trona ore mining and soda ash production business. NRP's business is organized into two operating segments: Mineral Rights and Soda Ash. The Mineral Rights segment consists of approximately 13 million acres of mineral interests and other subsurface rights across the United States, which, if combined, would cover roughly 20,000 square miles. These assets provide critical inputs for the manufacturing of steel, electricity, and building materials, and offer opportunities for carbon sequestration and renewable energy. The Soda Ash segment comprises NRP's 49% non-controlling equity interest in Sisecam Wyoming, which is described as one of the world's lowest-cost producers of soda ash. Soda ash is an essential ingredient in the manufacturing of glass, solar panels, detergents, and batteries for electric vehicles. Operations for Sisecam Wyoming are managed by Sisecam Chemicals Wyoming LLC, and NRP realizes cash flow from distributions. NRP's operations are conducted through Opco, and its operating assets are owned by its subsidiaries. NRP (GP) LP, the general partner, has sole responsibility for conducting NRP's business and managing its operations.