2024-04-14 23:32:55 ET
Summary
- Natural Resource Partners owns mineral rights to both steam and met coal assets, as well as a stake in a Wyoming soda ash plant.
- 2023 results were strong, leading to a rally in the units, but the cyclical nature of the coal and soda ash markets may start to limit further upside.
- The soda ash business performed well in 2023, with the highest annual distribution ever received by NRP, while management has shown robust capital allocation and incentives.
- Carbon-neutral projects have performed less well than I had hoped.
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Natural Resource Partners Appears To Be Approaching Fair Value