Latest news with #thermalcoal
Yahoo
a day ago
- Business
- Yahoo
MacKellar lands mining services contract for Carmichael mine in Queensland
Bravus Mining and Resources has awarded an A$2bn ($1.3bn) contract to MacKellar Group for mining services at the Carmichael mine in central Queensland, reported Australia Mining. The five-year agreement aims to enhance efficiency and production at the thermal coal mine near Clermont. Bravus Mining and Resources chief operating officer Mick Crowe said: 'This decision secures the operational efficiency of Carmichael for today and sets a platform for growth in the future. 'It also gives the 1000 MacKellar workers who travel to and from Townsville, Rockhampton, the Isaac Region, Cairns or Mackay to work at our Carmichael mine confidence about their futures, and that is something we are very proud of.' The contract, which includes risk and reward mechanisms, is the result of a competitive tender process and is expected to provide long-term operational stability for the mine. The partnership with MacKellar has been ongoing since groundbreaking at the mine in 2019. Since the commencement of construction, Bravus has invested more than A$2bn in regional Queensland contractors and businesses. The mine, which transitioned to operations in 2022, has achieved a production rate exceeding ten million tonnes per annum of export-quality coal. The Carmichael mine is a significant regional employer, with more than 1,200 permanent staff and approximately 750 workers on site at any given time. Employment efforts focus on Townsville and Rockhampton, with additional recruitment from Clermont and the Isaac Region. The coal produced at the Carmichael mine is sold internationally, with its destinations varying based on market demand. Bravius is Adani's Australian business arm and was re-branded following the company's tenth anniversary of operations in Australia in November 2020. "MacKellar lands mining services contract for Carmichael mine in Queensland" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Reuters
a day ago
- Business
- Reuters
Thungela expects industry-wide thermal coal output curbs due to weaker prices
Aug 18 (Reuters) - Global thermal coal producers are expected to curtail output as low prices for the fossil fuel persist amid an uncertain economic outlook, South African coal miner Thungela's outgoing CEO July Ndlovu said on Monday. South Africa's top thermal coal exporter reported an 80% slump in its profit to 248 million rand ($14 million) in the six months to June 30, mainly due to lower prices for the fossil fuel. Thungela said geopolitical tensions and rising tariffs were significantly disrupting global supply chains and constraining economic growth, hitting coal demand and prices. Neither the company nor Ndlovu elaborated. Thermal coal prices have also come under pressure from a global shift away from the polluting fuel to cleaner energy sources, as well as increased domestic production in top import markets China and India. The low prices could see further cuts in output after major producers in Indonesia and Colombia slowed down production while Australia's production was hurt by accidents and bad weather, Ndlovu said. "Further production curtailment is likely to aid rebalancing of supply and demand in the seaborne market," Ndlovu said. "I expect supply discipline to continue going forward." The miner said average realised thermal coal export prices in South Africa and Australia declined by 11% and 10%, respectively, in the first half of 2025. Thungela still expects to produce 12.8 million to 13.6 million metric tons of thermal coal from South Africa this year, and between 3.7 million and 4.1 million metric tons from its Ensham mine in Australia. ($1 = 17.6117 rand)
Yahoo
06-08-2025
- Business
- Yahoo
Natural Resource Partners L.P. Reports Second Quarter 2025 Results and Declares Second Quarter 2025 Distribution of $0.75 per Common Unit
HOUSTON, August 06, 2025--(BUSINESS WIRE)--Natural Resource Partners L.P. (NYSE:NRP) today reported second quarter 2025 results as follows: For the Three Months Ended Last Twelve Months Ended (In thousands) (Unaudited) June 30, 2025 Net income $ 34,211 $ 155,831 Operating cash flow 45,579 200,368 Free cash flow (1) 46,293 203,141 __________________________ (1) See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. Highlights: Generated $46.3 million of free cash flow in the second quarter of 2025 Paid first quarter 2025 common unit distribution of $0.75 per unit Declares second quarter 2025 common unit distribution of $0.75 per unit "NRP generated $46 million of free cash flow in the second quarter of 2025 and $203 million of free cash flow over the last twelve months," said Craig Nunez, NRP's president and chief operating officer. "Although we experienced another quarter of weak prices for metallurgical coal, thermal coal, and soda ash, the partnership continues to generate significant free cash flow and make progress towards our goal to pay off all remaining debt, of which only $102 million remains." NRP announced today that the board of directors of its general partner declared a second quarter 2025 cash distribution of $0.75 per common unit to be paid on August 26, 2025, to unitholders of record on August 19, 2025. Future distributions on NRP's common units will be determined on a quarterly basis by the board of directors. The board of directors considers numerous factors each quarter in determining cash distributions including profitability, cash flow, debt service obligations, market conditions and outlook, estimated unitholder income tax liability, and the level of cash reserves that the board determines is necessary for future operating and capital needs. Segment Performance Mineral Rights Mineral Rights net income for the second quarter of 2025 decreased $13.0 million as compared to the prior year period. Mineral Rights operating cash flow and free cash flow decreased $10.7 million and $10.6 million, respectively, as compared to the prior year period. These decreases were primarily due to lower metallurgical coal sales prices and volumes as compared to the prior year period. Approximately 70% of coal royalty revenues and approximately 55% of coal royalty sales volumes were derived from metallurgical coal in the second quarter of 2025. Metallurgical and thermal coal prices remained weak throughout the quarter and NRP expects muted pricing for both commodities for the remainder of 2025. Stagnant global steel demand and regulatory uncertainty continue to impact metallurgical coal markets and more than substantial thermal coal inventory levels at domestic power plants continue to stifle domestic thermal markets. No meaningful developments have occurred over the past quarter regarding NRP's carbon neutral revenue activities across its mineral and surface assets. While the timing and likelihood of additional cash flows from carbon neutral activities such as the sequestration of carbon dioxide underground and in standing forests, lithium production, and electric generation via renewable energy sources is uncertain, NRP believes its vast ownership footprint throughout the United States provides additional opportunities to create value in this regard with minimal capital investment by NRP. Soda Ash Soda Ash net income in the second quarter of 2025 decreased $1.1 million as compared to the prior year period primarily due to lower sales prices in 2025. Operating cash flow and free cash flow in the second quarter of 2025 each decreased $2.7 million as compared to the prior year period due to a lower cash distribution received from Sisecam Wyoming in the second quarter of 2025. The soda ash market remains significantly oversupplied due to the substantial increase in global capacity in recent years, as well as weakening demand for flat glass due to sluggish global construction activity and decreased demand for new automobiles and solar panels. NRP believes international soda ash prices are at or below the cost of production for many operators and expects this weak pricing environment to continue for the foreseeable future until high-cost supply is forced out of the market or global soda ash demand growth catches up with supply. NRP expects distributions from Sisecam Wyoming to remain below historical norms for the foreseeable future. Corporate and Financing Corporate and Financing net income, operating cash flow, and free cash flow each increased $2.3 million in the second quarter of 2025 as compared to the prior year period. These increases were primarily due to lower interest expense and cash paid for interest in the second quarter of 2025 as compared to the prior year period as a result of increased borrowings on the credit facility in 2024 used for warrant settlements and preferred unit redemptions. In May 2025, NRP paid a first quarter 2025 cash distribution of $0.75 per common unit. Today, NRP declared a second quarter 2025 cash distribution of $0.75 per common unit. NRP's available liquidity was $157.5 million at June 30, 2025, consisting of $30.3 million of cash and cash equivalents and $127.1 million of borrowing capacity available under its revolving credit facility. NRP's consolidated leverage ratio was 0.5 x at June 30, 2025. Conference Call A conference call will be held today at 9:00 a.m. ET. To register for the conference call, please use this link: After registering a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, however, to ensure you are connected for the full conference call we suggest registering at minimum 10 minutes prior to the start of the call. Investors may also listen to the call via the Investor Relations section of the NRP website at To access the replay, please visit the Investor Relations section of NRP's website. Withholding Information for Foreign Investors Concurrent with this announcement, we are providing qualified notice to brokers and nominees that hold NRP units on behalf of non-U.S. investors under Treasury Regulation Section 1.1446-4(b) and (d) and Treasury Regulation Section 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100%) of NRP's distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, NRP's distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the sum of the highest applicable rate plus ten percent (10%). Company Profile Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Sisecam Wyoming LLC, one of the world's lowest-cost producers of soda ash. For additional information, please contact Tiffany Sammis at 713-751-7515 or tsammis@ Further information about NRP is available on the partnership's website at 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 the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership 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 the Partnership. These risks include, among other things, statements regarding: future distributions on the Partnership's common units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees; Sisecam Wyoming LLC's trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; 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. Non-GAAP Financial Measures "Adjusted EBITDA" is a non-GAAP financial measure that we define as net income (loss) less equity earnings from unconsolidated investment; plus total distributions from unconsolidated investment, interest expense, net, debt modification expense, loss on extinguishment of debt, depreciation, depletion and amortization and asset impairments. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income or loss, net income or loss attributable to partners, operating income or loss, cash flows from operating activities or any other measure of financial performance presented in accordance with GAAP as measures of operating performance, liquidity or ability to service debt obligations. There are significant limitations to using Adjusted EBITDA as a measure of performance, including the inability to analyze the effect of certain recurring items that materially affect our net income, the lack of comparability of results of operations of different companies and the different methods of calculating Adjusted EBITDA reported by different companies. In addition, Adjusted EBITDA presented below is not calculated or presented on the same basis as Consolidated EBITDA as defined in our partnership agreement or Consolidated EBITDDA as defined in Opco's debt agreements. Adjusted EBITDA is a supplemental performance measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess the financial performance of our assets without regard to financing methods, capital structure or historical cost basis. "Distributable cash flow" or "DCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings, proceeds from asset sales and disposals, including sales of discontinued operations, and return of long-term contract receivable; less maintenance capital expenditures. DCF is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. DCF may not be calculated the same for us as for other companies. In addition, distributable cash flow is not calculated or presented on the same basis as distributable cash flow as defined in our partnership agreement, which is used as a metric to determine whether we are able to increase quarterly distributions to our common unitholders. Distributable cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt. "Free cash flow" or "FCF" is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities plus distributions from unconsolidated investment in excess of cumulative earnings and return of long-term contract receivable; less maintenance and expansion capital expenditures and cash flow used in acquisition costs classified as investing or financing activities. FCF is calculated before mandatory debt repayments. Free cash flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating, investing or financing activities. Free cash flow may not be calculated the same for us as for other companies. Free cash flow is a supplemental liquidity measure used by our management and by external users of our financial statements, such as investors, commercial banks, research analysts and others to assess our ability to make cash distributions and repay debt. "Leverage ratio" represents the outstanding principal of NRP's debt at the end of the period divided by the last twelve months' Adjusted EBITDA as defined above. NRP believes that leverage ratio is a useful measure to management and investors to evaluate and monitor the indebtedness of NRP relative to its ability to generate income to service such debt and in understanding trends in NRP's overall financial condition. Leverage ratio may not be calculated the same for NRP as for other companies and is not a substitute for, and should not be used in conjunction with, GAAP financial ratios. -Financial Tables and Reconciliation of Non-GAAP Measures Follow- Natural Resource Partners L.P. Financial Tables (Unaudited) Consolidated Statements of Comprehensive Income For the Three Months Ended For the Six Months Ended June 30, March 31, June 30, (In thousands, except per unit data) 2025 2024 2025 2025 2024 Revenues and other income Royalty and other mineral rights $ 44,295 $ 54,591 $ 51,260 $ 95,555 $ 121,963 Transportation and processing services 2,551 2,661 4,421 6,972 6,088 Equity in earnings of Sisecam Wyoming 2,526 3,645 4,610 7,136 9,095 Gain on asset sales and disposals 729 4,643 247 976 4,808 Total revenues and other income $ 50,101 $ 65,540 $ 60,538 $ 110,639 $ 141,954 Operating expenses Operating and maintenance expenses $ 4,159 $ 5,872 $ 6,776 $ 10,935 $ 11,605 Depreciation, depletion and amortization 3,754 3,324 3,989 7,743 7,978 General and administrative expenses 5,597 5,931 6,832 12,429 12,258 Asset impairments — — 20 20 — Total operating expenses $ 13,510 $ 15,127 $ 17,617 $ 31,127 $ 31,841 Income from operations $ 36,591 $ 50,413 $ 42,921 $ 79,512 $ 110,113 Interest expense, net $ (2,380 ) $ (4,349 ) $ (2,668 ) $ (5,048 ) $ (7,836 ) Net income $ 34,211 $ 46,064 $ 40,253 $ 74,464 $ 102,277 Less: income attributable to preferred unitholders — (1,443 ) — — (3,593 ) Less: redemption of preferred units — (13,666 ) — — (13,666 ) Net income attributable to common unitholders and the general partner $ 34,211 $ 30,955 $ 40,253 $ 74,464 $ 85,018 Net income attributable to common unitholders $ 33,527 $ 30,336 $ 39,448 $ 72,975 $ 83,318 Net income attributable to the general partner 684 619 805 1,489 1,700 Net income per common unit Basic $ 2.55 $ 2.33 $ 3.01 $ 5.56 $ 6.44 Diluted 2.52 2.29 2.97 5.49 6.17 Net income $ 34,211 $ 46,064 $ 40,253 $ 74,464 $ 102,277 Comprehensive income (loss) from unconsolidated investment and other (414 ) 1,239 2,260 1,846 2,084 Comprehensive income $ 33,797 $ 47,303 $ 42,513 $ 76,310 $ 104,361 Natural Resource Partners L.P. Financial Tables (Unaudited) Consolidated Statements of Cash Flows For the Three Months Ended For the Six Months Ended June 30, March 31, June 30, (In thousands) 2025 2024 2025 2025 2024 Cash flows from operating activities Net income $ 34,211 $ 46,064 $ 40,253 $ 74,464 $ 102,277 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, depletion and amortization 3,754 3,324 3,989 7,743 7,978 Distributions from unconsolidated investment 4,900 ... 7,584 2,940 7,840 21,794 Equity earnings from unconsolidated investment (2,526 ) (3,645 ) (4,610 ) (7,136 ) (9,095 ) Gain on asset sales and disposals (729 ) (4,643 ) (247 ) (976 ) (4,808 ) Asset impairments — — 20 20 — Bad debt expense (1,320 ) 293 451 (869 ) (520 ) Unit-based compensation expense 2,662 2,912 2,717 5,379 5,876 Amortization of debt issuance costs and other (281 ) (199 ) (168 ) (449 ) (948 ) Change in operating assets and liabilities: Accounts receivable 3,610 2,918 (149 ) 3,461 12,351 Accounts payable (526 ) (580 ) 546 20 49 Accrued liabilities 2,296 1,916 (7,990 ) (5,694 ) (6,309 ) Accrued interest (388 ) (677 ) 254 (134 ) (265 ) Deferred revenue (986 ) 899 (3,227 ) (4,213 ) 1,927 Other items, net 902 463 (355 ) 547 (2,179 ) Net cash provided by operating activities $ 45,579 $ 56,629 $ 34,424 $ 80,003 $ 128,128 Cash flows from investing activities Proceeds from asset sales and disposals $ 730 $ 4,643 $ 247 $ 977 $ 4,808 Return of long-term contract receivable 714 659 700 1,414 1,306 Net cash provided by investing activities $ 1,444 $ 5,302 $ 947 $ 2,391 $ 6,114 Cash flows from financing activities Debt borrowings $ — $ 40,493 $ 33,700 $ 33,700 $ 129,850 Debt repayments (37,500 ) (19,000 ) (37,000 ) (74,500 ) (74,696 ) Distributions to common unitholders and the general partner (10,055 ) (9,987 ) (26,276 ) (36,331 ) (52,173 ) Distributions to preferred unitholders — (2,643 ) — — (4,793 ) Redemption of preferred units — (40,000 ) — — (40,000 ) Warrant settlements — (10,000 ) — — (65,689 ) Other items, net — 556 (5,363 ) (5,363 ) (6,390 ) Net cash used in financing activities $ (47,555 ) $ (40,581 ) $ (34,939 ) $ (82,494 ) $ (113,891 ) Net increase (decrease) in cash and cash equivalents $ (532 ) $ 21,350 $ 432 $ (100 ) $ 20,351 Cash and cash equivalents at beginning of period 30,876 10,990 30,444 30,444 11,989 Cash and cash equivalents at end of period $ 30,344 $ 32,340 $ 30,876 $ 30,344 $ 32,340 Supplemental cash flow information: Cash paid for interest $ 2,725 $ 4,823 $ 2,371 $ 5,096 $ 7,666 Natural Resource Partners L.P. Financial Tables (Unaudited) Consolidated Balance Sheets June 30, December 31, 2025 2024 (In thousands, except unit data) (Unaudited) ASSETS Current assets Cash and cash equivalents $ 30,344 $ 30,444 Accounts receivable, net 29,048 31,469 Other current assets, net 1,329 1,961 Total current assets $ 60,721 $ 63,874 Land 24,008 24,008 Mineral rights, net 373,717 379,638 Intangible assets, net 12,381 12,924 Equity in unconsolidated investment 258,498 257,355 Long-term contract receivable, net 21,973 23,480 Other long-term assets, net 10,668 11,628 Total assets $ 761,966 $ 772,907 LIABILITIES AND CAPITAL Current liabilities Accounts payable $ 930 $ 909 Accrued liabilities 7,649 12,121 Accrued interest 169 302 Current portion of deferred revenue 4,667 4,341 Current portion of long-term debt, net 14,228 14,192 Total current liabilities $ 27,643 $ 31,865 Deferred revenue 51,275 55,814 Long-term debt, net 87,112 127,876 Other non-current liabilities 5,491 6,244 Total liabilities $ 171,521 $ 221,799 Commitments and contingencies Partners' capital Common unitholders' interest (13,138,097 and 13,049,123 units issued and outstanding at June 30, 2025 and December 31, 2024, respectively) $ 579,773 $ 543,231 General partner's interest 10,496 9,547 Accumulated other comprehensive income (loss) 176 (1,670 ) Total partners' capital $ 590,445 $ 551,108 Total liabilities and partners' capital $ 761,966 $ 772,907 Natural Resource Partners L.P. Financial Tables (Unaudited) Consolidated Statements of Partners' Capital Accumulated Other Total Common Unitholders General Comprehensive Partners' (In thousands) Units Amounts Partner Income (Loss) Capital Balance at December 31, 2024 13,049 $ 543,231 $ 9,547 $ (1,670 ) $ 551,108 Net income — 39,448 805 — 40,253 Distributions to common unitholders and the general partner — (25,750 ) (526 ) — (26,276 ) Issuance of unit-based awards 89 — — — — Unit-based awards amortization and vesting, net — (3,175 ) — — (3,175 ) Capital contribution — — 187 — 187 Comprehensive income from unconsolidated investment and other — — — 2,260 2,260 Balance at March 31, 2025 13,138 $ 553,754 $ 10,013 $ 590 $ 564,357 Net income — 33,527 684 — $ 34,211 Distributions to common unitholders and the general partner — (9,854 ) (201 ) — (10,055 ) Unit-based awards amortization and vesting — 2,346 — — 2,346 Comprehensive loss from unconsolidated investment and other — — — (414 ) (414 ) Balance at June 30, 2025 13,138 $ 579,773 $ 10,496 $ 176 $ 590,445 Accumulated Other Total Common Unitholders General Warrant Comprehensive Partners' (In thousands) Units Amounts Partner Holders Loss Capital Balance at December 31, 2023 12,635 $ 503,076 $ 8,005 $ 23,095 $ (3,122 ) $ 531,054 Net income (1) — 55,089 1,124 — — 56,213 Distributions to common unitholders and the general partner — (41,342 ) (844 ) — — (42,186 ) Distributions to preferred unitholders — (2,107 ) (43 ) — — (2,150 ) Issuance of unit-based awards 126 — — — — — Unit-based awards amortization and vesting, net — (3,971 ) — — — (3,971 ) Capital contribution — — 227 — — 227 Warrant settlements 199 (36,650 ) (748 ) (18,291 ) — (55,689 ) Comprehensive income from unconsolidated investment and other — — — — 845 845 Balance at March 31, 2024 12,960 $ 474,095 $ 7,721 $ 4,804 $ (2,277 ) $ 484,343 Net income (2) — 45,142 922 — — 46,064 Redemption of preferred units — (13,393 ) (273 ) — — (13,666 ) Distributions to common unitholders and the general partner — (9,787 ) (200 ) — — (9,987 ) Distributions to preferred unitholders — (2,590 ) (53 ) — — (2,643 ) Unit-based awards amortization and vesting — 2,502 — — — 2,502 Capital contribution — — 555 — — 555 Warrant settlements 89 (5,092 ) (104 ) (4,804 ) — (10,000 ) Comprehensive income from unconsolidated investment and other — — — — 1,239 1,239 Balance at June 30, 2024 13,049 $ 490,877 $ 8,568 $ — $ (1,038 ) $ 498,407 __________________________ (1) Net income includes $2.15 million of income attributable to preferred unitholders that accumulated during the period, of which $2.11 million is allocated to the common unitholders and $0.04 million is allocated to the general partner. (2) Net income includes $1.44 million of income attributable to preferred unitholders that accumulated during the period, of which $1.41 million is allocated to the common unitholders and $0.03 million is allocated to the general partner. Natural Resource Partners L.P. Financial Tables (Unaudited) The following table presents NRP's unaudited business results by segment for the three months ended June 30, 2025 and 2024 and March 31, 2025: Operating Segments Mineral Corporate and (In thousands) Rights Soda Ash Financing Total For the Three Months Ended June 30, 2025 Revenues $ 46,846 $ — $ — $ 46,846 Equity in earnings of Sisecam Wyoming — 2,526 — 2,526 Gain on asset sales and disposals 729 — — 729 Total revenues and other income $ 47,575 $ 2,526 $ — $ 50,101 Asset impairments $ — $ — $ — $ — Net income (loss) $ 39,691 $ 2,502 $ (7,982 ) $ 34,211 Adjusted EBITDA (1) $ 43,439 $ 4,876 $ (5,596 ) $ 42,719 Cash flow provided by (used in) continuing operations: Operating activities $ 45,576 $ 4,875 $ (4,872 ) $ 45,579 Investing activities $ 1,444 $ — $ — $ 1,444 Financing activities $ — $ — $ (47,555 ) $ (47,555 ) Distributable cash flow (1) $ 47,020 $ 4,875 $ (4,872 ) $ 47,023 Free cash flow (1) $ 46,290 $ 4,875 $ (4,872 ) $ 46,293 For the Three Months Ended June 30, 2024 Revenues $ 57,252 $ — $ — $ 57,252 Equity in earnings of Sisecam Wyoming — 3,645 — 3,645 Gain on asset sales and disposals 4,643 — — 4,643 Total revenues and other income $ 61,895 $ 3,645 $ — $ 65,540 Asset impairments $ — $ — $ — $ — Net income (loss) $ 52,729 $ 3,619 $ (10,284 ) $ 46,064 Adjusted EBITDA (1) $ 56,049 $ 7,558 $ (5,931 ) $ 57,676 Cash flow provided by (used in) continuing operations: Operating activities $ 56,234 $ 7,557 $ (7,162 ) $ 56,629 Investing activities $ 5,302 $ — $ — $ 5,302 Financing activities $ — $ — $ (40,581 ) $ (40,581 ) Distributable cash flow (1) $ 61,536 $ 7,557 $ (7,162 ) $ 61,931 Free cash flow (1) $ 56,893 $ 7,557 $ (7,162 ) $ 57,288 For the Three Months Ended March 31, 2025 Revenues $ 55,681 $ — $ — $ 55,681 Equity in earnings of Sisecam Wyoming — 4,610 — 4,610 Gain on asset sales and disposals 247 — — 247 Total revenues and other income $ 55,928 $ 4,610 $ — $ 60,538 Asset impairments $ 20 $ — $ — $ 20 Net income (loss) $ 45,208 $ 4,550 $ (9,505 ) $ 40,253 Adjusted EBITDA (1) $ 49,213 $ 2,880 $ (6,833 ) $ 45,260 Cash flow provided by (used in) continuing operations: Operating activities $ 43,223 $ 2,880 $ (11,679 ) $ 34,424 Investing activities $ 947 $ — $ — $ 947 Financing activities $ (841 ) $ — $ (34,098 ) $ (34,939 ) Distributable cash flow (1) $ 44,170 $ 2,880 $ (11,679 ) $ 35,371 Free cash flow (1) $ 43,923 $ 2,880 $ (11,679 ) $ 35,124 __________________________ (1) See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. Natural Resource Partners L.P. Financial Tables (Unaudited) The following table presents NRP's unaudited business results by segment for the six months ended June 30, 2025 and 2024: Operating Segments Mineral Corporate and (In thousands) Rights Soda Ash Financing Total For the Six Months Ended June 30, 2025 Revenues $ 102,527 $ — $ — $ 102,527 Equity in earnings of Sisecam Wyoming — 7,136 — 7,136 Gain on asset sales and disposals 976 — — 976 Total revenues and other income $ 103,503 $ 7,136 $ — $ 110,639 Asset impairments $ 20 $ — $ — $ 20 Net income (loss) $ 84,899 $ 7,052 $ (17,487 ) $ 74,464 Adjusted EBITDA (1) $ 92,652 $ 7,756 $ (12,429 ) $ 87,979 Cash flow provided by (used in) continuing operations: Operating activities $ 88,799 $ 7,755 $ (16,551 ) $ 80,003 Investing activities $ 2,391 $ — $ — $ 2,391 Financing activities $ (841 ) $ — $ (81,653 ) $ (82,494 ) Distributable cash flow (1) $ 91,190 $ 7,755 $ (16,551 ) $ 82,394 Free cash flow (1) $ 90,213 $ 7,755 $ (16,551 ) $ 81,417 For the Six Months Ended June 30, 2024 Revenues $ 128,051 $ — $ — $ 128,051 Equity in earnings of Sisecam Wyoming — 9,095 — 9,095 Gain on asset sales and disposals 4,808 — — 4,808 Total revenues and other income $ 132,859 $ 9,095 $ — $ 141,954 Asset impairments $ — $ — $ — $ — Net income (loss) $ 113,373 $ 9,007 $ (20,103 ) $ 102,277 Adjusted EBITDA (1) $ 121,342 $ 21,706 $ (12,258 ) $ 130,790 Cash flow provided by (used in) continuing operations: Operating activities $ 125,983 $ 21,705 $ (19,560 ) $ 128,128 Investing activities $ 6,114 $ — $ — $ 6,114 Financing activities $ (1,086 ) $ — $ (112,805 ) $ (113,891 ) Distributable cash flow (1) $ 132,097 $ 21,705 $ (19,560 ) $ 134,242 Free cash flow (1) $ 127,289 $ 21,705 $ (19,560 ) $ 129,434 __________________________ (1) See "Non-GAAP Financial Measures" and reconciliation tables at the end of this release. Natural Resource Partners L.P. Financial Tables (Unaudited) Operating Statistics - Mineral Rights For the Three Months Ended For the Six Months Ended June 30, March 31, June 30, (In thousands, except per ton data) 2025 2024 2025 2025 2024 Coal sales volumes (tons) Appalachia Northern 132 129 124 256 246 Central 3,195 3,456 3,306 6,501 7,170 Southern 548 709 296 844 1,279 Total Appalachia 3,875 4,294 3,726 7,601 8,695 Illinois Basin 1,637 1,342 3,342 4,979 3,375 Northern Powder River Basin 426 567 916 1,342 1,516 Gulf Coast 176 435 237 413 700 Total coal sales volumes 6,114 6,638 8,221 14,335 14,286 Coal royalty revenue per ton Appalachia Northern $ 1.91 $ 4.74 $ 1.48 $ 1.70 $ 3.37 Central 6.41 7.34 6.18 6.29 7.72 Southern 8.53 10.19 9.18 8.76 10.81 Illinois Basin 2.21 2.47 2.44 2.36 2.53 Northern Powder River Basin 5.73 4.99 4.55 4.93 4.90 Gulf Coast 0.80 0.77 0.78 0.78 0.77 Combined average coal royalty revenue per ton 5.17 5.98 4.36 4.70 6.06 Coal royalty revenues Appalachia Northern $ 252 $ 612 $ 183 $ 435 $ 830 Central 20,494 25,378 20,426 40,920 55,370 Southern 4,676 7,226 2,718 7,394 13,828 Total Appalachia 25,422 33,216 23,327 48,749 70,028 Illinois Basin 3,610 3,312 8,141 11,751 8,523 Northern Powder River Basin 2,443 2,831 4,169 6,612 7,430 Gulf Coast 140 336 184 324 536 Unadjusted coal royalty revenues 31,615 39,695 35,821 67,436 86,517 Coal royalty adjustment for minimum leases (72 ) (10 ) (323 ) (395 ) (14 ) Total coal royalty revenues $ 31,543 $ 39,685 $ 35,498 $ 67,041 $ 86,503 Other revenues Production lease minimum revenues $ 123 $ 412 $ 2,725 $ 2,848 $ 1,336 Minimum lease straight-line revenues 4,050 4,126 4,050 8,100 8,297 Oil and gas royalty revenues 1,981 1,999 2,444 4,425 5,639 Carbon neutral revenues 290 2,200 595 885 4,361 Property tax revenues 1,519 1,545 1,637 3,156 3,437 Wheelage revenues 2,543 2,338 1,738 4,281 5,010 Coal overriding royalty revenues 456 668 880 1,336 1,837 Lease amendment revenues 656 712 655 1,311 1,414 Aggregates royalty revenues 906 730 853 1,759 1,502 Other revenues 228 176 185 413 2,627 Total other revenues $ 12,752 $ 14,906 $ 15,762 $ 28,514 $ 35,460 Royalty and other mineral rights $ 44,295 $ 54,591 $ 51,260 $ 95,555 $ 121,963 Transportation and processing services revenues 2,551 2,661 4,421 6,972 6,088 Gain on asset sales and disposals 729 4,643 247 976 4,808 Total Mineral Rights segment revenues and other income $ 47,575 $ 61,895 $ 55,928 $ 103,503 $ 132,859 Natural Resource Partners L.P. Reconciliation of Non-GAAP Measures (Unaudited) Adjusted EBITDA Mineral Corporate and (In thousands) Rights Soda Ash Financing Total For the Three Months Ended June 30, 2025 Net income (loss) $ 39,691 $ 2,502 $ (7,982 ) $ 34,211 Less: equity earnings from unconsolidated investment — (2,526 ) — (2,526 ) Add: total distributions from unconsolidated investment — 4,900 — 4,900 Add: interest expense, net — — 2,380 2,380 Add: depreciation, depletion and amortization 3,748 — 6 3,754 Add: asset impairments — — — — Adjusted EBITDA $ 43,439 $ 4,876 $ (5,596 ) $ 42,719 For the Three Months Ended June 30, 2024 Net income (loss) $ 52,729 $ 3,619 $ (10,284 ) $ 46,064 Less: equity earnings from unconsolidated investment — (3,645 ) — (3,645 ) Add: total distributions from unconsolidated investment — 7,584 — 7,584 Add: interest expense, net — — 4,349 4,349 Add: depreciation, depletion and amortization 3,320 — 4 3,324 Add: asset impairments — — — — Adjusted EBITDA $ 56,049 $ 7,558 $ (5,931 ) $ 57,676 For the Three Months Ended March 31, 2025 Net income (loss) $ 45,208 $ 4,550 $ (9,505 ) $ 40,253 Less: equity earnings from unconsolidated investment — (4,610 ) — (4,610 ) Add: total distributions from unconsolidated investment — 2,940 — 2,940 Add: interest expense, net — — 2,668 2,668 Add: depreciation, depletion and amortization 3,985 — 4 3,989 Add: asset impairments 20 — — 20 Adjusted EBITDA $ 49,213 $ 2,880 $ (6,833 ) $ 45,260 Natural Resource Partners L.P. Reconciliation of Non-GAAP Measures (Unaudited) Adjusted EBITDA Mineral Corporate and (In thousands) Rights Soda Ash Financing Total For the Six Months Ended June 30, 2025 Net income (loss) $ 84,899 $ 7,052 $ (17,487 ) $ 74,464 Less: equity earnings from unconsolidated investment — (7,136 ) — (7,136 ) Add: total distributions from unconsolidated investment — 7,840 — 7,840 Add: interest expense, net — — 5,048 5,048 Add: depreciation, depletion and amortization 7,733 — 10 7,743 Add: asset impairments 20 — — 20 Adjusted EBITDA $ 92,652 $ 7,756 $ (12,429 ) $ 87,979 For the Six Months Ended June 30, 2024 Net income (loss) $ 113,373 $ 9,007 $ (20,103 ) $ 102,277 Less: equity earnings from unconsolidated investment — (9,095 ) — (9,095 ) Add: total distributions from unconsolidated investment — 21,794 — 21,794 Add: interest expense, net — — 7,836 7,836 Add: depreciation, depletion and amortization 7,969 — 9 7,978 Add: asset impairments — — — — Adjusted EBITDA $ 121,342 $ 21,706 $ (12,258 ) $ 130,790 Natural Resource Partners L.P. Reconciliation of Non-GAAP Measures (Unaudited) Distributable Cash Flow and Free Cash Flow Mineral Corporate and (In thousands) Rights Soda Ash Financing Total For the Three Months Ended June 30, 2025 Net cash provided by (used in) operating activities $ 45,576 $ 4,875 $ (4,872 ) $ 45,579 Add: proceeds from asset sales and disposals 730 — — 730 Add: return of long-term contract receivable 714 — — 714 Distributable cash flow $ 47,020 $ 4,875 $ (4,872 ) $ 47,023 Less: proceeds from asset sales and disposals (730 ) — — (730 ) Free cash flow $ 46,290 $ 4,875 $ (4,872 ) $ 46,293 Net cash provided by investing activities $ 1,444 $ — $ — $ 1,444 Net cash used in financing activities $ — $ — $ (47,555 ) $ (47,555 ) For the Three Months Ended June 30, 2024 Net cash provided by (used in) operating activities $ 56,234 $ 7,557 $ (7,162 ) $ 56,629 Add: proceeds from asset sales and disposals 4,643 — — 4,643 Add: return of long-term contract receivable 659 — — 659 Distributable cash flow $ 61,536 $ 7,557 $ (7,162 ) $ 61,931 Less: proceeds from asset sales and disposals (4,643 ) — — (4,643 ) Free cash flow $ 56,893 $ 7,557 $ (7,162 ) $ 57,288 Net cash provided by investing activities $ 5,302 $ — $ — $ 5,302 Net cash used in financing activities $ — $ — $ (40,581 ) $ (40,581 ) For the Three Months Ended March 31, 2025 Net cash provided by (used in) operating activities $ 43,223 $ 2,880 $ (11,679 ) $ 34,424 Add: proceeds from asset sales and disposals 247 — — 247 Add: return of long-term contract receivable 700 — — 700 Distributable cash flow $ 44,170 $ 2,880 $ (11,679 ) $ 35,371 Less: proceeds from asset sales and disposals (247 ) — — (247 ) Free cash flow $ 43,923 $ 2,880 $ (11,679 ) $ 35,124 Net cash provided by investing activities $ 947 $ — $ — $ 947 Net cash used in financing activities $ (841 ) $ — $ (34,098 ) $ (34,939 ) Natural Resource Partners L.P. Reconciliation of Non-GAAP Measures (Unaudited) Distributable Cash Flow and Free Cash Flow Mineral Corporate and (In thousands) Rights Soda Ash Financing Total For the Six Months Ended June 30, 2025 Net cash provided by (used in) operating activities $ 88,799 $ 7,755 $ (16,551 ) $ 80,003 Add: proceeds from asset sales and disposals 977 — — 977 Add: return of long-term contract receivable 1,414 — — 1,414 Distributable cash flow $ 91,190 $ 7,755 $ (16,551 ) $ 82,394 Less: proceeds from asset sales and disposals (977 ) — — (977 ) Free cash flow $ 90,213 $ 7,755 $ (16,551 ) $ 81,417 Net cash provided by investing activities $ 2,391 $ — $ — $ 2,391 Net cash used in financing activities $ (841 ) $ — $ (81,653 ) $ (82,494 ) For the Six Months Ended June 30, 2024 Net cash provided by (used in) operating activities $ 125,983 $ 21,705 $ (19,560 ) $ 128,128 Add: proceeds from asset sales and disposals 4,808 — — 4,808 Add: return of long-term contract receivable 1,306 — — 1,306 Distributable cash flow $ 132,097 $ 21,705 $ (19,560 ) $ 134,242 Less: proceeds from asset sales and disposals (4,808 ) — — (4,808 ) Free cash flow $ 127,289 $ 21,705 $ (19,560 ) $ 129,434 Net cash provided by investing activities $ 6,114 $ — $ — $ 6,114 Net cash used in financing activities $ (1,086 ) $ — $ (112,805 ) $ (113,891 ) Natural Resource Partners L.P. Reconciliation of Non-GAAP Measures (Unaudited) Last Twelve Months (LTM) Free Cash Flow For the Three Months Ended (In thousands) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Last 12 Months Net cash provided by operating activities $ 54,145 $ 66,220 $ 34,424 $ 45,579 $ 200,368 Add: proceeds from asset sales and disposals 1 37 247 730 1,015 Add: return of long-term contract receivable 673 686 700 714 2,773 Distributable cash flow $ 54,819 $ 66,943 $ 35,371 $ 47,023 $ 204,156 Less: proceeds from asset sales and disposals (1 ) (37 ) (247 ) (730 ) (1,015 ) Free cash flow $ 54,818 $ 66,906 $ 35,124 $ 46,293 $ 203,141 Leverage Ratio For the Three Months Ended (In thousands) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Last 12 Months Net income $ 38,595 $ 42,772 $ 40,253 $ 34,211 $ 155,831 Less: equity earnings from unconsolidated investment (8,109 ) (931 ) (4,610 ) (2,526 ) (16,176 ) Add: total distributions from unconsolidated investment 6,320 10,667 2,940 4,900 24,827 Add: interest expense, net 4,194 3,524 2,668 2,380 12,766 Add: depreciation, depletion and amortization 4,730 2,827 3,989 3,754 15,300 Add: asset impairments 87 — 20 — 107 Adjusted EBITDA $ 45,817 $ 58,859 $ 45,260 $ 42,719 $ 192,655 Debt—at June 30, 2025 $ 101,547 Leverage Ratio 0.5 x For the Three Months Ended (In thousands) September 30, 2023 December 31, 2023 March 31, 2024 June 30, 2024 Last 12 Months Net income $ 63,846 $ 64,980 $ 56,213 $ 46,064 $ 231,103 Less: equity earnings from unconsolidated investment (12,401 ) (14,764 ) (5,450 ) (3,645 ) (36,260 ) Add: total distributions from unconsolidated investment 23,010 15,338 14,210 7,584 60,142 Add: interest expense, net 3,837 3,921 3,487 4,349 15,594 Add: depreciation, depletion and amortization 4,594 6,020 4,654 3,324 18,592 Add: asset impairments 63 424 — — 487 Adjusted EBITDA $ 82,949 $ 75,919 $ 73,114 $ 57,676 $ 289,658 Debt—at June 30, 2024 $ 210,678 Leverage Ratio 0.7 x View source version on Contacts Tiffany Sammis713-751-7515tsammis@
Reuters
05-08-2025
- Business
- Reuters
Asia thermal coal imports rise in July as Japan, South Korea buy
LAUNCESTON, Australia, Aug 5 (Reuters) - Asia's imports of seaborne thermal coal ticked up in July, but the increase was driven by the developed economies of North Asia and not heavyweights China and India. Total seaborne imports of the fuel used mainly to generate electricity rose to 70.66 million metric tons in July, up 12% from June's 63.02 million tons, according to data compiled by commodity analysts Kpler. The rise in July imports comes amid a weaker trend for Asia's seaborne thermal coal shipments, as top buyers China and India trimmed purchases amid plentiful domestic supplies and rising generation from renewables. July's arrivals were down 7.8% from the same month in 2024 and Asia's imports for the first seven months of the year were 8.4% lower at 479.54 million tons, according to Kpler data. The recovery in volumes in July from June was driven by higher imports in the developed economies of North Asia, namely Japan, South Korea and Taiwan. Japan, the world's third-biggest coal importer, saw arrivals of 10.0 million tons of thermal coal in July, up from 6.16 million in June. However, it's worth noting that June was the lowest month for seaborne thermal coal imports for Japan in Kpler data going back to January 2017. South Korea, the fourth-biggest coal buyer, saw imports of 7.49 million tons in July, up from 5.49 million in June and the highest monthly total since August last year. Taiwan's imports were 3.91 million tons in July, up from 3.72 million in June and the most since November last year. The stronger imports in North Asia reflect higher demand for electricity during the northern summer, but also likely show the cost competitiveness of thermal coal compared to liquefied natural gas. Japan, South Korea and Taiwan predominantly buy higher-grade thermal coal benchmarked against the Newcastle Index in Australia. This weekly assessment by price reporting agency Argus has been rising in recent weeks, ending at $112.06 a ton in the seven days to August 1. It has rallied 22.4% since hitting a four-year low of $91.58 a ton on April 25, reflecting the stronger demand from North Asia. While higher-grade thermal coal prices have risen, they are still competitive against spot LNG , with cargoes for delivery to North Asia being assessed at $12.10 per million British thermal units (mmBtu) in the week to August 1. The LNG price is down from its recent four-month high of $14 per mmBtu, but even at its current level it is still above $11.20, which is the upper end of the range at which a Japanese utility would find it more economical to burn coal, according to LSEG data. In contrast to the robust gain in prices for higher-grade Australian thermal coal, the lower-energy fuel preferred by China and India has seen much more modest increases. Coal with an energy content of 5,500 kilocalories per kilogram (kcal/kg) ended last week $67.49 a ton, up slightly from the recent four-year low of $66.00 in the week to July 11. Indonesian coal with an energy content of 4,200 kcal/kg ended at $41.20 a ton in the week to August 1, also up slightly from its four-year low of $40.45 in the seven days to July 4. The relative weakness in the lower-quality coal from the world's two biggest exporters reflects soft demand from the top importers, China and India. China's imports of seaborne thermal coal rose to 22.78 million tons in July, up from 18.21 million in June, according to Kpler. But it's worth noting that June's imports were a three-year low and July's arrivals were also down from the 26.99 million tons from the same month in 2024. China's seaborne thermal coal imports have dropped 17.1% in the first seven months of 2025 from the same period last year, according to Kpler data. Rising domestic coal output, which was up 5% in the first half of 2025, and a greater share of electricity generation from renewables have trimmed China's demand for imported coal. Renewables are also behind some of the weakness in India's coal imports, with analysis of official data showing coal-fired generation dropped nearly 3% in the first half of 2025, while renewables surged 24.4%. India's seaborne imports of thermal coal dropped to 11.51 million tons in July, down from 13.93 million in June, making it the weakest month since November last year, according to Kpler. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, opens new tab and X, opens new tab. The views expressed here are those of the author, a columnist for Reuters.
Russia Today
27-06-2025
- Business
- Russia Today
Indian coal imports from Russia reach two year high
India increased its imports of Russian thermal coal to a two-year high of 1.3 million tons in May, business daily Kommersant reported on Friday. The growth was primarily driven by flexible pricing and high-quality coal from Russian exporters, the report said, adding that Russia now accounts for 7.5% of India's coal imports. India, which imported 9.8 million tons of Indonesian coal in May, is now looking to increase its imports of higher-grade Russian coal. The South Asian nation's total thermal coal imports rose by 10% in May to 17.4 million tons, the highest level since June 2024, Kommersant reported, citing data from BigMint. Favorable market conditions have prompted India to reduce its imports of lower-calorific-value Indonesian coal in favour of higher-grade Russian coal, which is offered at competitive prices, Nariman Taiketayev, Director of the Corporate Ratings Group at National Credit Ratings told the daily. Russian suppliers are also generally more amenable to flexible pricing and India's future demand for coal will depend on a combination of price dynamics and weather-related factors, he added. Evgeny Grachev, director of the Russian Centre for Price Indices, believes that Russian coal exporters most likely increased volumes of exports to India within the bounds of existing contracts. He told Kommersant that the early onset of the rainy season will increase hydropower generation in India and 'put pressure on thermal generation and coal consumption.' India, which is dependent on coal for 70% of its electricity needs, announced a record coal production of 1.04 billion tons in March. Coal Minister G. Kishan Reddy has said that production should reach about 1.53 billion tons by 2030.
