Natural Resources Partners LP is a limited partnership formed in April 2002, and the Company completed its initial public offering in October 2002. The Company is engaged in the business of owning, managing and leasing mineral properties in the United States. It owns coal reserves in three U.S. coal-producing regions: Appalachia, the Illinois Basin and the Western United States, as well as lignite reserves in the Gulf Coast region. As of December 31, 2013, it owned or controlled approximately 2.3 billion tons of proven and probable coal reserves. The Company does not operate any mines, but leases its reserves to experienced mine operators under long-term leases that grant the operators the right to mine and sell its reserves in exchange for royalty payments. It also own and manage infrastructure assets, particularly in the Illinois Basin. Its main customers are Foresight Energy and Alpha Natural Resources. Its other coal customers include AEP, Duke Energy and First Energy, American Electric Power, Dayton Power and Tennessee Valley Authority. The Company competes with other land companies, coal producers, international steel companies and private equity firms in purchasing coal reserves and royalty producing properties. The Company's lessees are obligated to conduct mining operations in compliance with all applicable federal, state and local laws and regulations.