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Note 8 - Mineral Rights, Net

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Mineral Industries Disclosures [Text Block]

8. Mineral Rights, Net

The Partnership’s mineral rights consist of the following:

		*September 30, 2023*												*December 31, 2022*
(In thousands)		*Carrying Value*				*Accumulated Depletion*				*Net Book Value*				*Carrying Value*				*Accumulated Depletion*				*Net Book Value*
Coal properties		$	661,680			$	(279,988	)		$	381,692			$	661,812			$	(269,037	)		$	392,775
Aggregates properties			8,655				(3,723	)			4,932				8,655				(3,410	)			5,245
Oil and gas royalty properties			12,354				(9,962	)			2,392				12,354				(9,600	)			2,754
Other			13,144				(1,612	)			11,532				13,150				(1,612	)			11,538
Total mineral rights, net		$	695,833			$	(295,285	)		$	400,548			$	695,971			$	(283,659	)		$	412,312

Depletion expense related to the Partnership’s mineral rights is included in depreciation, depletion and amortization on its Consolidated Statements of Comprehensive Income and totaled $4.1 million and $6.4 million for the three months ended September 30, 2023 and 2022, respectively and $11.6 million and $15.5 million for the nine months ended September 30, 2023 and 2022, respectively.

The Partnership has developed procedures to evaluate its long-lived assets for possible impairment periodically or whenever events or changes in circumstances indicate an asset's net book value may not be recoverable. Potential events or circumstances include, but are not limited to, specific events such as a reduction in economically recoverable reserves or production ceasing on a property for an extended period. This analysis is based on historic, current and future performance and considers both quantitative and qualitative information. As a result of the Partnership's analyses, NRP recorded immaterial impairment expenses during the three and nine months ended September 30, 2023 and September 30, 2022.