Note 8 - Mineral Rights, Net

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Mineral Industries Disclosures [Text Block]

8.    Mineral Rights, Net

The Partnership’s mineral rights consist of the following:

	March 31, 2024							December 31, 2023
(In thousands)	Carrying Value		Accumulated Depletion			Net Book Value		Carrying Value		Accumulated Depletion			Net Book Value
Coal properties	$	661,256	$	(289,570	)	$	371,686	$	661,256	$	(285,470	)	$	375,786
Aggregates properties		8,655		(3,848	)		4,807		8,655		(3,761	)		4,894
Oil and gas royalty properties		12,354		(10,203	)		2,151		12,354		(10,082	)		2,272
Other		13,143		(1,611	)		11,532		13,143		(1,612	)		11,531
Total mineral rights, net	$	695,408	$	(305,232	)	$	390,176	$	695,408	$	(300,925	)	$	394,483

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 $4.3 million and $3.9 million for the three months ended March 31, 2024 and 2023, 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 had no impairment expense during the three months ended March 31, 2024 and 2023.