This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Natural Resource Partners L.P. is a master limited partnership principally engaged in owning and managing mineral reserve properties, with its primary revenue driver being metallurgical coal. The company leases and manages coal reserves across the United States, deriving the vast majority of its income from royalties on coal production. Its business model is centered on the extraction and sale of coal, a primary activity under the coal operations exclusion.
A 2024 company analysis notes that metallurgical coal, used to fuel blast furnaces for steelmaking, is the primary driver of Natural Resource Partners LP's business. The company's operations and legal engagements, as evidenced by court documents, are deeply intertwined with coal mining. For instance, a 2022 Montana Supreme Court filing involved a dispute concerning coal quality from a specific mine, highlighting the materiality of coal assets to the partnership's lessees and, by extension, to NRP's royalty stream. The company has no announced plan to transition away from coal as its core asset.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.