Natural Resource Partners LP (NYSE: NRP) is a master limited partnership (MLP) headquartered in Houston, Texas, with its main base of operations in Huntington, West Virginia. The MLP owns and manages mineral reserve properties, primarily focused on coal, aggregate and oil and gas reserves in the US.

Natural Resource Partners doesn’t actively mine any of its reserves. It leases its properties to various operators in exchange for royalty payments. Production from mines it owns accounts for about 25 percent of all the metallurgical coal produced in the US on an annual basis. And about 5 percent of all US coal (metallurgical and thermal) is produced from its properties.

The unit price has basically been cut in half since it hit a closing high of USD41.20 on Jun. 30, 2008. It actually closed as low as USD12.97 on Nov. 20, 2008, as the Great Financial Crisis took hold and shook the global economy to its foundations. From there it rallied to as high as USD37.48 on Mar. 16, 2011, but has sold off hard again on renewed fears about global growth and substitution of natural gas for coal in US electricity generation.

It closed at USD21.25 on Thursday, Aug. 23, having bounced from a 12-month low of USD18.83 on Aug. 3. The MLP is down 25.9 percent from its 2012 high of USD28.67, established Jan. 6, and now yields 10.4 percent. The MLP has never cut its distribution since it first paid one in February 2003. Buy under USD22.

We’re also closing our Otelco Inc (NYSE: OTT) position following management’s announcement–along with second-quarter results that were significantly worse than first-quarter numbers–that it was suspending interest payments on the debt component of its hybrid security. This move reduces the total payout to zero. Sell Otelco.

And we also advise Big Yield Hunters to book a partial gain on our July prey, CSR Ltd (ASX: CSR, OTC: CSRLF), which is up about 20 percent on the Australian Securities Exchange (ASX) and is above our buy-under target of USD1.35. Sell half of your position in CSR.

For more on Natural Resource Partners and our other Open Position moves, see this month’s issue of Big Yield Hunting.