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Kinder Morgan Initiates New Business Segment
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Kinder Morgan Energy Partners L.P. is initiating a new business of owning, leasing and acquiring natural resource reserves within its Terminals business segment to pursue non-operating investments in coal and other mineral reserve properties and infrastructure.
Richard M. Whiting, a senior executive with more than 35 years of experience in the coal industry, has joined KMP as President of Kinder Morgan Resources LLC, which will own mineral reserve properties and other assets in North America. KMP will not actively engage in the mining of coal or other natural resources, but will lease properties it acquires to various operators in exchange for royalty payments. The lessees of the properties will manage any commodity price risk associated with the operations, not KMP.
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