May 27, 2010. /Lesprom Network/. Natural Resource Partners L.P. and International Paper have signed a definitive agreement to form a joint venture in which Natural Resource Partners will be the managing and controlling partner with a 51% interest, including a cumulative preferred distribution from the joint venture before profit sharing commences. The new joint venture will own and manage the current leases as well as the further development of the more than 7 million mineral acres currently held by International Paper. Natural Resource Partners will pay International Paper approximately $42.5 million at closing, which is anticipated to occur in mid-June, company said in a statement received by Lesprom Network. "This is an attractive monetization of our non-core assets, and it allows us to share in the future value creation of the mineral rights." said Tim Nicholls, CFO of International Paper. The more than 7 million acres are located in 31 states and consist of reserves of oil and gas, coal and aggregates, as well as the rights to develop coal bed methane, geothermal, CO2 sequestration, water rights, cell towers, other precious metals, industrial minerals and base metals. Royalties are currently generated from active leases from oil and gas, coal, aggregates and cell towers with upside potential from additional leasing and development. Approximately three-fourths of the acreage is located in the Gulf Coast Region, with the second largest area being the Pacific Northwest. International Paper is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia and North Africa. Its businesses include industrial and consumer packaging and uncoated papers, and complemented by xpedx, the company's North American distribution company.