FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * FIRST RESERVE GP IX INC   2. Issuer Name and Ticker or Trading Symbol NATURAL RESOURCE PARTNERS LP [NRP] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) ONE LAFAYETTE PLACE 3. Date of Earliest Transaction (Month/Day/Year) 10/18/2004 (Street) GREENWICH, CT 06830 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Units (1) (2) 10/18/2004   M   1,358 A (2) 1,358 I (3) See Remarks and FN (4) Common Units (1) (2) 10/18/2004   D   1,358 D (5) $ 43.5 (2) 0 I (3) See Remarks and FN (4)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Phantom Units (1)

(2)

10/18/2004

M

1,358

10/18/2004

10/18/2004

Common Units

1,358

(2)

0

I (3)

See Remarks and FN (4)

Phantom Units (1)

(6)

10/18/2005

10/18/2005

Common Units

1,358

1,358

I (3)

SeeRemarks and FN (4)

Phantom Units (1)

(6)

02/11/2007

02/11/2007

Common Units

1,350

1,350

I (3)

See Remarks and FN (4)

Phantom Units (1)

(6)

02/11/2008

01/11/2008

Common Units

1,350

1,350

I (3)

See Remarks and FN

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
FIRST RESERVE GP IX INC ONE LAFAYETTE PLACE GREENWICH, CT 06830	X	X
FRC WPP NRP INVESTMENT L P ONE LAFAYETTE PLACE GREENWICH, CT 06830		X
FRC NRP INC ONE LAFAYETTE PLACE GREENWICH, CT 06830		X
FRC NRP A V HOLDINGS L P ONE LAFAYETTE PLACE GREENWICH, CT 06830		X
FRC WPP GP LLC ONE LAFAYETTE PLACE GREENWICH, CT 06830		X
KRUEGER ALEX T ONE LAFAYETTE PLACE GREENWICH, CT 06830	X
FIRST RESERVE GP IX L P ONE LAFAYETTE PLACE GREENWICH, CT 06830		X
FIRST RESERVE FUND IX L P ONE LAFAYETTE PLACE GREENWICH, CT 06830		X

Signatures

/s/ Thomas R. Denison, Managing Director-First Reserve; Manager-Investment GP; Attorney-in-Fact for Alex Krueger. First Reserve is signing on behalf of the FRC Entities (see "Remarks"). Investment GP signing on behalf of the NRP Entities (see "Remarks")		10/20/2004
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The phantom units were granted to Alex T. Krueger under the Issuer's long term incentive plan.
(2)	Upon vesting, the phantom units were paid in cash on a one for one basis of common units based on the market value of the common units ($43.50) on the date of the vesting (October 18, 2004).
(3)	The phantom units reported on this Form 4 were granted to Alex T. Krueger in his capacity as a director of GP Natural Resource Partners LLC, which is the general partner of NRP (GP) LP, which is the general partner of the Issuer. Mr. Krueger was appointed as a director of GP Natural Resource Partners LLC by FRC-WPP NRP Investment L.P. (the "Appointer"), pursuant to an Investor Rights Agreement dated December 22, 2003.
(4)	The Fund Entities are entitled to a portion of the profits from any sale of Issuer securities held by Mr. Krueger, and therefore share beneficial ownership of any such securities, including phantom units. Mr. Krueger disclaims any beneficial ownership of any securities of the Issuer held by the FRC Entities.
(5)	The common units were deemed to have been purchased and sold on the date of vesting of the phantom units listed in Table II.
(6)	The phantom units will be paid in cash based on the market value of the common units on the date of vesting.
Remarks: FRC-WPP GP LLC (the "Investment GP") is the general partner of the Appointer.  FRC-NRP A.V. Holdings, L.P. ("AV") holds a majority of the limited partnership interests and member interests of the Appointer and the Investment GP, respectively.  FRC-NRP, Inc. ("Blocker") and First Reserve GP IX, L.P. ("GP IX") are the general partners of AV, and First Reserve Fund IX, L.P. ("Fund IX") is the sole stockholder of Blocker.  GP IX is the general partner of Fund IX, and First Reserve GP IX, Inc. ("First Reserve") is the general partner of GP IX.  Each of the Appointer, the Investment GP, AV, Blocker, Fund IX and GP IX are controlled by First Reserve.  First Reserve, GP IX, Fund IX, AV and Blocker are collectively referred to as the "FRC Entities."  The Appointer and the Investment GP are collectively referred to as the "NRP Entities."

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