Welcome to our dedicated page for Ramaco Resources news (Ticker: METC), a resource for investors and traders seeking the latest updates and insights on Ramaco Resources stock.
Ramaco Resources, Inc. (NASDAQ: METC) is a leading operator and developer of high-quality, low-cost metallurgical coal. Founded in 2015 and headquartered in Lexington, Kentucky, Ramaco Resources focuses on serving blast furnace steel mills and coke plants in both North America and international markets.
The company's core business revolves around its extensive portfolio of metallurgical coal properties across southern West Virginia, southwestern Virginia, and Pennsylvania. Notable projects include:
- Elk Creek Project: Encompassing approximately 20,552 acres of controlled mineral, this project is situated in southern West Virginia and features 24 seams of metallurgical coal.
- Berwind Coal Property: Located on the border of West Virginia and Virginia, this property comprises roughly 31,200 acres of controlled mineral and key Squire Jim seam coal deposits.
- Knox Creek Property: Spanning approximately 61,343 acres in Virginia, this property is another significant asset in Ramaco’s portfolio.
- Ram Mine Property: This project covers around 1,567 acres of controlled mineral in southwestern Pennsylvania.
Additionally, Ramaco controls mineral deposits in Sheridan, Wyoming, where they are exploring potential opportunities in rare earth elements and coal-to-carbon-based products. The company's operations are strategically located to capitalize on delivery advantages and market accessibilities.
In recent years, Ramaco Resources has undergone significant growth and development in its operations:
- In 2023, the company reported improvements in its financial metrics, including achieving significant reductions in term debt and increases in liquidity.
- The acquisition and upgrading of a coal preparation plant will enhance operational efficiency and reduce costs, particularly at the Maben Complex.
- Ramaco has expanded its banking facility to $200 million with a potential increase to $275 million, underscoring its strong financial standing.
Ramaco is also making strides in rare earth elements exploration. In 2023, they discovered a substantial deposit of primary magnetic rare earths at their Brook Mine near Sheridan, Wyoming. This initiative includes a research and pilot facility for advanced carbon products and materials from coal.
Continuous advancements and strategic expansions have positioned Ramaco Resources as a significant player in the metallurgical coal industry. With a focus on enhancing production, reducing costs, and exploring new opportunities, the company aims to sustain its growth trajectory.
Ramaco Resources (NASDAQ: METC) has announced its initial guidance for 2025, projecting sales volumes between 4.4-4.8 million tons with potential to reach 5 million tons based on market conditions. Production volumes are expected between 4.2-4.6 million tons, representing a 15% growth from 2024 levels.
The company has secured 2025 sales commitments of 2.9 million tons (66% of expected production), including 1.6 million tons to North American customers at $152 per ton and 1.3 million tons for export at index-linked pricing. Cash cost of sales is projected at $97-$103 per ton.
Additionally, Ramaco declared a Q1 2025 Class A dividend of $0.1375 per share, payable in Class B shares on March 14, 2025. Capital expenditures for 2025 are estimated at $60-70 million, including $20 million for growth initiatives at Elk Creek and Berwind complexes.
Ramaco Resources (NASDAQ: METC) announced that Fluor 's interim preliminary techno-economic analysis confirms the commercial and technical feasibility of the Brook Mine rare earth elements (REE) project. The mine contains one of the world's largest unconventional deposits of REE and critical minerals from coal and carbonaceous ore.
Key findings indicate that scandium, gallium, and germanium oxides account for approximately 70% of potential revenue. The Brook Mine would be the only primary source mine globally for these elements. The project features soft, non-radioactive, friable rock, potentially enabling more efficient extraction at lower capital intensity compared to traditional hard rock mines.
Final preliminary techno-economic report is expected in Q1 2025, followed by a full scoping study in Q2 2025. Construction of a commercial pilot plant is planned to begin in second half of 2025.
Ramaco Resources (NASDAQ: METC) has completed a $50 million public offering of senior unsecured notes due 2029. The notes carry an 8.375% annual interest rate, payable quarterly starting January 30, 2025. Rated 'BBB' by Egan-Jones, the notes can be redeemed after November 30, 2026, at 100% of principal plus accrued interest. The company plans to use proceeds for general corporate purposes, including future investments, capital expenditures, and working capital. The notes will be listed on Nasdaq under symbol 'METCZ', with minimum denominations of $25.00.
Ramaco Resources (NASDAQ: METC) has priced its public offering of senior unsecured notes due 2029. The notes will bear interest at 8.375% per year, payable quarterly, with gross proceeds expected to be $50 million, expandable to $57.5 million if underwriters exercise their option. The notes, to be listed on Nasdaq under symbol 'METCZ', will be issued in minimum denominations of $25.00. The company plans to use proceeds for general corporate purposes, including future investments, capital expenditures, and working capital. The offering is expected to close on November 27, 2024.
Ramaco Resources (NASDAQ: METC) announced its fourth quarter 2024 dividends for both Class A and Class B common shares, to be paid in Class B common stock on December 16, 2024, to shareholders of record on December 2, 2024. Class A shareholders will receive $0.1375 per share and Class B shareholders will receive $0.2364 per share, both converted to Class B shares based on the closing price on December 2. This stock-based dividend will increase the METCB public float by approximately 9%. The company aims to maintain strong liquidity and financial flexibility while addressing institutional investors' interest in improving Class B shares' market liquidity.
Ramaco Resources reported its Q3 2024 financial results with Adjusted EBITDA of $23.6 million, down from $28.8 million in Q2 2024. The company posted a net loss of $0.2 million, compared to net income of $5.5 million in Q2 2024. Despite challenging market conditions with U.S. metallurgical coal indices falling 7% in Q3, the company achieved record quarterly production of 972,000 tons and sales of 1,023,000 tons. Cash costs decreased to $102 per ton, with costs below $100 per ton in August and September. For 2024, total sales commitments are 4.1 million tons, with 2025 commitments at 2.7 million tons. The company reduced its 2024 production guidance to 3.7-3.9 million tons.
Ramaco Resources (NASDAQ: METC, METCB) has announced it will release its third quarter 2024 financial results on Monday, November 4, 2024, after market close. The company will host an investor conference call and webcast on Tuesday, November 5, 2024, at 9:00 a.m. Eastern Time. Senior executives, including the Chairman and CEO, EVP for Mine Planning & Development, CFO, and Chief Commercial Officer, will discuss the quarterly results. The conference call will be accessible via phone and webcast.
Ramaco Resources, Inc. (NASDAQ: METC) has hired Dr. Vishnu Sundaresan as senior vice president of Technology to lead the company's expanding rare earth element (REEs) and carbon products activities. Dr. Sundaresan joins Ramaco from DARPA, where he led research programs on critical materials recycling and advanced technologies. He brings two decades of experience as a scientist and engineering faculty member. At Ramaco, Dr. Sundaresan will chart technology strategy and oversee innovative solutions for REE and coal to advanced carbon products growth.
Ramaco's CEO, Randall Atkins, expressed enthusiasm about Dr. Sundaresan's addition to the team, highlighting his proven track record in innovation. The company's discovery of REEs in coal-related deposits at its Brook Mine in Wyoming presents new opportunities for smart mining and critical mineral recovery. Dr. Sundaresan stated his excitement to join Ramaco, emphasizing the company's potential to become a leading supplier of critical materials and end-user hardware for domestic and defense markets.
On August 7, 2024, Ramaco Resources (NASDAQ: METC, METCB) reported its Q2 2024 financial results. Highlights include:
Adjusted EBITDA of $28.8M, up 19% QoQ. Net income surged to $5.5M from $2.0M in Q1 2024. Class A diluted EPS was $0.08 compared to $0.00 in Q1 2024. Non-GAAP cash cost per ton sold decreased by $10 to $108. Production increased by 7% to over 900K tons.
Despite a 15% quarterly decline in US coal prices, Ramaco maintained positive financials. The Board declared Q3 dividends at $0.1375 per share for Class A and $0.2246 per share for Class B stocks. The company repaid remaining $7M in acquisition debt from Maben Coal
Guidance remains strong with 2024 sales commitments of 4M tons at an average fixed price of $155 per ton. Four production growth initiatives are on track. Ramaco is also advancing its rare earth and critical mineral project in Wyoming, engaging Fluor for a techno-economic analysis.
Ramaco Resources (NASDAQ: METC, METCB) has provided an update on its Brook Mine project in Wyoming, focusing on the development of rare earth and critical mineral deposits. The company has enlisted the expertise of several third-party groups to advance the project:
Fluor will conduct a techno-economic assessment and design a demonstration plant for rare earth and critical mineral refining and processing. SGS is providing mineralogical and elemental analysis, as well as hydrometallurgy expertise. Hazen Research Inc. is contributing to mineralogical and elemental analysis, along with physical beneficiation testing. The National Energy Technology Laboratory (NETL) is assisting with deposit assessment and AI-assisted high-grade mapping.
Ramaco plans to start construction on the new processing facility in mid-2025 and expects to complete the techno-economic analysis later this year. Additional testing results are anticipated to be released in the Fall.
FAQ
What is the current stock price of Ramaco Resources (METC)?
What is the market cap of Ramaco Resources (METC)?
What is Ramaco Resources' primary business?
Where are Ramaco Resources' key projects located?
What recent financial improvements has Ramaco Resources reported?
What is unique about Ramaco's Elk Creek project?
What exploration initiatives is Ramaco Resources involved in?
Who are Ramaco Resources' main customers?
How is Ramaco Resources expanding its financial capabilities?
What are some of Ramaco's key operational achievements?
Where are Ramaco Resources' executive offices located?
What is Ramaco's strategy for future growth?
