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, Inc. (NASDAQ: METC) has upsized its public offering of senior unsecured notes from $25 million to $30 million due to strong demand. The notes, which will mature on July 30, 2026, carry a 9.00% annual interest rate, with payments commencing July 30, 2021. The proceeds will support general corporate purposes, including acquisitions and capital expenditures. The offering is set to close on July 13, 2021, with an option for underwriters to purchase an additional $4.5 million in notes. The company has applied for listing these notes on NASDAQ under the symbol METCL.
Ramaco Resources (NASDAQ: METC) plans to offer senior unsecured notes due 2026 in a registered underwritten public offering. The proceeds will be used for general corporate purposes, including acquisitions, capital expenditures, and working capital. The Notes will be listed on NASDAQ under the symbol 'METCL.' Trading is expected to commence within 30 days post-issuance, pending approval. Joint book-running managers include B. Riley Securities, Ladenburg Thalmann, and William Blair. This offering is subject to SEC regulations and does not constitute an offer or solicitation until the registration statement is effective.
Ramaco Resources (NASDAQ: METC) announced the appointment of Bruce A. Hartshorn as Vice President – Metallurgical Sales of Ramaco Coal Sales, LLC, effective May 18, 2021. Hartshorn brings over 40 years of coal sales and marketing experience, previously serving as Executive Vice President at Contura Energy. His role will focus on expanding seaborne sales, logistics, and product optimization. The Company is in a growth phase, aiming to increase its metallurgical production by nearly 50 percent. Ramaco operates five active mines in the U.S., enhancing its position in the metallurgical coal market.
Ramaco Resources reported impressive financial results for Q1 2021, with net income of $4.1 million ($0.10 per share), up over 100% from $2.0 million ($0.05 per share) a year ago. Adjusted EBITDA soared nearly 40% to $11.5 million. Total tons sold decreased by 22% sequentially to 422,000 tons, but revenue per ton increased 11% to $89. Cash costs fell below $60 per ton for the first time, reaching $59. The company raised its production guidance for 2021 to 2.1-2.4 million tons. A strong market outlook is anticipated due to rising steel prices and favorable demand trends.
Ramaco Resources (NASDAQ: METC) is set to announce its first-quarter 2021 financial results on May 12, 2021, after market close. Investors can access the earnings release on the company's website. A conference call will follow on May 13, 2021, at 9 a.m. ET, featuring CEO Randall W. Atkins, COO Christopher L. Blanchard, and CFO Jeremy R. Sussman, discussing the results. The call can be joined by phone or via webcast.
Ramaco Resources reported a net loss of $4.7 million, or $0.11 per diluted share, for Q4 2020, a significant decline compared to a net income of $1.9 million for Q4 2019. Adjusted EBITDA for the quarter was -$1.4 million, down from $9.0 million the previous year. Despite an increase in sales volume to 515,000 tons, revenue fell 27% to $168.9 million for the year. Cash margins also dropped sharply, reflecting weaker coal pricing due to market conditions. The company expects to resume growth capital spending, targeting production of 1,900 - 2,400 tons in 2021.
Ramaco Resources (NASDAQ: METC) announced a board transition as Tyler Reeder resigned, and Jennifer Gray was appointed as an independent director, enhancing the board's strength with her legal expertise. Reeder's experience will be missed, as highlighted by CEO Randall Atkins. Additionally, Jason T. Fannin was promoted to Chief Commercial Officer, acknowledging his contributions since joining the company. Ramaco operates five active mines across southern West Virginia, southwestern Virginia, and southwestern Pennsylvania, positioning itself strongly in the metallurgical coal sector.
Ramaco Resources (NASDAQ: METC) announced plans to open two new mines, increasing production capacity by 50% to approximately 3 million tons annually. The Board approved an $18 million expenditure, with production expected to begin in 2021. The Berwind slope will produce around 750,000 tons/year of low volatile coal by Q2 2022, while the Big Creek project aims for 150,000-200,000 tons/year by Q4 2021. The company anticipates an enhanced earning capacity starting in 2022, with a focus on low-cost production to capitalize on strengthening market conditions.
Ramaco Resources, Inc. (NASDAQ: METC) is set to announce its fourth quarter 2020 financial results on February 18, 2021, after market close. The earnings release will be available on the company's investor relations website. An investor conference call will take place on February 19, 2021, at 9 a.m. ET, featuring discussions by CEO Randall W. Atkins, COO Christopher L. Blanchard, and CFO Jeremy R. Sussman. Investors can access the call by phone or via a webcast. For further information, visit the company’s website.
Ramaco Resources (NASDAQ: METC) announced significant changes in its senior management and Board of Directors following a recent Board meeting. Effective December, Michael Bauersachs will step down as President and CEO, with Executive Chairman Randall Atkins taking over as CEO. New Executive Vice Presidents, Chris Blanchard and Jeremy Sussman, will lead Operations and Finance, respectively. Bauersachs will transition to Ramaco Royalties to focus on acquiring metallurgical coal reserves. The Board will also be expanded with three new independent members, enhancing governance and strategic direction.
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