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 been recognized for its exemplary operational safety with multiple awards. At a ceremony in Washington, D.C., the Company received the prestigious Sentinels of Safety Award from the National Mining Association for its Elk Creek Preparation Plant, noted as the top performer in the Large Coal Preparation category for 2021. Additionally, the Virginia Department of Energy honored Ramaco's operations for Excellence in Mining, Reclamation, and Safety. This acknowledgment reflects Ramaco's strong commitment to employee safety and environmental concerns.
In Q3 2022, Ramaco reported a net income of $26.9 million (EPS: $0.60), a 282% increase from Q3 2021, primarily driven by higher prices. Adjusted EBITDA reached $50.7 million, up 185% YOY, although impacted by $3.9 million in idle costs from the Berwind mine ignition event. The company is fully sold out for 2022 at an average price of $210 per ton and has committed 1.8 million tons for 2023 deliveries. Capital expenditures were $37.6 million for Q3. Looking ahead, management plans to progressively increase cash dividends in 2023.
Ramaco Resources, Inc. (NASDAQ: METC) announced the appointment of A. Jerald Hylton as Vice President for Sales of Ramaco Coal Sales, LLC, a subsidiary of the Company. Hylton brings over 30 years of experience in coal sales, marketing, and logistics, having previously held leadership roles at Carbon Partners, Booth Energy Group, and White Oak Resources. His expertise is expected to bolster Ramaco's domestic and international sales efforts as the Company aims to expand its production and market reach.
Ramaco Resources (NASDAQ: METC) will announce its Q3 2022 financial results on November 7, 2022, after market close. The earnings report will be accessible via the company's investor relations website and major financial sites. An investor conference call is scheduled for November 8, 2022, at 9:00 AM ET, featuring executives including Chairman Randall W. Atkins and CFO Jeremy R. Sussman. Investors can join the call by phone or through a webcast. Ramaco is known for its production of high-quality, low-cost metallurgical coal in southern West Virginia and nearby regions.
Ramaco Resources, Inc. (NASDAQ: METC) has announced a $5.0 million quarterly cash dividend for the fourth quarter of 2022. Shareholders can expect a dividend payment of $0.1133 per common share on December 15, 2022, for those on record by December 1, 2022. The company operates in high-quality, low-cost metallurgical coal production across regions in South West Virginia and Pennsylvania, and it holds a substantial portfolio of intellectual property relating to advanced carbon products.
Ramaco Resources, Inc. (NASDAQ: METC) has successfully completed the acquisition of 100% equity interests in Maben Coal LLC for $30 million. The acquisition includes approximately 33 million tons of minable coal on over 28,000 acres in West Virginia. The purchase price consists of $9 million in cash and $21 million through a secured note. Initial mining operations are expected to begin in Q1 2023, with an anticipated annual yield of 250,000 tons. The Maben project aims to enhance Ramaco's market position and is expected to be accretive within 12 months.
Ramaco Resources (NASDAQ: METC) announced the appointment of four senior executives as part of its growth strategy. Paul Horn joins as Chief Mine Development Officer, Scott Kreutzer as Chief Administrative Officer, Tim Chatting as Director of Financial Reporting, and Katie Monroe as Director of Land Administration. The company aims to nearly triple its annual metallurgical coal production from 2 million tons to over 6.5 million tons a year. Additionally, Ramaco is exploring the potential to mine rare earth elements in Wyoming.
Ramaco Resources (NASDAQ: METC) announced the submission of a registration statement to the SEC for a public listing of Class B common stock. This listing, anticipated in Q4 2022, is contingent upon SEC review and shareholder approval. Each existing shareholder will receive 0.2 shares of Class B for every common share held. The Class B shares are linked to a new business line, 'CORE', focusing on carbon ores and rare earth elements, with an initial dividend payout of 20% of related revenue. Further details on record and distribution dates will be shared later.
Ramaco Resources (METC) reported a net income of $33.3 million for Q2 2022, a 235% year-over-year increase, with diluted EPS at $0.74. Adjusted EBITDA reached $57.9 million, up 220% from the previous year. The company built approximately 90,000 tons of inventory due to slow rail service, which impacted sales, resulting in total sales of 584,000 tons. Forecasts for 2022 net income exceed $230 million. Investments include a $30 million acquisition of Maben Coal LLC and a capacity expansion at Elk Creek, raising 2023 production guidance to at least 4.3 million tons.
Ramaco Resources (NASDAQ: METC) has signed a $30 million Securities Purchase Agreement to acquire 100% of Maben Coal LLC. The deal includes $9 million in cash and $21 million financed through a secured note. Maben holds approximately 33 million tons of coal reserves in West Virginia, with initial production expected to yield 25,000 tons in late 2022 and ramp up to 250,000 tons annually through 2023. Additionally, Ramaco plans to expand its Elk Creek preparation plant's capacity from 2.1 to 3.0 million tons, involving a $5 million investment in 2022.
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