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) will report its second quarter 2022 financial results on August 8, 2022, after market close. The earnings release will be available on their investor relations website. An investor conference call will take place on August 9, 2022, at 9:00 a.m. ET, featuring key executives who will discuss the results. For access, dial (877) 300-8521 (US) or (412) 317-6026 (International) with Conference ID 10169849. More details can be found at www.ramacoresources.com.
Ramaco Resources, Inc. (NASDAQ: METC) has declared a $5.0 million cash dividend for the third quarter of 2022, amounting to approximately $0.11 per common share. This dividend will be distributed on September 15, 2022, to shareholders on record by September 1, 2022. The company continues to focus on operating and developing high-quality metallurgical coal in West Virginia, Virginia, and Pennsylvania.
On July 10, 2022, Ramaco Resources (NASDAQ: METC) reported a significant methane ignition at its Berwind mining complex while the mine was idle, with no injuries or fatalities. The cause remains unknown, and an investigation is underway with state and federal regulators. Production is expected to be affected for an indeterminate duration. The company will assess the damage and share future plans for rehabilitation and restarting operations as information becomes available.
Ramaco Resources, Inc. (NASDAQ: METC) is set to join the Russell 3000 Index effective June 27, 2022, following the annual reconstitution. This inclusion highlights the company's growth since its public offering, with the public float increasing from 34% to approximately 55%. Russell indexes are crucial for investment managers and benchmark around $12 trillion in assets. Joining the index is expected to enhance the company's visibility among institutional investors. Ramaco Resources operates in metallurgical coal production in West Virginia, Virginia, and Pennsylvania.
Ramaco Resources (NASDAQ: METC) announced that its board has authorized the issuance of a new class of common stock, a tracking stock, tied to assets from its recent Ramaco Coal acquisition. The tracking stock will focus on metallurgical coal royalty interests and advanced carbon products. Stockholders will receive these shares as a distribution, pending approval at a shareholder meeting. The company anticipates completing this initiative in the second half of 2022, with details on key dates released later. The move aims to bolster financial performance and investor interest.
Ramaco Resources reported record financial results for Q1 2022, with a net income of $41.5 million ($0.92 EPS), up 123% from the previous quarter. Adjusted EBITDA surged 103% to $64.1 million. The company faced rail service disruptions, impacting about 100,000 tons of shipments, which reduced EPS by $0.38. With 2.4 million tons in booked sales, Ramaco anticipates $235 million in net income for 2022 and increased production guidance to 3.4 million tons. The board approved a dividend increase to $5 million per quarter.
Ramaco Resources, Inc. (NASDAQ: METC) will release its first quarter 2022 financial results on May 11, 2022, after market close. A conference call is scheduled for May 12, 2022, at 11:30 a.m. ET, featuring executives including CEO Randall W. Atkins. Investors can access the earnings news on the company’s investor relations website and through major financial information sites. Ramaco specializes in high-quality, low-cost metallurgical coal operations across southern West Virginia, southwestern Virginia, and southwestern Pennsylvania.
Ramaco Resources, Inc. (NASDAQ: METC) announced the completion of its acquisition of 100% equity interests in Ramaco Coal, LLC, owned by an investment fund and certain management members. This acquisition provides access to approximately 42 million tons of metallurgical coal reserves and enhances the Company's coal royalty financials, avoiding ongoing royalty expenses. Additionally, it allows Ramaco to expand into advanced carbon products through Ramaco Carbon, potentially utilizing rare earth elements. The acquisition is projected to deliver significant cost savings and position the Company as a low-cost producer in the coal market.
On March 25, 2022, Ramaco Resources, Inc. (NASDAQ: METC) announced the completion of a distribution of approximately 5.5 million shares of its common stock by Energy Capital Partners (ECP) and 1.35 million shares by Yorktown Energy Partners IX, L.P. This increase in share distribution has raised the public float from 34% to 50%. Randall Atkins, Chairman and CEO, expressed that the increased float signifies a positive long-term evolution for the Company, reducing institutional control while enhancing trading availability. Ramaco specializes in developing high-quality metallurgical coal.
On February 28, 2022, Ramaco Resources (NASDAQ: METC) announced the tragic death of Steven H. Hively, a contract employee, at the Berwind Mine Complex in West Virginia. The company expressed its condolences to Hively's family and stated that the incident is under investigation by state and federal safety authorities. Ramaco committed to determining the cause of the accident. Hively was an experienced miner affiliated with GMS Mine Repair & Maintenance, a long-term contractor for Ramaco.
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