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 reached an agreement to acquire 100% equity interests of Ramaco Coal, LLC from an investment fund and management. The deal includes an initial payment of $5 million and a $60 million deferred purchase price. This acquisition is pivotal as it will eliminate ongoing royalty expenses and enhance financial performance. Ramaco Coal holds approximately 42 million tons of metallurgical coal reserves, which are currently leased to the Company. Additionally, it provides access to advanced carbon product development and potential rare earth element markets.
Ramaco Resources reported a strong financial performance for Q4 2021, with net income rising to $18.6 million (EPS of $0.42), marking a 76% increase compared to the previous record. Full-year net income reached $39.8 million (EPS of $0.90), a 59% increase year-over-year. The company has secured sales of 2.3 million tons of coal for 2022, with an average price of $206 per ton. Ramaco plans to increase its annual dividend to $20 million and is also considering a share buyback. The outlook for 2022 is optimistic with expectations of increased production and cash flow.
Ramaco Resources (NASDAQ: METC) has announced a 100% increase in its quarterly dividend, raising it from $2.5 million to $5.0 million, reflecting confidence in financial strength. The annual dividend will also increase to $20 million from $10 million. The first payment, set for March 15, 2022, will be approximately $0.11 per share, yielding 3% based on the recent closing price. The company plans to review this dividend level annually, with potential for further capital returns via share buybacks.
Ramaco Resources, Inc. (NASDAQ: METC) will release its fourth quarter 2021 financial results on February 24, 2022. A news release will be available on the company's investor relations website. Following this, an investor conference call will be held at 10 a.m. ET where executives will discuss the results. Investors can join the call using the provided numbers. Ramaco Resources operates in the metallurgical coal sector across southern West Virginia, southwestern Virginia, and Pennsylvania.
Ramaco Resources (NASDAQ: METC) announced the resignation of two independent directors, Jennifer Gray and Mahmud Riffat, effective December 27, 2021, due to the future distribution of shares owned by Energy Capital Partners (ECP). ECP held about 5.6 million shares, approximately 12.8% of Ramaco's outstanding shares. Concurrently, Ramaco appointed Aurelia Skipwith Giacometto as a new independent director, effective January 1, 2022. Giacometto brings extensive experience in government and business, complementing Ramaco's metallurgical coal operations and future plans.
Ramaco Resources, Inc. (NASDAQ: METC) has completed its acquisition of the Amonate Assets from Coronado Global Resources Inc. for $30 million. This acquisition includes approximately 50 million tons of coal reserves located in McDowell County, West Virginia, and Tazewell County, Virginia, and will enhance production capabilities at the Berwind Mine. Production is expected to start in Q2 2022 with an incremental output of 200,000 tons. Additionally, the company will initiate a $2.5 million quarterly dividend starting in Q1 2022, marking its transition to a dividend-paying entity.
Ramaco Resources reported a net income of $7.0 million (EPS: $0.16) for Q3 2021, significantly up from a net loss of $4.8 million in Q3 2020. The company achieved a record Adjusted EBITDA of $17.8 million, up 2,700% year-over-year. Sales volume reached 644,000 tons, a 50% increase from Q3 2020. Anticipated revenue for 2022 is over $325 million, with an acquisition of Amonate Assets set to enhance production capacity. A regular quarterly dividend is expected to initiate in Q1 2022, reflecting the company’s strong financial position.
Ramaco Resources, Inc. (NASDAQ: METC) will announce its third quarter 2021 financial results on November 2, 2021, after market closure. Investors can access the earnings release via the company's investor relations website. A conference call will take place on November 3, 2021, at 9 a.m. ET, featuring key executives including Randall W. Atkins and Jeremy R. Sussman. This call will discuss the financial results, providing insights into the company's performance. For further details, visit their official website.
Ramaco Resources, Inc. (NASDAQ: METC) revealed successful 2022 sales negotiations, securing contracts for 1.67 million tons of coal at an average price of $196 per ton, amounting to over $325 million in booked revenue. The company also executed a $30 million Asset Purchase Agreement for Amonate Assets, which is expected to enhance EBITDA starting in 2022. Additionally, Ramaco will initiate a regular quarterly dividend beginning in Q1 2022. Projected annual production capacity will increase to approximately 3.7 million tons by the end of 2023, bolstering its market position.
Ramaco Resources reported a robust second quarter of 2021 with a net income of $9.9 million and an EPS of $0.23, a 275% increase year-over-year. Adjusted EBITDA was $18.1 million, up 67% from the previous year, driven by record sales of 686,000 tons. The company improved its full-year production and sales guidance, while simultaneously reducing cost and capital expenditure forecasts. As of June 30, 2021, Ramaco maintained a net cash position of $6.0 million, compared to net debt of $15.3 million in the previous quarter. A recent $32.7 million jury verdict and forgiven $8.4 million PPP loan further improved liquidity.
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?
