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 announce its second-quarter 2021 financial results on August 2, 2021, post-market close. The earnings release will be available via the company's investor relations website and major financial platforms. Following this, an investor conference call is scheduled for August 3, 2021, at 9 a.m. ET, featuring key executives discussing the results. Ramaco specializes in developing high-quality, low-cost metallurgical coal across southern West Virginia, southwestern Virginia, and southwestern Pennsylvania.
Ramaco Resources (NASDAQ: METC) secured a $32.7 million jury verdict against Chubb INA Holdings on July 15-16, 2021, after a legal dispute over denied insurance coverage for damages from a 2018 silo collapse at its Elk Creek coal complex in West Virginia. The jury awarded $7,653,057 in compensatory damages and $25 million for aggravation. The company plans to recover attorney's fees, but the verdict may be subject to appeals. This outcome signifies a positive development in the company's litigation efforts.
Ramaco Resources (NASDAQ: METC) has closed a public offering of senior unsecured notes due 2026, increasing the offering size from $25 million to $30 million due to high demand. The notes, which bear an interest rate of 9.00% per year, will mature on July 30, 2026. Proceeds from the offering will be used for general corporate purposes, including acquisitions and capital expenditures. The company has applied to list the notes on NASDAQ under the symbol METCL. The offering included a $4.5 million increase exercised by underwriters.
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.
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