RAMACO RESOURCES EXPERIENCES METHANE IGNITION AT BERWIND COMPLEX
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.
- None.
- Potential long-term impact on production from Berwind Complex due to methane ignition.
- Uncertainty regarding the cause of the ignition could lead to further operational delays.
LEXINGTON, Ky., July 11, 2022 /PRNewswire/ -- On July 10, 2022, Ramaco Resources, Inc. (NASDAQ: METC) ("Ramaco Resources" or the "Company") experienced a material methane ignition at its Berwind mining complex (the "Berwind Complex"). Currently, the cause of the ignition is unknown. The Company, in conjunction with the appropriate state and federal regulatory authorities, will be conducting a full investigation into the incident. The mine was idle at the time of the incident, and there were no personnel in the mine nor any injuries or fatalities. At this time, Ramaco Resources will be evaluating the extent of the damage. Production from the Berwind Complex is expected to be impacted for an indeterminant period of time. The Company will provide further future information regarding plans for both the rehabilitation and restarting of the mine as it becomes available.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact contained in this press release, including statements as to future results of operations and financial position, revenue and other metrics planned products and services, business strategy and plans, objectives of management, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. These forward-looking statements represent Ramaco's expectations or beliefs concerning guidance, future events, anticipated revenue, future demand and production levels, macroeconomic trends, the development of ongoing projects, costs and expectations regarding operating results, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. These factors include, without limitation, risks related to the impact of the COVID-19 global pandemic, unexpected delays in our current mine development activities, failure of our sales commitment counterparties to perform, increased government regulation of coal in the United States or internationally, the decline of demand for coal in export markets and underperformance of the railroads, the anticipated completion of the Acquisition and the timing thereof, the expected benefits of the Acquisition to the Company's shareholders, and the anticipated benefits and impacts of the Acquisition. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ramaco does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ramaco to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in Ramaco's filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The risk factors and other factors noted in Ramaco's SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.
Contact: info@ramacocoal.com or 859-244-7455
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SOURCE Ramaco Resources, Inc.
FAQ
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