Welcome to our dedicated page for Ramaco Res news (Ticker: METC), a resource for investors and traders seeking the latest updates and insights on Ramaco Res stock.
Ramaco Resources, Inc. (NASDAQ: METC, METCB) generates news across metallurgical coal, rare earth elements and critical minerals, as reflected in its public disclosures and press releases. The company reports that it operates and develops high-quality, low-cost metallurgical coal mines in southern West Virginia and southwestern Virginia, and is advancing a coal, rare earth and critical mineral project at its Brook Mine near Sheridan, Wyoming. These activities place Ramaco in the bituminous coal and lignite surface mining industry and at the intersection of coal and critical mineral development.
News about Ramaco often covers developments in its Central Appalachian metallurgical coal complexes, including operational updates and capital allocation decisions such as stock dividends on its Class B common stock and a share repurchase program for its Class A common stock. Filings and releases also describe financing transactions, including amendments to a revolving credit facility with a bank syndicate and the issuance of 0% convertible senior notes due 2031 with related capped call transactions.
Another key theme in Ramaco’s news flow is the Brook Mine rare earth elements and critical minerals project. Company announcements highlight the discovery of a major deposit of primary magnetic rare earths and critical minerals, the start of mining and pilot processing construction, and initiatives such as an Umbrella Cooperative Research and Development Agreement with the U.S. Department of Energy’s National Energy Technology Laboratory. Ramaco has also reported a non-binding memorandum of understanding with Mulberry Industries to negotiate an offtake partnership for customized rare earth oxide blends, and an initiative to establish a Strategic Critical Minerals Terminal at the Brook Mine with Goldman Sachs & Co. LLC acting as exclusive structuring agent.
Investors following METC news can review company releases for updates on metallurgical coal operations, rare earth and critical mineral development, financing activities, strategic partnerships, board and policy-related appointments, and shareholder communications such as Brook Mine FAQ postings. This news page provides a centralized view of Ramaco’s reported corporate, operational and project-related events over time.
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.
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.