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. reports developments from a dual platform business built around metallurgical coal in Central Appalachia and coal, rare earth elements and critical minerals in Wyoming. Company news commonly covers financial results, mine planning and development, Class A and Class B share matters, Class B stock dividends, credit facilities and corporate-structure updates.
Ramaco also reports activity tied to its Sheridan, Wyoming mineral position, the Brook Mine rare earth and critical minerals development, and coal-derived advanced carbon products. Updates may address governance, executive stock ownership, financing capacity and the operating performance of its metallurgical coal complexes serving steelmaking markets.
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.
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.