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.
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.
Ramaco Resources (NASDAQ: METC) announced plans to open two new mines, increasing production capacity by 50% to approximately 3 million tons annually. The Board approved an $18 million expenditure, with production expected to begin in 2021. The Berwind slope will produce around 750,000 tons/year of low volatile coal by Q2 2022, while the Big Creek project aims for 150,000-200,000 tons/year by Q4 2021. The company anticipates an enhanced earning capacity starting in 2022, with a focus on low-cost production to capitalize on strengthening market conditions.