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 reported a net loss of $4.8 million, or $0.11 per diluted share for Q3 2020, down from a net income of $5.5 million, or $0.14 per diluted share in Q3 2019. Adjusted EBITDA plunged to $0.6 million from $13.6 million year-over-year. Sales of produced tons rose 19% sequentially but fell 16% year-over-year. Revenue was $39.5 million, down 36% from Q3 2019. The firm anticipates year-end liquidity to exceed $30 million, leveraging strong September shipments despite force majeure notices impacting sales.
Ramaco Resources (NASDAQ: METC) is set to report its third quarter 2020 financial results on November 3, 2020, after the market closes. The earnings announcement will be published on the company's investor relations website. An investor conference call and webcast will follow on November 4, 2020, at 11 a.m. Eastern Time, with key executives discussing the results. Ramaco operates in high-quality, low-cost metallurgical coal in regions including southern West Virginia, southwestern Virginia, and southwestern Pennsylvania.
Ramaco Resources, Inc. (NASDAQ: METC) announced the appointment of Barkley J. Sturgill Jr. as its new senior vice president, general counsel, and secretary, effective September 2, 2020. Sturgill, who has over 30 years of legal experience in the natural resources sector, previously served at Arch Resources and has significant expertise in coal operations. His role will involve overseeing legal and regulatory matters as the company aims for growth in the metallurgical coal market. Executive Chairman Randall Atkins highlighted Sturgill's knowledge as a key asset for the company's expansion plans.
Ramaco Resources, Inc. (NASDAQ: METC) announced the resignation of Trent Kososki from its board of directors, effective August 14, 2020. Kososki was instrumental in Ramaco's formation and early public launch, having previously led the company's investment while at Energy Capital Partners. Randall Atkins, Executive Chairman, expressed gratitude for Kososki's contributions and wished him success in his new role at another private equity firm. Ramaco continues its operations in metallurgical coal across several states, maintaining five active mines from two complexes.
Ramaco Resources reported a net income of $2.7 million (EPS of $0.06) for Q2 2020, a decline from $10.6 million a year earlier. Adjusted EBITDA was $10.8 million, down from $19.1 million in Q2 2019. Revenue fell 45% year-over-year to $36.4 million, primarily due to lower sales volumes of 362,000 tons, down 27%. However, Ramaco has strengthened its liquidity with $31.8 million available and is expanding its international presence with new marketing agreements. The company anticipates cash generation from inventory builds in H2 2020.
Ramaco Resources (NASDAQ: METC) will announce its second quarter 2020 financial results on August 6, 2020, after market close. The earnings release will be accessible on the company's investor relations website. An investor conference call will be held on August 7, 2020, at 11 a.m. Eastern Time, featuring key executives discussing the results. The call can be accessed via phone or webcast. Ramaco Resources specializes in developing high-quality metallurgical coal in southern West Virginia, southwestern Virginia, and southwestern Pennsylvania.
Ramaco Resources (NASDAQ: METC) has established an exclusive marketing agreement with Australia's Square Resources to promote its metallurgical coal in Asian steel markets. The partnership aims to expand Ramaco's footprint in growing Asian markets amidst a decline in traditional U.S. coal export markets. Square Resources, with a robust coal marketing presence and over 9 million tons of existing sales, considers Ramaco a suitable U.S. partner due to its low-cost and high-quality coal production. The collaboration is effective immediately and might extend to other regions in the future.
Ramaco Resources (NASDAQ: METC) announced a partial closure of its Berwind mine due to the downturn in the metallurgical coal market, primarily influenced by the COVID-19 pandemic. This decision impacts approximately 44 miners as operations are reduced. The company remains committed to the Berwind project, aiming to resume full capacity once the market stabilizes. Currently, the mine will continue to operate at a lower rate to meet existing commitments.