Business
Ramaco Resources Inc. Announces New Marketing Arrangement with Square Resources
Agreement targets largest and fastest-growing metallurgical coal markets in Asia LEXINGTON, Ky., July 22, 2020 /PRNewswire/ -- Ramaco Resources, Inc.
About this update from Ramaco Resources, Inc.
[{"type":"text","content":"Agreement targets largest and fastest-growing metallurgical coal markets in Asia\n\n\nLEXINGTON, Ky., July 22, 2020 /PRNewswire/ -- Ramaco Resources, Inc. (\"Ramaco\" or the \"Company\") (NASDAQ: METC) announced today that it has entered into an exclusive marketing arrangement with Australia-based Square Resources (\"Square\"), to market the Company's metallurgical coal into fast-growing Asian steel markets. \n\"We are delighted to announce this marketing relationship with Square, which is regarded as one of the most aggressive and experienced coal sales groups in the Asian perimeter,\" said Ramaco's Executive Chairman Randall Atkins. \"It has long been a goal of Ramaco to expand our marketing footprint into the fastest growing metallurgical coal markets in the world throughout Asia. We believe we've found the perfect partner in Square and view this as a core long-term relationship for our export sales efforts.\"\n\"We have long wanted to enter the U.S. coal market to add to our current Asian marketing metallurgical coal book of over 9 million tons,\" said Square's Founder Staffan Ever. \"However, it has taken us a long time to identify the right U.S. partner, as we've always had specific criteria in mind that we've been searching for. Ramaco is a low cost, growing producer of quality coals, with a very conservative financial structure, and almost no overlap from a quality perspective with our existing book of business from other regions' producers. Ramaco is a wonderful fit for us, and will now be our exclusive U.S. partner. We too look forward to working with Ramaco over a long time frame.\" \nRamaco's Chief Marketing Officer Jason Fannin remarked that \"halfway through 2020, Asian steel production is roughly flat year-on-year, whereas the traditional export markets for U.S. coal are down materially. The contrast between these markets, although hopefully temporary, means that on a long-term basis it is important for our coal to make more inroads into Asia. We are excited to be able to partner with Square, who is an established and successful marketing group in all of the Asian markets.\"\nBoth Ramaco and Square note that the partnership is effective immediately. While the original focus will be in Asia, the two sides may choose to expand the geographic targets in the future. \nAbout Ramaco Resources, Inc.Ramaco Resources, Inc....