Business
Ramaco Resources Inc. Announces Reduced Operations At Berwind
LEXINGTON, Ky., July 13, 2020 /PRNewswire/ -- Ramaco Resources, Inc. ("Ramaco" or the "Company") (NASDAQ: METC) announced today a partial closure of its
About this update from Ramaco Resources, Inc.
[{"type":"text","content":"LEXINGTON, Ky., July 13, 2020 /PRNewswire/ -- Ramaco Resources, Inc. (\"Ramaco\" or the \"Company\") (NASDAQ: METC) announced today a partial closure of its Berwind low volatile development mine complex on the border of Virginia and West Virginia. Ramaco has taken this reduction measure to align current production to the weakened metallurgical coal market. \nApproximately 44 miners will be impacted. These personnel reductions are effective immediately. \n\"The continued deterioration of both the domestic and export metallurgical coal markets, driven in large part by the COVID-19 pandemic have led us to make this difficult decision,\" said Randall Atkins, Ramaco's Executive Chairman. \"We remain committed to the completion of our Berwind slope development to full capacity when the market has more clarity. We want to recognize the efforts of all of our coal miners who have advanced this project to date.\"\n\"We believe that ultimately the Berwind mine will be amongst the lowest cost, high-quality low volatile coal in the Central Appalachian region,\" said Michael Bauersachs, CEO and President of Ramaco. \"Once the coal markets stabilize and return to rational pricing levels, the full development and production at the Berwind mine can be restarted.\"\nThe Berwind mine will continue to run at a reduced rate to service existing customer commitments. \nAbout Ramaco Resources, Inc.\nRamaco Resources, Inc. is an operator and developer of high-quality, low cost metallurgical coal in southern West Virginia, southwestern Virginia and southwestern Pennsylvania. Its executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia. The Company has five active mines within two mining complexes at this time.\nNews and additional information about Ramaco Resources, including SEC filings, are available at www.ramacoresources.com. \nCautionary Statement Regarding Forward-Looking Statements\nCertain statements contained in this press release constitute \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Ramaco Resources' expectations or beliefs concerning future events, costs and expectations regarding operating results, and it is possible that the results described in this press release will not be achieved. These fo...