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.
Approximately 44 miners will be impacted. These personnel reductions are effective immediately.
"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."
"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."
The Berwind mine will continue to run at a reduced rate to service existing customer commitments.
About Ramaco Resources, Inc.
Ramaco 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.
News and additional information about Ramaco Resources, including SEC filings, are available at www.ramacoresources.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain 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 forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco Resources' control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. These factors include, without limitation, Ramaco Resources' beliefs concerning future events, including the COVID-19 pandemic, failure of our sales commitment counterparties to perform, increased government regulation of coal in the United States or internationally, or unexpected decline of demand for coal in export markets and underperformance of the railroads. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ramaco Resources does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ramaco Resources to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in Ramaco Resources' filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K. The risk factors and other factors noted in Ramaco Resources' SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.
SOURCE Ramaco Resources, Inc.