Ramaco Resources Announces Changes to Operations in Response
LEXINGTON, Ky., March 31, 2020 /PRNewswire/ -- Ramaco Resources, Inc. ("Ramaco Resources" or the "Company") today announced changes to its operations in response to the COVID-19 pandemic and its still-evolving impacts on the global economy.
Effective April 1, 2020, out of an abundance of caution, Ramaco Resources is implementing a two-week operational furlough of the majority of employees at the Elk Creek mining complex in West Virginia. The Elk Creek prep plant will remain fully operational to process coal and has sufficient inventory to meet all existing customer commitments. The Company's Berwind mine and the Knox Creek prep plant will remain open.
Ramaco Resources will also be reducing non-essential capital expenditures to adapt to the current market conditions, and expects to have sufficient liquidity to manage all of its capital requirements during this period.
Ramaco Resources stands poised to take additional measures such as the idling or realignment of additional mines as conditions might dictate. We also are ready to re-activate operations once circumstances improve.
"There is no simple playbook for operating a business in the middle of a worldwide pandemic. Ramaco Resources is adapting to the reality of the current situation in both the coal and steel markets, while being mindful of primary responsibility regarding the health and safety of all of our employees," said Randall Atkins, Ramaco Resources Executive Chairman. "We look forward to returning to a more normalized operational level as soon as possible and market conditions permit."
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 filings with the Securities and Exchange Commission, are available at http://www.ramacoresources.com. For more information, contact investor relations at (859) 244-7455.
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.