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Ramaco Resources, Inc. Reports Fourth Quarter and Full Year 2018 Financial Results

LEXINGTON, Ky., March 19, 2019 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC) ("Ramaco," "Ramaco Resources" or the "Company") today reported annual net income of $25.1 million, or $0.62 per diluted share for the year ended December 31, 2018, as compared to a net loss of $15.4 million in 2017. The Company's adjusted earnings before interest, taxes, depreciation, amortization and equity-based compensation expenses ("Adjusted EBITDA") was $42.2 million for the year ended December 31,2018, as compared with Adjusted EBITDA loss of $9.3 million in 2017. 

For the fourth quarter of 2018, Ramaco reported net income of $3.4 million, or $0.08 per diluted share, compared with a net income of $6.2 million, or $0.15 per diluted share for the third quarter of 2018.  The Company's Adjusted EBITDA for the fourth quarter was $7.0 million compared with Adjusted EBITDA of $11.0 million for the third quarter of 2018. 

Full Year 2018 Summary

Full year 2018 revenues of $227.6 million were up 273% over 2017. Company production was 1.8 million tons in 2018, compared to 0.5 million tons in 2017, an increase of 260%. Cash margins on Company produced and sold coal improved to a profit of $29 per ton in 2018 versus a loss of $7 per ton in 2017. Cash mine costs per ton on company produced and sold coal decreased by 14% to $63 in 2018 from $73 in 2017. Net income for 2018 was $25.1 million, compared to a net loss of $15.4 million in 2017 or an increase of $40.5 million.  The Company's Adjusted EBITDA was $42.2 million for 2018, compared with a loss of $9.3 million in 2017 for an increase of $51.5 million.

Fourth Quarter 2018 Summary

Fourth quarter 2018 revenues were $44.2 million, a decline of 29% compared to the third quarter of 2018, as the fourth quarter results were negatively impacted by the previously announced Elk Creek silo failure. Company production was 423,000 tons in the fourth quarter, compared to 449,000 tons in the third quarter. Cash margins on Company produced and sold coal however, improved by 12% from approximately $25 per ton in the third quarter to approximately $28 per ton in the fourth quarter. Cash mine costs per ton on Company produced and sold coal were $68 in the fourth quarter compared to $65 in the third quarter.

Randall Atkins, Ramaco Resources' Executive Chairman and Chief Financial Officer remarked, "We were challenged by the silo failure at our Elk Creek mining complex in the middle of the fourth quarter, which caused us to idle our prep plant there for approximately three weeks starting in November 2018. Our fourth quarter results were impacted accordingly, but were much better than anticipated immediately after the silo failure.  Sales volumes for the fourth quarter were down 32% compared to the third quarter. As we announced in December, our team successfully completed a temporary conveying system three weeks after the incident that allowed us to begin processing coal at approximately 80% of total plant capacity. We now expect to operate at full capacity in the second quarter of 2019."

"Despite the fourth quarter, our year end 2018 results were extremely positive year over year in almost all financial and operating metrics. We had a $40.5 million positive swing in net income and over a $50 million increase in EBITDA. Both cash mining costs per ton and capital expenditure levels fell meaningfully, while production was up over 200%."

Additional Financial Results

The Company ended the quarter with approximately $7.0 million of cash on hand, $10.7 million of accounts receivable and $26.4 million of availability under the Revolving Credit Facility. Free cash flow generated during 2019, as well as borrowings available through the Revolving Credit Facility, are expected to be used to fund working capital and capital expenditures.

In the fourth quarter of 2018, the Company recorded an income tax benefit of $1.3 million for an annual effective tax rate of approximately 0.5% for 2018.  Cash taxes payable for 2018 were less than $0.4 million.

Capital expenditures totaled approximately $8.3 million during the fourth quarter of 2018.  We ended 2018 with $48.1 million in capital expenditures for the full year, a decline from $75 million in 2017.

Operational Results

The exhibit below summarizes some of the key sales, production and financial metrics for the periods noted:


Three months ended


Year ended

In thousands, except per ton amounts

December 31, 
2018


September 30, 
2018


December 31, 
2018

Sales Volume






Company

315


510


1,721

Purchased

95


90


427

Total

410


600


2,148







Company Production






Elk Creek Mining Complex

408


422


1,669

Berwind Development Deep Mine

15


27


81

Total

423


449


1,750







Company Financial Metrics(a)






Average revenue per ton

$                    96


$                        90


$                           92

Average cash costs of coal sold

$                    68


$                        65


$                           63

Average cash margin per ton

$                    28


$                        25


$                           29







Elk Creek Financial Metrics(a)






Average revenue per ton

$                    94


$                        89


$                           90

Average cash costs of coal sold

$                    63


$                        64


$                           60

Average cash margin per ton

$                    31


$                        25


$                           30







Berwind Development Deep Mine Financial
Metrics(a)






Average revenue per ton

$                  127


$                      114


$                         119

Average cash costs of coal sold

$                  144


$                      108


$                         127

Average cash margin per ton

$                  (17)


$                          6


$                           (8)







Purchased Coal Financial Metrics(a)






Average revenue per ton

$                  103


$                      101


$                         101

Average cash costs of coal sold

$                    97


$                        97


$                           95

Average cash margin per ton

$                      6


$                          4


$                             6







Capital Expenditures

$               8,254


$                 12,405


$                    48,137













(a)   Excludes transportation.






2019 Outlook

"We are excited about Ramaco's long-term prospects for growth, free cash flow generation and ultimately the ability to return cash to shareholders through regular dividends." Randall Atkins said. "In 2019, we expect to produce 2.0 million tons of met coal at the midpoint of guidance, up approximately 14% from 2018 levels. We ended 2018 with overall average costs of roughly $63 per ton, allocated as $60 per ton average cost at Elk Creek and $127 per ton at our Berwind development mine."

"In 2019, it will be important for investors to focus on the cost difference between the two complexes. At Berwind, we will still be in development mode in 2019, mining approximately 250,000 tons in thin seam conditions in the Pocahontas #3 seam, until we reach the thicker roughly 60" Pocahontas #4 low-vol coal seam by 2020. At full capacity, we expect Berwind mine costs to be closer to $80 per ton and production at roughly 750,000 tons. At today's pricing, we'd ultimately anticipate Berwind cash margins at that point to be similar to Elk Creek."

"At Elk Creek, we expect costs this year in the mid-$60s per ton range, with the increase mainly caused by higher-sales related costs associated with improved sales realizations. As Berwind ramps up production, and Elk Creek continues to produce as expected, even without any proposed development activities, we hope to reach a 2.5 million ton annual production rate in 2020 which should increase to approximately 4.5 million tons by 2023 through investments in organic growth at our existing properties. As production increases, we anticipate exploring with our Board the possibility of returning cash to shareholders in the form of a recurring dividend." 

Michael Bauersachs, Ramaco Resources' President and CEO commented, "As we start 2019, we are very encouraged and anticipate a strong year. We look forward to eliminating the side effects of the silo collapse early in the year. On marketing, we have sold forward approximately 2.0 million tons domestically and for export at both fixed and indexed prices. Thus far our mine productivity levels at Elk Creek have been strong in 2019, however produced and sold tons have been negatively impacted by high inventories and limited plant capacity. We also expect currently budgeted 2019 capital expenditures to decline to roughly $35-40 million."

"Our development mine at Berwind has overcome some geological issues encountered in 2018 and should complete its path to the low cost, thicker seam Pocahontas #4 seam by next year. Our confidence in reaching the bottom slope location at Berwind has substantially improved due to positive data obtained from drilling multiple horizontal long hole boreholes in advance of our projections in order to confirm that our mining route is free from sandstone."

"We are also seeking opportunities to expand production. While our route to full production rate of roughly 4.5 million tons will be different than we originally modeled years ago, we indeed have a good roadmap of internal production and productivity enhancements to reach that level. Knox Creek is most likely our next development project due to positive results from our recent exploration work to define access to the Jawbone seam through the Tiller seam, where we project the potential for approximately 500,000 tons per year of additional High Vol A production. We also are exploring ways to increase throughput levels at the Elk Creek preparation plant by as much as 500,000 tons annually beyond its current nameplate capacity. If we did that, we would accelerate some of the permitted production at Elk Creek that we currently have projected in 2020 and 2021. We will continue examining both these opportunities as the year progresses."



2019 Estimated Production, Sales, Cost and Capital Expenditure Guidance

(In thousands, except per ton amounts)





2019 Guidance


2018 Actuals

Company Production


Elk Creek 


1,600

-

1,900


1,669

Berwind Development Deep Mine


200

-

300


81

Total


1,800

-

2,200


1,750








Sales Mix







Metallurgical


1,900

-

2,250


2,066

Steam


100

-

150


82



2,000

-

2,400


2,148

Cost Per Ton







Elk Creek


$63

-

$69


$60

Berwind Development Deep Mine


$115

-

$135


$127








Capital Expenditures 


$35,000

-

$40,000


$48,137



Committed 2019 Sales Volume (a)

(In thousands, except per ton amounts)





Volume

Average
Price


Company:





Domestic, fixed priced


1,519

$113


Export, fixed priced


109

$122


Total, fixed priced


1,628

$113






Domestic, indexed


230


Export, indexed


116


Total, indexed priced


346


Total Committed Company Tons


1,974


(a) As of March 18, 2019


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.

Fourth Quarter Earnings Conference Call

Ramaco Resources will hold its quarterly conference call and webcast at 9:00 AM Eastern Time (ET) on Wednesday, March 20, 2019 to present its results for the fourth quarter and full year 2018.

The conference call can be accessed by calling (844) 852-8392 domestically or (703) 639-1226 internationally. The webcast for this release will be accessible by visiting https://edge.media-server.com/m6/p/odzd388y.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained in this news 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, anticipated revenues, costs and expectations regarding operating results, and it is possible that the results described in this news 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, unexpected delays in our current mine development activities, 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.

Ramaco Resources, Inc.

Consolidated Statements of Operations








Three months ended


December 31,
2018


September 30,
2018


December 31,
2017

In thousands, except per share amounts






Revenues

$             44,187


$                  62,166


$             24,019







Cost and expenses






 Cost of sales (exclusive of items shown separately
 below)

34,958


49,406


21,374

 Other operating costs and expenses



32

 Asset retirement obligation accretion

123


123


101

 Depreciation and amortization

3,682


3,348


1,819

 Selling, general and administrative

3,399


3,485


3,350

Total cost and expenses

42,162


56,362


26,676







Operating income (loss)

2,025


5,804


(2,657)







Interest and dividend income

10


23


3

Other income 

479


1,036


54

Interest expense

(456)


(589)








Income (loss) before taxes

2,058


6,274


(2,600)







Income tax expense (benefit)

(1,336)


63








Net income (loss)

$               3,394


$                    6,211


$             (2,600)







Basic and diluted earnings (loss) per share






 Basic

$                 0.08


$                      0.15


$               (0.07)

 Diluted

$                 0.08


$                      0.15


$               (0.07)







Weighted average common shares outstanding






 Basic

40,082


40,082


37,578

 Diluted

40,230


40,239


37,578

 

 

Ramaco Resources, Inc.

Consolidated Statements of Operations






Years ended December 31,

In thousands, except per share amounts

2018


2017

Revenue




 Coal sales

$          227,574


$            58,798

 Coal processing


2,238

Total revenue

227,574


61,036

Cost and expenses




 Cost of coal sales (exclusive of items shown separately below)

176,555


58,308

 Cost of coal processing (exclusive of items shown separately below)


2,213

 Other operating costs and expenses


258

 Asset retirement obligation accretion

494


405

 Depreciation and amortization

12,423


3,154

 Selling, general and administrative

14,006


12,591

Total cost and expenses

203,478


76,929

Operating income (loss)

24,096


(15,893)

Interest and dividend income

36


295

Other income

2,518


204

Interest expense

(1,463)


(23)

Income (loss) before tax

25,187


(15,417)

Income tax expense

113


Net income (loss)

$            25,074


$          (15,417)





Earnings (loss) per common share




Basic earnings (loss) per share

$                0.63


$              (0.41)

Diluted earnings (loss) per share

$                0.62


$       ??      (0.41)





Basic weighted average shares outstanding

40,039


37,578

Diluted weighted average shares outstanding

40,263


37,578

 

 

 

Ramaco Resources, Inc.

Consolidated Balance Sheets



December 31,

In thousands

2018


2017

Assets




Current assets:




 Cash and cash equivalents

$               6,951


$               5,934

 Short-term investments


5,200

 Accounts receivable

10,729


7,166

 Inventories

14,185


10,058

 Prepaid expenses

3,154


1,104

Total current assets

35,019


29,462





Property, plant and equipment – net

149,205


115,451





Advanced coal royalties

3,045


2,867

Other

975


318

Total Assets

$           188,244


$           148,098





Liabilities and Stockholders' Equity 




Liabilities




Current liabilities




 Accounts payable

$             16,393


$             19,533

 Accrued expenses

8,094


2,821

 Asset retirement obligations

71


71

 Current portion of long-term debt

5,000


 Financed insurance payable

287


Total current liabilities

29,845


22,425

Asset retirement obligations

12,707


12,276

Long-term debt

4,474


Deferred tax liability

109


Total liabilities

47,135


34,701





Commitments and contingencies






Stockholders' Equity 




Common stock

401


396

Additional paid-in capital

150,926


148,293

Accumulated deficit

(10,218)


(35,292)

 Total equity

141,109


113,397

Total Liabilities and Stockholders' Equity

$           188,244


$           148,098

 

 

 

Ramaco Resources, Inc.

Statement of Cash Flows



Years ended December 31,


In thousands

2018


2017


Cash flows from operating activities





 Net income (loss)

$                25,074


$            (15,417)


 Adjustments to reconcile net income (loss) to net cash
 from operating activities:





Accretion of asset retirement obligations

494


405


Depreciation and amortization

12,423


3,154


Amortization of debt issuance costs

569



Costs associated with abandoned offering



Equity-based compensation

2,638


2,820


Deferred income taxes

109



Changes in operating assets and liabilities:





Accounts receivable

(3,563)


(6,251)


Prepaid expenses

(774)


(715)


Inventories

(4,127)


(8,539)


Other assets

(835)


(1,114)


Accounts payable

(1,521)


15,535


Accrued expenses

5,551


1,369


Net cash from operating activities

36,038


(8,753)







Cash flow from investing activities:





 Acquisition of Knox Creek



 Purchases of property, plant and equipment

(48,137)


(75,039)


 Purchase of investment securities



 Proceeds from maturities of investment securities

5,200


55,237


Net cash from investing activities

(42,937)


(19,802)







Cash flows from financing activities





 Proceeds from notes payable

13,000



 Proceeds from notes payable - related party

3,000



 Proceeds from borrowings

15,424



 Payments of debt issuance cost

(569)




 Repayment of notes payable

(13,000)


(500)


 Repayment of notes payable - related party

(3,000)




 Repayments of borrowings

(5,950)



 Proceeds from issuance of common stock


47,709


 Payments of equity offering costs


(1,756)


 Proceeds from issuance of Series A preferred units



 Offering costs for Series A preferred units



 Advances from Ramaco Coal, LLC



 Repayments to Ramaco Coal, LLC


(10,629)


 Repayments of financed insurance payable

(989)


(127)


 Payment of distributions


(5,405)


 Contributed capital from members



Net cash from financing activities

7,916


29,292







Net change in cash and cash equivalents

1,017


737


Cash and cash equivalents, beginning of year

5,934


5,197


Cash and cash equivalents, end of year

$                  6,951


$                5,934


 

Reconciliation of Non-GAAP Measure

Adjusted EBITDA

Adjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. The Company believes Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance.

We define Adjusted EBITDA as net income (loss) plus net interest expense, equity-based compensation, depreciation and amortization expenses and any transaction related costs. A reconciliation of income (loss) from continuing operations, net of income taxes to Adjusted EBITDA is included below. Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.


Three months ended

(In thousands)

December 31,
2018


September 30,
2018


December 31,
2017

Reconciliation of Net Income (Loss) to Adjusted EBITDA






Net income (loss)

$               3,394


$                    6,211


$             (2,600)

 Depreciation and amortization

3,682


3,348


1,819

 Interest and dividend income, net

446


566


(3)

 Income taxes

(1,336)


63


EBITDA

6,186


10,188


(784)

 Equity-based compensation

698


695


355

 Accretion of asset retirement obligation

123


123


101

Adjusted EBITDA

$               7,007


$                  11,006


$                (328)




















Year ended December 31,




2018


2017



(In thousands)






Reconciliation of Net Income (Loss) to Adjusted EBITDA






Net income (loss)

$             25,074


$                 (15,417)



 Depreciation and amortization

12,423


3,154



 Interest expense (income), net

1,427


(272)



 Income taxes

113




EBITDA

39,037


(12,535)



 Equity-based compensation

2,638


2,820



 Accretion of asset retirement obligation

494


405



Adjusted EBITDA

$             42,169


$                   (9,310)



Non-GAAP revenue and cash cost per ton  

Non-GAAP revenue per ton (FOB mine) is calculated as coal sales revenues less transportation costs, divided by tons sold. Non-GAAP cash cost per ton sold is calculated as cash cost of coal sales less transportation costs, divided by tons sold.  We believe revenue per ton (FOB mine) and cash cost per ton provides useful information to investors as it enables investors to compare revenue per ton and cash cost per ton for the Company against similar measures made by other publicly-traded coal companies and more effectively monitor changes in coal prices and costs from period to period excluding the impact of transportation costs which are beyond our control. The adjustments made to arrive at these measures are significant in understanding and assessing the Company's financial condition.  Revenue per ton sold (FOB mine) and cash cost per ton are not measures of financial performance in accordance with U.S. GAAP and therefore should not be considered as an alternative to revenues and cost of sales under U.S. GAAP.  The tables below show how we calculate Non-GAAP revenue and cash cost per ton:

Non-GAAP revenue per ton



Three Months December 31, 2018


Three Months September 30, 2018

Total Company Produced


Company Produced


Purchased Coal


Total


Company Produced


Purchased Coal


Total

(In thousands, except per ton amounts)













Revenues (a)


$         33,342


$       10,845


$         44,187


$       51,963


$       10,203


$       62,166

Less:  Adjustments to reconcile to 
Non-GAAP revenues (FOB mine)













   Transportation costs


3,108


1,013


4,121


6,185


1,091


7,276

   Non-GAAP revenues (FOB mine)


$         30,234


$         9,832


$         40,066


$       45,778


$         9,112


$       54,890

   Tons sold


315


95


410


510


90


600

Revenues per ton sold (FOB mine)


$                96


$            103


$                98


$              90


$            101


$              91
















Year Ended December 31, 2018









Company Produced


Purchased Coal


Total







(In thousands, except per ton amounts)













Revenues (a)


$       179,078


$       48,496


$       227,574







Less:  Adjustments to reconcile to 
Non-GAAP revenues (FOB mine)













   Transportation costs


21,281


5,276


26,557







   Non-GAAP revenues (FOB mine)


$       157,797


$       43,220


$       201,017







   Tons sold


1,721


427


2,148







Revenues per ton sold (FOB mine)


$                92


$            101


$                94







 

 



Three Months December 31, 2018


Three Months September 30, 2018



Elk Creek


Berwind


Total
Company
Produced


Elk Creek


Berwind


Total
Company
Produced

(In thousands, except per ton amounts)













Revenues (a)


$         30,886


$         2,456


$         33,342


$       49,128


$         2,785


$       51,913

Less:  Adjustments to reconcile to
Non-GAAP revenues (FOB mine)













 Transportation costs


2,930


178


3,108


5,918


267


6,185

 Non-GAAP revenues (FOB mine)


$         27,956


$         2,278


$         30,234


$       43,210


$         2,518


$       45,728

 Tons sold


297


18


315


488


22


510

Revenues per ton sold (FOB mine)


$                94


$            127


$                96


$              89


$            114


$              90
















Year Ended December 31, 2018









Elk Creek


Berwind


Total
Company
Produced







(In thousands, except per ton amounts)













Revenues (a)


$       169,959


$         9,119


$       179,078







Less:  Adjustments to reconcile to
Non-GAAP revenues (FOB mine)













 Transportation costs


20,428


853


21,281







 Non-GAAP revenues (FOB mine)


$       149,531


$         8,266


$       157,797







 Tons sold


1,652


69


1,721







Revenues per ton sold (FOB mine)


$                90


$            119


$                92







 

Non-GAAP cash cost per ton


Three months ended December 31, 2018


Three months ended September 30, 2018


Company Produced


Purchased Coal


Total


Company Produced


Purchased Coal


Total

(In thousands, except per ton amounts)












Cost of sales(a)

$            24,521


$       10,437


$         34,958


$       39,584


$         9,823


$       49,407

Less:  Adjustments to reconcile to
Non-GAAP cash cost of coal sales












 Transportation costs

3,049


1,197


4,246


6,227


1,116


7,343

 Non-GAAP cash cost of coal sales

$            21,472


$         9,240


$         30,712


$       33,357


$         8,707


$       42,064

 Tons sold

315


95


410


510


90


600

Cash cost per ton sold 

$                   68


$              97


$                75


$              65


$              97


$              70


























Year ended December 31, 2018








Company Produced


Purchased Coal


Total







(In thousands, except per ton amounts)












Cost of sales(a)

$          130,326


$       46,229


$       176,555







Less:  Adjustments to reconcile to
Non-GAAP cash cost of coal sales












 Transportation costs

21,787


5,613


27,400







 Non-GAAP cash cost of coal sales

$          108,539


$       40,616


$       149,155







 Tons sold

1,721


427


2,148







Cash cost per ton sold 

$                   63


$              95


$                69







 

 



Three months ended December 31, 2018


Three months ended September 30, 2018



Elk Creek


Berwind


Total
Company
Produced


Elk Creek


Berwind


Total
Company
Produced

(In thousands, except per ton amounts)













Cost of sales(a)


$            21,747


$         2,774


$         24,521


$       36,946


$         2,638


$       39,584

Less:  Adjustments to reconcile to
Non-GAAP cash cost of coal sales













 Transportation costs


2,875


174


3,049


5,958


269


6,227

 Non-GAAP cash cost of coal sales


$            18,872


$         2,600


$         21,472


$       30,988


$         2,369


$       33,357

 Tons sold


297


18


315


488


22


510

Cash cost per ton sold 


$                   63


$            144


$                68


$              64


$            108


$              65





























Year ended December 31, 2018









Elk Creek


Berwind


Total
Company
Produced







(In thousands, except per ton amounts)













Cost of sales(a)


$          120,655


$         9,671


$       130,326







Less:  Adjustments to reconcile to
Non-GAAP cash cost of coal sales













 Transportation costs


20,913


874


21,787







 Non-GAAP cash cost of coal sales


$            99,742


$         8,797


$       108,539







 Tons sold


1,652


69


1,721







Cash cost per ton sold 


$                   60


$            127


$                63







We do not provide reconciliations of our outlook for cash cost per ton to cost of sales in reliance on the unreasonable efforts exception provided for under Item 10(e)(1)(i)(B) of Regulation S-K. We are unable, without unreasonable efforts, to forecast certain items required to develop the meaningful comparable GAAP cost of sales. These items typically include non-cash asset retirement obligation accretion expenses, mine idling expenses and other non-recurring indirect mining expenses that are difficult to predict in advance in order to include a GAAP estimate.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/ramaco-resources-inc-reports-fourth-quarter-and-full-year-2018-financial-results-300815167.html

SOURCE Ramaco Resources





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