Q2 2024 Ramaco Resources Inc Earnings Call Transcript
Key Points
- Record production of 900,000 tonnes in Q2, up 7% from the previous quarter.
- Cash costs declined by 8% to $108 per tonne due to stronger production and better productivity.
- Four current production growth projects are on track and on budget, expected to add significant tonnage.
- Liquidity increased by 14% year-on-year to $71 million.
- Significant progress in the development of the Brook Mine in Wyoming, focusing on rare earth elements.
- Global met coal pricing remains soft, with US met coal indices down 25% since the start of the year.
- Realized price per tonne decreased by 8% from $155 to $143 due to weaker market conditions.
- Production and sales guidance for the full year 2024 reduced by 200,000 tonnes at the midpoint.
- Labor market remains tight, particularly for experienced coal miners in Southern West Virginia.
- High-profile mine incidents and Chinese steel exports have negatively impacted global production and pricing.
Good day and welcome to the Ramaco Resources second-quarter 2024 results conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Jeremy Sussman, Chief Financial Officer. Please go ahead.
Thank you. On behalf of Ramaco Resources, I'd like to welcome all of you to our second-quarter 2024 earnings conference call. With me this morning is Randy Atkins, our Chairman and CEO; Chris Blanchard, our EVP for Mine Planning and Development; and Jason Fannin, our Chief Commercial Officer.
Before we start, I'd like to share our normal cautionary statement. Certain items discussed on today's call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Ramaco's expectations concerning future events. These statements are subject to risks, uncertainties, and other factors, many of which are outside of
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