METC - Earnings call transcript Q2 2022

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Operator

Good day, and welcome to the Ramaco Resources 2Q 2022 Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Jeremy Sussman, CFO. Please go ahead.

Jeremy Sussman

you. Thank Ramaco second to call. quarter of you all I'd our to XXXX Resources, behalf welcome like of On earnings conference me Operating Randy Chris is our this Chairman Officer. With CEO; and Chief Atkins, Commercial Blanchard, and Officer; our Chief Jason Fannin, our morning

or discussed statements speaks subject the Act which update the in outside start, differ items to These does actual Ramaco's that of meaning measures and forward-looking you reconciliation law, events. statements financial Private new non-GAAP revise by press information, Litigation future like factors, which Reform many forward-looking of XXXX. statement. date are results I'd as constitute These represent call we share our and uncertainties the the today's to Before in discuss to of future only the Ramaco which other our of concerning expectations statements, find otherwise. made I'd as Any result you today can that cautionary of discussed are obligation forward-looking on of statements. materially or except from release. forward-looking like any normal as plan results to could is risks, forward-looking it a to a required remind whether Certain on any we of control, statements to also not undertake events Ramaco's statements cause within Securities

CEO, events download me With this let on Randy investor that everyone encourage go and the our our ramacoresources.com I'd to calendar. Chairman Atkins. introduce today's Lastly, onto website presentation under call and said,

Randy Atkins

Against of we stronger to several by million half million earnings of us sell all. our year mine safely left level the Berwind metric $XXX about XXXX That's When have the that about XXX,XXX second Based ramp have sales only date, print, and tons case, $XXX temporary results on morning mines. a effectively to three every to good in multiples. telegraphed we we be and closing looks this the We about significantly hope to our of we record half Jeremy, to to recent to on still first one year. despite for half. EBITDA guide a now first XXXX EBITDA. expected currently for May, Thanks, generated

you our know, As buyers twist domestic extra is customers here year to us, this we This coal an in thermal European season willing the had period. year. traditional Last XXXX moving met prices now already currently sales met during seem more the than with States. this year, pay north upon

We soon will tons steel to customers we We met. a see the most best producers, next we look were of may our turn a year very about be almost the half inventory every fall. of first build, dealing year to This XXXX ton at with turned of rails" shipments. look our buyer if to weeks a few from producer. sort rail European a higher the out sale our we missed pricing. first-half, ago adjust Like interesting the And as a dynamic. or thermal out "down for placed has for will domestic north for possible at netback the delayed well to be largely XXX,XXX Indeed, pricing place to price

is improve rails currently notes do half that hope hearing see. and the the from will the can and all right we are We second all deliveries

this had expect quarter, does again will cost could cost meaningfully. mine second come improve group creep tons not peer issues, rail this we some capacity We sold the to noted consensus the not had and reviewed when call, many I be As coal is I Similarly, but we move. half detail, us of delivery mined down because build of Jeremy before the which inventory costs. but how cannot diminished earnings

are of recent costs, and from half mine roof the like We see purchase. fuels will bolts second diesel starting Ramaco some to coal and direct royalties reduction in course our on inflationary improvements the see of already the full

think and There take main despite away and continued U.S., softening met first as our coal met overseas. multiyear some in supply that the still coal in as view half and is is, longer-term benchmark prices, a well the from current the strength take I between a of both we is markets. mismatch availability demand,

resolving these economic we several lead we also already of We be in current form there vantage, market feel year. which supply global term. lines. logistical could events opportunity. breeds markets recessionary and are witnessing exacerbate of backdrop the stretched see confusion near the this could themselves do which may dislocations, same not global we Indeed, volatility this that witnessed our perhaps From price sentiments, all Despite to the ahead, earlier

years. ahead growth to two million We over we This from of roughly incident, tons million are the where production guidance we XXXX. forecast production next of our X.X long-term X.X our This on tons tons. of roughly earlier miss and at an tons are year, X.X Berwind ignition in to now to over will looking increase ended year we marching X three But the the next production in full million slightly of triples XXXX. mode million back level to least a total

future production. two since that enhance taken to our call steps have last We

at we Elk previously of the had processing First, increase middle next and year. preparation the million X to tons our increase annualized now an by capacity announced an that tons started bumped in We plant have reach now have X.X million Creek to figure.

and the level yesterday, vol reserves $XX million. which Virginia low begin for West agreement, entered year in Next, mine production After will we we XXXX. we closing, expect later mining Maben this announced have acquire into ton just ton highwall XX million to XXX,XXX an by

build Maben million additional million capacity add the this Elk in year. plant prep the over capacity spend permitted We future increase about increase immediate $X also involved and in the acquisition year $XX both next have million in Maben tons. CapEx to mine and a a Creek will deep optionality to to the production and X The the

get spend they detail to above projects presentation. the For of those are million metrics in overall earnings some level, X.X the us interested the in our outlined annual in the and ton growth

to million deep the Maben the us north level mine, of dependent upon other ton X.X take which also market we and indeed options have addition might In permitting. future conditions

with on now more floor market. rest to the like and team to I the finances, So that, would to discuss turn over of the detail the operations

our financial So Jeremy, rundown please metrics.

Jeremy Sussman

over I'll XXXX highlights. you, start Randy. second previous by $XX higher our EBITDA Thank record. than of second financial our XXX% Adjusted million quarter was quarter going

we through generated XXXX, XX% mentioned, of all $XXX than now have Unfortunately, on calls last the adjusted transportation which issues Randy earnings throughout as more our than half is almost We million rail first persisted two EBITDA our higher for adjusted EBITDA the XXXX. flagged that second the in of quarter.

XXX,XXX our half more continue of build than build first taking inventory We to total XXXX to tons. inventory,

As that been press release, a and by we fourth is based booked $XX per against portion APIX for of noted this million and short back index, inventory respectively. in on roughly the nets coal meaningful $X.XX is the news ton coal thermal our EBITDA $XXX delivery, quarter mine good believe would mostly The we in shipped, at have curve. to had share earnings which higher adjusted per the now the that

guidance like areas Turning in touch on outlook, a few to tables. would key to our our full-year XXXX I

on to expect year-end. that complex. to million through purposes, the million offline out be will tons, that anticipate of hope and production tons. I mine guidance of weeks. from from more X.X Berwind where Berwind and Berwind to we for know Laurel from Fork we over our turns this million course lowering the conservative First would X.X this our assume guidance we be X.X coming at are to and Most production decline million We note Triad sales, Complex comes normal X.X to Mining

from to are per increasing to to per we $XX ton. up guidance our $XX $XX Second, $XX cost ton,

XX% to at combination $XXX up full-year material raw ton, one-third inflationary lower as is is up. due to roughly few of of per the this ramp higher pressures, costs mines and XXXX. over Putting such new Looking increase labor the cost XX% due a Roughly to of higher $XX buckets, from due productivity and is higher costs this as into related another sales year-to-date costs. is

to preparation plant. Berwind impacts moderating raw Ramaco costs material half positive the better of second production, start-up prices, from and anticipate the our on the We stronger coal continue transaction in

XXXX, million our tons to I incremental to due Lastly, some million, That intensity. we XXXX I XXXX $XXX to is XXXX, million expectation very Creek producing are plant capital tons guidance in to million tons which CapEx of our another on Big X.X show up from segue would associated our course detail million from million Slide million on the in transaction, is million million we perhaps this of to XXXX. S We X expansion and can is due Creek X, of $XX up with note roughly CapEx growth rest growth $XXX favorable would X.X tons X.X on the relates million good in to at point CapEx approval, This in tons Triple I million. a production market to of said, our is we tons, X.X tons to of now X.X due like with with to of our to midpoint, million expenditure medium-term this front, new of production that dependent you capacity preparation increasing in get as and in the Elk of would tons at $XX multi-year total at previously. job X to increase mines. a to growth guidance budget of subject previously. XX% production, growth. some that presentation. is increase production Slide the million this on up show note $XXX million XXXX X.X we and increase the Board Almost target X a The of our XX% Maben from believe an of still conditions. $XX X.X to

X.X we almost build-out production. growth by of growth acquisition and previously This based capital in million million tons split $XX completing tons. expansion between of Elk annual levels the of course increasing million plant as XXXX Specifically, Creek our and XXXX X.X we are production XXXX, anticipate on the triple total our XXXX of full Then, $XX of million capital for discussed. roughly Maben prep is a largely

growth as I'd our to over now Chief story, which us uniquely story and growth Blanchard. peer to note anticipate a we balance to cash maintaining of I sheet. our continue in Importantly, very while also shareholders, our we short, positions amounts would a our Officer, the like to increasing Operating both among view capital call improved believe addition turn we Ramaco a that In group. production returning profile, return conservative to Chris

Chris Blanchard

and this to growth reach you, next us everyone grow several coal a a equipment as of we plan as several I'd lower total late approach quarters. we the increase like to third contract Ultimately busy Thank over as the thanks touch section mine second for to a We've seam place Jeremy, of months we the to should joining at continue full and several the as had us of quarter, as by the mine on productivity, This Big ramp of this mine complex be operate bit both plans specifically. We will of instead will morning. will made, in third new that in and deliveries more overall second cost. the our our full and underground continue overall at higher quarter. a during production started milestones which Fork at then Jawbone quarter, before talking about through growth equipment all the Company Berwind mine. Laurel ramped mine the Also Berwind new production in from immediate during as quarter, a our give the and about complex we Creek now the well the the to expect be August. quarter super pace

started at largely ramped mine reached Crucible its Creek and Our the rate. second full production in has up as Elk quarter and

No. Surface mine moved also purchases the and Ram the have spend Ram No. some Elk X capital at and Creek. of Highwall X for units miner our We forward equipment

anticipated availability levels, of to the and still historic to throughout scarcity quarter. more have generally see this continues to started our the peaks. is just elevated pricing we with second Berwind costs, hope Raw in Berwind as skilled pressures of throughout material to Labor from continue the September, see coal supply rehabilitation be and all impacting, we not organization. of down half. diesel would are plant plant Jeremy be out from but laborers pace I note, loadings there we and we the Finally, chain. in expect miners, trains inflationary prices recent mentioned, the the moderate pick On see steel the but upgrade the fourth first to up operational by

the which All delays of creep to in cost these pressures are contributing Jeremy described.

the Berwind an previously was mine. between and were There apparent fully mine, at released, personnel ignition injuries. in occurred no Turning for July to methane sometime X fan no idle present. electrical we July the scheduled as mine The the in with mine. additional no power personnel coal the time and a have of upgrade, de-energized accident, underground the ventilation been Since discovery X, all

the the the steps process. the working of rescue all mine in Once authorities of back conjunction in personnel rehabilitation the mine. mine will the with mine, are and and mine make safe to We the with to coal for accident agencies begin re-ventilation the to we appropriate investigation take the the start re-enter

we course informed keep everyone to information. we will as continue new Of warrant

on just at done throughput like be from growth full increasing clean interruptions. with million our are that announced. to the touch tons. this tons the I'd still to while anticipate plant is Elk projects At preparation plant two current We Creek, of running clean approximately major work the to $X capacity Finally, X.X annually we we annual million minimal

from excited very almost also mirror image Creek of which Elk Maben are a years We volatile about acquisition acquisition, the our ago. is low

reserve We permits and with are development that for immediately are ready acquiring production. idled highwall an miner asset, surface

XXXX. tons expect property first to the the We late bring off in

million as underground that the tons With discuss well and our in markets clean of to a turn tons strategy full future reserves X other our annually call to a addition, Jason? acquired Jason would there. Southern permits In are X.X million acquiring and Norfolk proposed place, standalone Commercial producing we to positioning buildout. at Officer, I'd The and plant Fannin, as easily support loadout. that, over complex preparation are Chief the capable like mine to

Jason Fannin

I the in its our Thanks, from historic Chris, what we outlook. and coal over share last markets, and strong. U.S. sales steel forward production some recessionary coking and has remains seeing Nonetheless, market seasonal capacity slowing will are pricing which reasons, back appear to current several everyone. good slowdowns in morning weeks. There several steel and markets growth, be economic feel. highs the in The pulled are steel utilization

The Price to metric Our strong bolster assessed production steel U.S. and at Spot currently High-Vol customers demand A forward expecting per ton. pricing. are auto is $XXX

remains a the large structural coal pricing. of following exports is EU later even Although curve is for American predicated show North the stronger levels. down met Russia from lag prices. from is palpable contango. are host longer strength supply-demand exports in remains imbalance. this continued future will in sector. still imbalance declining improvement Ukraine, its highs There for over little And be forward invasion current of up it support Australian of immediately It banned We both that record year-ago by record are There XX% part met and The reasons week. met high with XXXX coal levels. outright by forward contango year-over-year this. in Shipments a met also the steep under prices. the entirety overall pricing This this the and investment supports in believe met plays a still

the for XX% floor have explored to is to prices. of a we has many demand above shifting met continues more This domestic seaborne U.S. volumes market. currently prices. recently U.S. price our is providing and met which As thermal peers, prices, underpin seen, Like met strong thermal Ramaco than High-Vol Australian

into mentioned, Randy this of current a back significant half Europe well we the at values. of above have for sales for met prices transacted volume year As already thermal

placing production XXXX significant to explore metallurgical continuing into planned also of Europe. our quantities are We

of now We our have production. planned roughly committed XXXX XX%

highest we current remaining to those look Given market time dynamics, markets, to in the which put place our provide will margins.

a the be protracted supportive conditions most metallurgical is we which we or to apply like Company, or of they production our profitable XXXX, elevated our look Ramaco. coal to coal sales markets and will on domestic to a current around demand, pricing of Overall, coking to growth coking focus they efforts supply seaborne, center market protracted We those As capitalizing levels. thermal. of likewise of as whether period forward the in imbalance see

starved would and We call. of U.S. critically certainty a I market to That now Operator also like for of supply thermal call for the return portion for the Q&A see said, the looking Operator? solutions. to the to the

Operator

Please Pipes Securities. ahead. first comes Instructions] [Operator with Lucas Our go from question Riley B.

Lucas Pipes

morning of versus so apologies good first Berwind, on? current missed much. to and it, Operator, the the increase between the what way you a guidance much, inflationary very would on components pressures terms and but cost bit I wanted you prior I were, of the in bridge at the a is to side everyone. if Thank up? you there issues Thank frame the very major How one, that and touch

Randy Atkins

that to want take you Jeremy, one?

Jeremy Sussman

Sure. Thanks, Lucas.

So yes, change the good clearly be related at the tons think, headcount I call a chunk impacts production our I obviously of of when you no lot about XXX,XXX that to to it a plan, midpoint, to mean, Berwind. going at is lose look,

So going walk me half, right. maybe the see do second things let kind where through you we in of

up coming down June we over, obviously sense To XXX So were XX% give people of call it over see the second headcount, you meaningfully half midpoint. a at XXth, we year-over-year. costs which on was

despite half a So certainly back I the of event, that year, Berwind when the mines. ramping do production the we at even ignition of look to see number

costs sales material the back related the call come plant of from XX% about half productivity the think another Berwind or is start. and say, to labor half kind another, so decrease costs let's of to combination the XX% from and gains. trucking of going and raw from We it about costs due in year So of the

bit we a and we the where gives little in of the you costs back see hopefully comfort So, about of year. are that half going where the today

Lucas Pipes

you I the And cost, continue helpful. very to XXXX, right to in way leverage fixed the is that That think about would assume is it?

Jeremy Sussman

the good get as correct. through it, that's but way with guidance season, that's we a detailed think Obviously, go Yes, we'll more budgeting about to Lucas.

Lucas Pipes

And you That's the of in about again you rail ability the and the switching some half how much. then inventory year levels are the here? confident these side, quarter, Thank topics Okay. better the performance on second second of you very built volume destock to helpful.

Randy Atkins

trying. I had mean the Yes, manpower, know to think manpower in Lucas, rectify gather the I trying they're they think I which with are issues filling reality we They've is the on rails requirements, process we that. of

As in know remarks, my everybody else a half, I said we've has well. tough had as first I

that they on to Jason, any the know have on aspects large delivery I of that. So the granular a you of focus further some like would issues? comment more

Jason Fannin

Sure, Randy.

mentioned, hiring As the certainly well. to with they Randy our struggled seen. recognize we we railroads in competitors, with has Like the as We saw a throughout numbers the forward both encouraged labor, Lucas, QX onwards. advising stay schedules. just We're continue as those by some and blip, that we've close Eastern railroads, here industry improvement

plan half as We're to in we deliveries. lately, Our see they these started shipment place as back to is half back will we with finalize improve continue them both. confident here

Lucas Pipes

what's you. coal XXXX to to you. to contracting versus very ask I'll Thank your your us, strategy season any for color. domestic? seaborne color. what more Thank I'll, you are prices - venture the guesses for market willing appreciate try as upon and North contracting much is I American Met question for the you broadly another Randy, for

Randy Atkins

this some that the remain we be August of the both the I coming came the being is number see early we little the softness fully aspects. numbers of because as much will summer nature, little sometime the But U.S. stronger Well, be will course rising. and This well year as on only in year, and I although the those different this in because and the slightly that pressure we based with last out of kind from factors pressure, probably interesting back the APIX prices customers not that the will as things few How think really than pricing think of did Europe prices level thermal my sometime geopolitical relieved didn't of is general a pressures year. mid-October, really thermal, issues on up kept I and a stronger right dynamic, River occur go it's but water from Rhine on now until a last in in market said continue got remarks, to overseas, some a on such based that, to in seen. think year fall, as a that we've of

of I to over an interesting So think of our going in being terms a it's approach we've historically to sort our And little be book, toward weighted season. tended domestically.

little probably year, this and shocked about on but domestic, the be reverse we I we we year were XX% we're than seaborne we will domestic on I would kind if next and that be export, wouldn't stronger the that, see. think XX% a of side,

As month a I will half. a said, and be it very in probably interesting

Lucas Pipes

you to team, and Randy much, very you best and luck. of and the Thank entire

Randy Atkins

Lucas. Thanks,

Operator

question Gagliano ahead. Our Capital BMO Markets. go with next Please from David comes

David Gagliano

Hi, taking questions. my thanks for

all that would realistically Just Ramaco X.X market? is versus XXXX there production first how million thermal a shift million opinion, into of tons on your regards the much of tons in of interplay, to with and thermal met, X.X the Slide the volumes

Randy Atkins

granular that's say, our the the frankly into product, of would of very and what some for I'll part good interesting as been we've half the details. well. presents some of some second let that then as I a mid-vol Well, But is that our thermal got moving we've get Jeremy highwalls year itself

Jeremy Sussman

Randy. Yes, that's I think right, I mean

either I think works our had we majority the of coal in market.

netback best said, lies. as going go wherever to David, So, Randy the we're

Randy Atkins

comment that. any on have to you want you make do Chris,

Chris Blanchard

X.X side potentially tons could to that Perhaps million top X switch. million maybe

Jason Fannin

Jason. Yes, this is

X to there. million it coal we've the X.X tons in seen is certainly of out several qualities there market, as well the to million the with market ability Now as discussions and the thermal for reception tons our XXXX ongoing towards shipments, move industrial got we've now

David Gagliano

think about then "the press helpful. the to Okay, I reserves. to near-term, tons of acquisition, shifting be the million tons" what development million in should XX Potential with associated a entail? it are just the of would said. million tons gears Maben ask to, remaining wanted What indicated, it development? are year that could expect XX it's what the the when Thank we a X total decision costs And just developed release I the on up per you. of other that's that volumes capital And developing The reserves?

Randy Atkins

Sure.

that at greenlighted and in mean, to be So the the forth. simple we'll I prep million set as our now consider answer sometime 'XX. start that We've right the thing got that tons. And is metrics year, year. we you highwall that's is a permits doing the that ahead to or the place even X.XX go mine of for half as operation next maybe in do We next would until the I second both well won't say probably plant what

in with and what more of want far this cost day would ahead the be a operations deep one least but too they line handle be be at ton plant the generally I to point, would to at will be probably at able really building don't get XXX per then up would operation the mines. So or that plant

David Gagliano

an Okay. a on with mine. follow underground plant That's prep

Randy Atkins

Yes, sir.

David Gagliano

the if that? the stock us the question, tracking the tracking think - the plans announced was you So, of last then thanks. type just or just on an could for okay. I give status update And of stock just Got and it, that

Jason Fannin

You bet.

the you haven't understand, stock, we're the because registration, on a little filed the as within frankly can tracking think bit we next do we few which will probably I weeks. So, hand-cuffed

that to you soon the for don't that would able smoothly. hoping go discuss detail. - to we're probably the about Like a but a registrations, But more most As lot that we reasonably that process be filed, as be it. that, more we'll with will able we're registration will be lot October will timeframe we is you hopeful know filed in until something that divulge

David Gagliano

you. helpful. That's Okay. Thank

Randy Atkins

Thank you, David.

Operator

go The comes Benchmark with Nathan Martin question next ahead. from Please Company. Our

Nathan Martin

for Thanks guys. taking morning, questions. Good my

I I with about of of probably think this the Europe. of the know When in lot chunk point? you at of cadence to or you to over tons is point. of back quarter touch think delayed thermal any Do how so you mentioned customer fourth we go into on kind move those a should in shipments the believe inventory maybe But expect to of half? this scheduled topics I the the getting you shipments XXX,XXX a have? see 'XX XXX,XXX tons

Jeremy Sussman

question, Nathan. Good

So look, But I'd move I mean cadence, on quarter. QX, third QX inventory from to the about would be the second build. the if mean, the sales I I unwind in your be all quarter, production the purely will certainly point, based I earnings say, and up think bigger will say from of the to

in our remarks press some X.XX unwind of that see referenced you'll QX. So prepared the you'll certainly and million ton and majority that the QX, shipment of in that but we of release, see is the majority that it in QX,

you bit of that the So cadence. hopefully gives a a sense of

Nathan Martin

of this to me you question a goes Jeremy, export XQ would figure helpful, maybe very first domestic between I average and in similar think sales with I appreciate trying my and question, just idea the Again, can an split That's last realized And and out that. pricing. asked give then how quarter that along affect XQ? your

Jeremy Sussman

also - no a Nath. question, Yes, good

of it lot So call a it range inventory will split, still online, again heavier a the bit line XX/XX with domestic the to will going which in sort is be should export. a QX, XX% in be, of and it QX, let's to in than in be XX% average,

Nathan Martin

targeted year. from kind next of Elk from us Great. Creek million expansion return of question it And to million this a like are made new maybe just middle Thanks, maybe on Berwind Jeremy. the in X plant year to there full highwall tons at the the color kind of the Again, then production. be prep sounds of any bridge summarize, X.X production sounds of Also, Could of assuming mine, guys you the 'XX? like expected rate would you maybe XXX,XXX great?

Randy Atkins

that? you to Chris, handle want

Chris Blanchard

of presentation, might X is, in of X. year-over-year course, and dogs XXX,XXX that there ton on the of into be at about expect Slide up Yes, Creek, go we the the tons. and in XXX,XXX high We've I'll from growth to mine points sort tons an which is next production. of a Berwind that Berwind XXX,XXX gas is you if Ram about get cats look back less increase through our a hit got some mine, surface section year. to big our chunks the of you out No. got No. the little expect we now Elk there we and ramp that going additional what But is assuming what We've mine than X XXXX at

As Maben some tons Triple tons underground and this got Jawbone mine S, the mentioned, does the combined. we've XXX,XXX up started mines year, XXX,XXX another Creek contribute that in the you then from we the Big of

biggest add from you of you those million tons tons, So up the the that gets all to pieces is the chunk X X.X but and million restart Berwind.

Nathan Martin

the to to Got one one, into sell opportunity of market. it. And back going met kind just thermal Thanks, Chris. final maybe the

been guys so you earlier pretty, good pretty the has think mentioned that I reception far.

there reception increase of chemical little composition dig that then looks your Just from bit, sell opportunity met you Thanks. into And pretty wanted like to properties, thermal? been, involves is is a good I to of fulling proof kind as there. it's maybe, everything the kind if of mean kind yields any

Jason Fannin

Jason. is this Nath, Yes,

to are coal for find qualities got the what to and limitations and terms particularly and users is, swelling you've been able On certainly the volatile coals, or for the of right are we found coals right just the the there of mid-vol those make end our of to are on users with the I'll users the is we've mix and content met their either Chris right particular coals, right leave properties swelling it the that inroads blend and accustomed that reception to on using to gains. the folks efficiency able into sorts both, high-vol on

Chris Blanchard

production No, but bit haven't little preparation bit recovery definitely and are some numbers, into our at plants higher higher versus budget targeting a there obviously have those gravity, we targeting metallurgical. run little those a we'd

Nathan Martin

guys. information, Great. Thanks. Thanks for that

best and I it half. the of luck for think I there. time leave the I'll second appreciate

Randy Atkins

Nath. Thanks,

Jeremy Sussman

Thanks, Nath.

Operator

like closing This over our and the back concludes CEO, conference session. Chairman question-and-answer for to Atkins, Randall to I remarks. turn any would

Randy Atkins

Great. We to forward we look Thanks as the very here into the next communicating much. being you and with move call today everybody quarter. on appreciate we

Operator

Thank attending now today's concluded. you The for conference presentation. is

disconnect. now You may

Ramaco Resources (METC) 9 Aug 222022 Q2 Earnings call transcript