Earnings call transcript Q4 2022

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Operator

Good morning, everyone and welcome to the Ramaco Resources Incorporated Fourth Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note, this event is being recorded.

At this time, I'd like to turn the floor over to Jeremy Sussman. Chief Financial Officer. go-ahead. please Sir,

Jeremy Sussman

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

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

ramacoresources.com. release, remind press also which measures of the can that can viewed I'd non-GAAP to you our find be like our financial today discuss we you that a at website in reconciliation plan on to

this call investor everyone go on today's calendar. presentation ramacoresources.com I'd Lastly, events download our the encourage to onto website under and

CEO, introduce let Atkins. said, and me that With Randy Chairman our

Randy Atkins

was Indeed, most market impactful 'XX ignition mine has We production. of us quarter that The the and for thanks one environments the That cost joining one of was Berwind of the two the everyone, call. volatile Jeremy. Thanks, to XX% was Good experienced setbacks; another sudden. quarter. our challenging year morning was closed fourth company operational faced. last and the

financially. performance rail higher adjusted than logistical we no easily that as year. public We more throughout That did scratch. EBITDA. million issues more past I 'XX than generated the was of long public times year and The years almost the Despite can lasting. other $XXX those best the also three other that five a and we also than was was continued was of headwinds, shorter encountered It level from has our that company. coal starting 'XX. This cumulatively think growth achieved was more over period group in in

hope and is for 'XX, year, This simple. capacity. overall We we some and but sales meaningful quite increases only also not execute. back want Looking to processing our in on ahead goal print production, track to get in

to a year We this cost pricing. great signs has reduction of and macro encouraging sales focus on will and already deal uncertainty, and with started continue despite

capital about by spoke amount to 'XX our We always we base a public, our of payout goal recently went that first we there again returning in the it took shareholder. XX%. Since dividend. back with primary promptly increased the doubled We first last further and December regular steps

expect We progresses. as the again discuss dividends year to

will we which term headed once the put, cash as Simply to intend regular to but capital investors. we tried back we to registration, in on overall, increases discuss have policies have now of long to stock our amount we to is tracking our return have appeal that also grow, We permitted, steady design shareholders.

to has to sales retaining markets that since We would pleased strategy previously optionality. sales new a marketing our team significant would and yield our volatile price late extremely our despite booked I'm macro tailor guided, the those last 'XX. in update meteorologic also with that we best environment, a netbacks bias

done now that. have We

and thirds are year mainly of high at we fixed domestic end for index of mills At the prizes. of sales to two guidance, export steel XX% traditional this floating over have Just committed sales pricing. at price

Our than margins traditional this is prices. fixed in index view higher cycle, achieve market will prices that

tons the This be these million are optionality, the one have end left to sold almost range. guidance and play. again the at high Adding to represents tons still our of for expected about we Again, at index. more uncommitted export total XX% sales of

tons Summing up we on our margins million already at total to have mostly placed thirds prices sales as said, fixed business. same our X.X priced cost or 'XX I midpoint over time, back triple the ton. This of digit index-based two of At tons $XXX a approximately guidance. be book, will based at nets million two the export

headwinds. was record we a On year, 'XX financial performance, encountered while

was No. Virginia West a course, recently in July. by was the called confirmed lightning strike portal. probably have Berwind [indiscernible] First, surface its at unfortunate it X state regulators the mine mine near our technician of and that

Fortunately, that mine last week. restarted

by full the expect third Berwind will section. from We production first quarter, hit the

mine Berwind X.X anticipate for also become once We million reach over at complex complex production. second the largest we tons

we floating on some met sale. around This July, met a business into US thirds niche at $XXX APIX large the pricing roughly tons Unfortunately, selling tongue. we Another against but crossover priced to took that than time the for the concluded a time was during use, the by APIX two a deal index higher hit issue sold we in contract When term much European drop coal index and last the of thermal that that was realizations. utilities. was when

each litany by of We was almost Law. EBITDA estimate Murphy's average just always rail rail We to million seem $XX the like an and that delays end. logistic quarter's issues negatively quarter. adjusted at It a get of also impacted

normalized railroad cadence what to We are on partners. from now hopeful logistics return our that in based hearing we're more 'XX will a

the developments be on we 'XX based year, to quarter and throughout very building term earnings. fundamentals, to the will positive in a second is several simple poised year. have near forward, begin Starting impact Looking which

shipping one increase ton is Creek in million the three million the with at maxed and is which and expansion First to complex, Elk processing capacity tons. an production

number one mine. Berwind of the reopening the is Another

initial XXX,XXX a ton guidance, ball This attractive we now coal. a at the be in very low ton also second production 'XX. year increase mined Maven XXX,XXX the at per quarter, production begin in mine. our mine anticipate Lastly, high of expect 'XX over will end to new In we at

a expect end roughly enhanced of not ton tons carryover increase year XXX,XXX we also by ship of by one in logistics. did the We rail coal because million sales

By of the in some third shipping growth run up ton quarter, we for This, four sets a producing, million selling per rate. us solid north XXXX. of anticipate and annum course

cash In well $X versus expenditures decrease as we or by million decrease mine or in X% significant quarter, a capital to about hope XX% as addition, per $XX this cost $X year to 'XX. have

from At reserved contemplate not infrastructure reach production X.X we've we acquisitions. level made acquisitions do and alone, processing we we production, adjusted capacity the royalty are of and adding coming million on additional expect, this and both accretive point, Over competent that EBITDA. the 'XX past net over XX years. year that record By months, sales further another income will to of optimal three tons fundamentals our be

growth year. to requirements by all repayment and We our meet as internal production capital all well as anticipate of for later sufficient generation debt for this cash term acquisition

I our forward. is the we to levels again is our for closing, goal dividend As to revisit simply also 'XX In year execute. moves said, expect

growth to and production our two steady capital a shareholders. have main We increase objectives, in return

finances, would floor turn team, I operations to markets. the like rest the the detail over and discuss of to that, on With more

financial a Jeremy, metrics. So with rundown our on start please

Jeremy Sussman

you, fourth Net million million XXXX was EBITDA year. year income due income of by highlights. Randy. affected down was I'll million was $X.X the XXXX. X% of by EBITDA over was Adjusted Thank same to quarter Quarterly our up plus going financial over period of by net Adjusted at impacted cost negatively in start $XX $XX $XX $X million July mine our ignition. million. Berwind the idle negatively from

$XXX million full to of a earnings year adjusted in both $XX idle affected $X.X diluted our Berwind $X.XX. of year previous basis. or million XXX% EBITDA was in costs. was roughly year roughly full the year. income record Adjusted million EBITDA up were net share compared EBITDA million a These by by was per $XXX on On XXXX basis, On XXXX. negatively adjusted

into set temperatures of challenges. early compared due to expectations December quarter of fourth almost which in pushed negatively by to XXX,XXX logistical XXXX, results extreme be affected January caused tons shipments to Our were XXXX cold

XX% pricing, on Europe. sale impacted We to which a seaborne margins monthly drop index also in APIX a large saw

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

we First, due we production X tons to of sales. million production the to than tonnage. in guidance, year-over-year more XX% above At tons a anticipate carryover anticipate with million end X.X sales XXX,XXX tons of of sales the high increase impact roughly

from per to X% $XX of we ton cash roughly is cap Second, which XXXX $XXX a million, anticipate decrease cost. cost million

these in from annual are $XXX Third, million gave to guidance we would I $XX anticipate XXXX. of $XX of note from in we unchanged that million million all down CapEx figures December. the

want XXXX, we to out point in I the ramp are granular than more is given quarterly guidance expected giving of thing normal. in that sales One production

Specifically, $XXX $XXX to ton. and ton XXX,XXX we per XXX,XXX per QX costs ton production tons of $XXX sales to XXX,XXX per $XXX expect of to tons tons in realized tons with of pricing cash of XXX,XXX to

APIX due QX $X income. the January the negatively the EBITDA QX quarter to a of index final adjusted is linked of Clearly, realized and year pricing roughly ton terms cargo. be in guidance as anticipate to lowest we impacted whole by a net

XX% back in Berwind of year Elk should second the last quarter, the sales as the and the as the by mine, occurred Creek's production plant on Our increase which back the increasing of return meaningfully of week. well capacity throughout on

would sales will economies increase initiate production production We in as scale. Mine costs due second cash Maven the on decline quarter. to We to and the of also expect

target you term our to seven our turning Slide six I maintaining X.X like term presentation. are we million would outlook, to production. longer in tons of and point Now of growth our to medium

CapEx reminder, million get a we to we production can X.X very favorable tons intensity. As at believe a of

million XXXX, of a for between buildout total XXXX X.X tons we full completing capital growth anticipate of the XXXX, annual to split and Specifically, production. $XXX of million

XXX,XXX whole we growing million two growing tons Creek At last growing more to Elk XXX,XXX million tons triple to million This from a from Berwind tons tons the production would of last Creek year. tons tons year year. two last million as than complex, almost Knox levels, almost to X.X million X.X complex The envision is in tons. almost XXXX these a from

million $XX XXXX more this million growth $XX year over capital us overall of that peak of for than down growth than everyone remind would with $XX CapEx less anticipate I with million. We capital. CapEx by was

paying growth to detailed, returning the addition as capital return a production also remaining uniquely industry-leading we Ramaco view we In in among balance to anticipate order our to Importantly, of while cash continue this majority down debt Randy amounts our shareholders, to profile, our of increasing positions peers. in sheet. growth as and story, maintain short, story us a we year which strong our both believe

I our would Chris the Chief now Operating to over to Officer, Blanchard. turn call like

Chris Blanchard

Jeremy. Thanks,

of As of that to mine Randy accidents indicated or in is operations thank mine importantly in his completed several any number [indiscernible] have the the remarks, any just want imminent. Berwind are working completed the transformational State We joint us changes of their The or without we been portfolio a our Most to and had Virginia safely mine days. past restart employees professionalism and recently the recover of recovery the and for complete investigations. was the with contractors. the to have West in

rescue We conditions. also own miners work the mine of efforts the recognize who challenging our and through thank tirelessly and personnel

active has and repaired section the is equipment mine of infrastructure All and been in production. all mining

we outage, to upgrade additional add took our redundant During extended steps our system. redundancies ventilation several and to

the during idle. occurred maintenance scheduled mine the while was As routine accident a reminder,

reached the just levels productivity by mine returned we first Although encouraged production, days. is in few the to are the just

up quarter ramp production at expect but mine, the the of conservative of rateable a XXXX. modeled have back fully third to at by be We levels

the Staying ton of the fourth the the 'XX, during We November logistics commissioned Berwind savings. completed saw and at of complex, plan. Berwind preparation upgrade the reduction overall plant from cost in immediate the we quarter modernization per and the

production the substantial. will cost ramps, savings mine these become As Itself's Berwind

problem. coal Knox preparation trucks. also on-road eliminates hall the another of scarcity the logistics plant our to eliminating Given Creek

our the year reaching per Creek, clean up preparation million upgrade Elk XX% to tons one to capacity final stretch. Turning plant of by the is

at throughput. the We in at upgrade all we half The periods are production put all processing in our at will operating in have the mines completed place see should complete Creek, up quarter expansion during second which and capacity. and an second of ramp Elk of the 'XX, the immediate now improvement full

growth required capital hiring plant. larger these additional at or XXXX mines in No serve will preparation to be the

mines. we Importantly, productivity financial impact the are the of full of seeing these

higher in our of bearing All training and miners fruit of the is now and lower hiring productivity XXXX coal advanced costs.

start trains We Railroad prepared the for to second additional CSX are which systems will and closely second work Elk year. the also confident with shipments Creek, our from this quarter are their the continue of and that half during

production Finally, we'll second year. Maven last the property acquired the this quarter early bring year into in

surface Our is planned processing plant. high Berwind and wall initial production the for and mine from shipment

about excited of long-term and property the the are potential the We on in this the high Maven coals reserve. quality

to our to in expanding of trajectory We complexes excess robust ultimately and continue on execute with multi-year mining of tons six growth our pricing supporting us. million today's historically portfolio

For a the our Fannin. turn Chief to Jason deeper Officer, Jason? I'd coal to discussion markets. call of like Commercial over the

Jason Fannin

markets outlook. seeing good Thanks we everyone. what Chris, and morning, in our are the I and share sales forward will in current

to times per which up steel begin. XXXX, Lead is the pricing and have level global weeks, since eight the is QX we extended of highest and As Hot pricing in ton XXXX. US. rebounded. to demand $X,XXX rolled

has of defacto for week, parts started last which Asia. ban has its positives coals, idle was half US, initiatives also the instituting a its growth PMI and two manufacturing and 'XX its XX-year to high second in capacity ended on coded China year during pushing furnace policy is coal of to Australian Europe, in return, the markets. Blast coking and zero all

same year, improve in supplied muted of future. under coal the of long prices seen remains dominant foreseeable XX%. supply coking due remains have the years response At the to coal investment for Indeed pricing Since the the elevated side space. the time, start we driver tightness the

US is point Forward continued Output for and strong negligible from to during metallurgical through XXXX. levels. pre the 'XX 'XX. coal pricing saw below Exports growth curves still pandemic

US in of even year 'XX In December the logistical delays. temperatures the extreme caused rail already fraught with challenges, in further

initiatives front. efforts railroad XXXX, challenges labor hiring the and continue of performance. applaud the their improving Our particularly improvement to during we partners faced and see did on same many We service

be ahead progresses. met-coal Roughly on index $XXX of thirds advantage attaining will focused XXXX, year forecasted X.X a the of tons Looking at strengthening are we our at export currently as to have feel we as market net sold mine. price what take Randy export to X.X of ton sales have sales million which price, over a market. the will said, be the million two committed business into booked of per We tons fixed just

one With metallurgical the tons against million remaining priced indices.

one to end of export with remaining upper sell sales about forecasted at million This unpriced leaves the us tons volume. our of volume

now to We of executed consumers niche attractive have also coal our on our sales. our our market plan grow position over XX% with domestic this forecasted specialty, represents and

of volume in coal placed XX% America. North over is Just makers with traditional our forecasted sales

results additional now Additionally, in in our with are discussions market other we customers India destinations. from other have and shipment with In strong Pacific cargos. trial performed test with for Japan increasing excellent and consumers interest pricing, into first near-term recently are we and Pacific net that, line seeing

a long-term spectrum which Pacific production, portfolio ash, low to the as low, coals. coal, of high low market of coking and Ramaco sulfur strategic medium, volatile spans considering the our growing As consumer, full metallurgical expand view continues quality, we especially

they Overall, the we current like to as market apply conditions Ramaco.

to see of a supportive We which protracted and coal continue of pricing supply prolonged levels. coal period imbalance demand, of coking elevated a coking is

share. continues a for We opportunities market of also expansion of to US supply Pacific lacking as demand their grow, market providing see certainly

Q&A now to Operator? the of like would for I call. call said, that the portion With to operator the return the

Operator

go Riley And today your question. Ladies first B. question-and-answer from Securities. [Operator Pipes comes with begin and question session. gentlemen, now will the Lucas instructions] ahead Please from our

Lucas Pipes

of in context in progress much, conservatism the and about embedded about a the you good is guidance, hear delays again, we Should tons very Thank Thank were end stuck XXXX QX question the at degree of of especially your everyone, fourth much very think My that in you about the for quarter. for at the QX. about Berwind. morning, of first guidance it's operator. kind the perspective. thinking Good the to

Jeremy Sussman

It's Jeremy here. Thanks Lucas.

So, impact tons basically mentioned a over quarter. average that $XX his we from EBITDA remarks I had about on prepared think, carry each Randy million in

but say taking bit trend this So, rehearses, I'd we're certainly wait there. a see of a we approach and hope

Randy Atkins

And per more verify to quarter definitely would little and on with year we're it is approach. this call us, trying performance. a a conservatism Randy. toward I so million bit Lucas, is pretty decent hit this trust a approach to what expect we $XX rail

Lucas Pipes

domestic you. on focus in to That's, question, sorry helpful, a market, may you it. XXXX And queue, I to today, makers; on you What the the the thank are APIX appreciate if I then second two back is market, come I but your for of domestic and exposure perspective bit sales later the my those inquiries wanted much, and that would seeing missed increased then the steel steel Thank very your with strength in any from points.

Jeremy Sussman

I'll Lucas. the and handle part Jason first take let then the second.

we had had in after we XX,XXX index. So to of shipped APIX about APIX have this we tons January, some but tons January and we that exposure, weren't linked carryover supposed to any zero year, have were even frankly, the that got

you impact to So see QX our Jason? pricing the of an guidance certainly that. on back

Jason Fannin

Lucas, Yeah, Jason. is this

on there. inquiry, the six with in would certainly end I back up through last, those and the lead to seen step demand times side weeks volumes QX the for half, the say, certainly, the in four and and domestic Yes. pricing what pick the we're additional side seeing On

Lucas Pipes

really for now. luck. I, color. you, All I'll right. over of appreciate best it the Thank I and turn

Operator

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

David Gagliano

in X.X to what's volumes million reduce production million XXXX I last in for to growth in X.X the tons, the were I about outlook like you Can It quarter now targeted explain changed three months 'XX, bar or the last tons. 'XX questions. just, be, used my taking XXXX? in thank ask the Hi, the you looks wanted charts. to

Jeremy Sussman

Hey So it's David, Jeremy.

million deferred? how to five the that say few out, but, that kind some how have I'd the the that a plays ability we're million over now we'll see targeting of it's of that we projects projects. we 'XX, deferred is, So, tons, right, -- increase pull just on the in fact we right we've year certainly So tons is forward reality based X.X the the but capital should

David Gagliano

get commentary open right. that's was but go-forward volume at All near that. $XXX like full just tons to term question, there's helpful. to these comment a then there's, the numbers think I X.X wrong, tons just I'm priced ton index I pricing. on XXXX. And And shipment Okay. think is is million the X.X what the another million million But the obviously That's going something pricing a pricing, clarification X.X then for on million open about or for basis. the And a was year to tons.

open So of for that only rest the the or tons. this to adds -- pricing X.X also under already up domestic contracts? is million sold What's isn't some

Randy Atkins

I is Yeah, I this think, Dave, think Randy.

that's is I We've tons end an million it's think index. the million but got committed, tons open at uncommitted. another

Okay.

higher you So to gets end that guidance. of our the

David Gagliano

it. Got

perfect. to okay, just you. sure That's want I make Thank Okay. needed. that, all I

Operator

And Please from our ahead next Martin Company. with Benchmark your question go from Nathan comes The question.

Nathan Martin

coal the well. taking guidance operator. of tons guys I of Did that Jeremy, correct? that, you morning, lane as say carryover that just think been you shipped XXX,XXX Thanks APIX have guys. thanks the shipments, first purchase tons that coal. already for XXX,XXX I in carried quarter as I is Good coal over shipped about the relates to XX,XXX XXX,XXX Is already tons tons, think January? appreciate you mentioned the it to Hey, the including some extra questions. for

Jason Fannin

were XX the essentially the days completed. say days tons Nathan, Yeah, January, and Jason. within first, XX shipped this I'd carryover Yes, of all to is

Nathan Martin

shipments appear around Jason. year then market, largest appreciate that export about And then, you the would that of guys date. X.X will at the least shipments portion to third would million which it. are Got tons, sales, going I to And it two mean be estimating domestic now. I think thirds clarification, for of obviously this

mainly into markets. Asia. new may appreciate India, met-coal there the be now? pricing color Coast curious, Thanks. I the know Is your Any there on shipments more or export the prepared of and the color US you off the which still the tie do you remarks are at East I today? in some you mentioned guys indexes Jason, test first have in indices some to it various shipments vessel

Jason Fannin

overarching Yeah, market there, down we bit in be to presentation, an comment in question of have is grow. slide I guess would little Breaking geographic in continues seen a have Pacific the layout XX shipments interest our certainly the the, increasing where heading. we Sure. the that are your

I The at year, had larger challenges we the that we last didn't think executing the faced occur. some on of time, potentials

good So in into QX. now market that early would we're with breaking success say I here

think, remain Europe In will terms the for of concentration the, probably our sales. seaborne breakout, our I heaviest

as well continue what now too. we'll and Also Brazil do maintain to grow we potentially where have that

terms off in don't the bases, business the Coast remain of in I the based index will indices of the on on each, So certainly have Coast and indices. most US majority that breakout say would East I Pacific, the Pacific the but percentage is a US

Nathan Martin

coming nice. put from recent Appreciate indices Obviously that guidance ton, And few return then the full the XXXX, year a and target you maintained out Jason. company back ton to runup cost $XXX last so that's guys, met to produced months. the in $XXX for ton before down side, cost there $XX that, maybe

continue could you prices to that what prices you $XXX? in of share be Curious, could see assumed we pressure, met kind above stay any range if there well and

Jeremy Sussman

it's Nate, Jeremy.

So, we the based forward on curve at generally look that range.

spot end they course. prices you are. have, the of I'd That'd higher range. probably stay where point good be a of the problem the towards to obviously So,

Jason Fannin

run least to recessionary that extent the If don't forecast anything, up bed real think in on a put that those seen there increases. that we rates, that that's more if at cost continues cost pressure the we've a to any prices, increases much a are environment, I increase think damper think the period. in Nate, we've Yeah, in though I think even seen I intervening

Nathan Martin

are big seen. that maybe comments as a of labor front a that moderate Appreciate Randy, on it we've things of And increases any just how in final the at think well, would are here I the some be was Creek a great. or you perspective. mentioned then well guys. Chris I Elk bit like from labor pretty the thoughts the in Great. think front labor general? just sounds front, Is on guys cost stock But piece those little least

Jeremy Sussman

Yeah, we, clearly we up last both staffed at year as increasing of well anticipation production in Elk. as Berwind

we So to that last not do And wage that that this adding just said number. ameliorate anticipate the to to year. kind year got I we increases, certainly of think respect from also with the I expected earlier pressures year in we

Nathan Martin

luck guys. helpful and Appreciate Very the in time 'XX. for of thoughts. Thanks Great. best those

Jeremy Sussman

Thanks Nate.

Operator

And our with follow a your Pipes go is ahead up. Riley up from from follow B Lucas Please Securities. next question

Lucas - Pipes Q

wondered recently, and of over performance incidents in you very performance. for you terms to Thank comment to commentary course mixed taking side. a so bit today of as you could I some rail recently there's I relates of kind year for It's is little follow you more my about Thank and your very operators. on you rail? the the been up see Thank you the if much, it tragic outlook much. what Obviously specifically wanted question. on follow up rail how been

Jason Fannin

stock slow steady the long and Certainly the a and size Jason. all of is just year we'd the improvement kind back to rolling of quickly there year, to at meet end carryover Lucas, of right labor tons referring Yeah, seen, the demand. as the this

unfortunate the incidents at and just, end the one Just there a right those crawl right vessel at the of slow the a each year. cold unplanned peer an happen vessels one two extreme other another, a extreme, to year, end we queue and to at was series around temperatures the of had at that dumping of Christmas, outage vessel the just on loading have of piers we the in was

job keeping to of as of the partners the year course about an railroad remarks, have all of close at talked shipments and start our done we, trains mentioned year both those I'll up from. in Since excellent the we're as they're And stayed against very eastern rest year expansions thinking three Elk, up at say, and quickly are his anxious locations the of we at shipping and Chris that there us the meetings the and on them and our coming bring ready railroads and had since very we, this to by year at we've as going where one we're these one forward last we're moved. confident served tons in Berwind here, get we've both

the are So come certainly optimistic again, you QX QX in already much mentioned happen is here here we're make but this improved cadence and already, the quarter, to here to systems out there it cautiously and plans there the are forward.

Randy Atkins

they last us. and the is hiring, where in particularly deal a lot Yeah. the manpower feedback And are from that Jason, forward stepped with have serving have this the is which echoing Lucas, market great issues related to gotten the of area Randy. us we've issues, rails year now Again, a of the done trains specific that had they

not with direction. it's improve. moving they've happen like the correct think the we levels anything got stats and additional We've seen so we're it's definitely the but hopeful Certainly, to that will overnight, the going service manpower therefore in that

Pipes Lucas - Q

you helpful very you. there. the dependencies to you a hear. folks to need numbers missed That's or requirements any the still have to Berwind? labor do on hit do roughly relates ramp then, Thank the hire And but question, Berwind to as follow at what's as sorry response so, and there question I Nate's if I additional equipment it magnitude? then And to If up up

equipment Some times on side. of your peers have really long the lead noted

as up that follow on very wanted So Thank well. you to much.

Jeremy Sussman

little our hiring bit we to at waiver dozen the that the to do few at slots year. But Berwind year do The Berwind. a have our fill miners we guidance will less on we'll front, half of Lucas, a Maven So this talking the hiring a of as than up we're of in remains complex. second bulk the hit that ramp be

ramp Berwind equipment have front, as we on the do But or equipment the locations. lead equipment other on accurately on then for long. of new ramp up and the extremely up rebuild not And been any at times portrayed dependencies any equipment for the the deliveries have

far enough in of year. that front have that, out don't were we we Fortunately, impact any this

Jason Fannin

why in And of think heavy in that, forward I Obviously two occasions least hopefully 'XX. of that I, to going and we'll at equipment add reasons last was frankly that production one year a year, purchased Lucas, pretty we to and I'll for we decrease in had that's happen anticipation the where last CapEx see of can 'XX. a

Pipes Q - Lucas

clear. you Thank my very and best taking up of Very questions follow much for luck. again,

Operator

to Yeah. conclude Ladies question-and-answer remarks. management the with for I'd session. that like floor to any team the closing gentlemen, back over turn we'll today's and

Jeremy Sussman

being We Well, look once you forward And call again, said morning. as months. in on remarks, we to forward getting very much. we appreciate earlier few my everyone I together look Thank a this in to the executing.

Operator

do And gentlemen, you that, with conference thank conclude ladies we'll and for and We call presentation. today's joining.

You lines. may your now disconnect

Ramaco Resources (METC) 9 Mar 232022 Q4 Earnings call transcript