Ramaco Resources, Inc.
Ramaco Resources, Inc. is a U.S.-based mining company organized around two reportable segments: metallurgical coal and rare earths and critical minerals. Its core operations are concentrated in southern West Virginia and southwestern Virginia for coal, with a developing critical minerals project near Sheridan, Wyoming, through its Brook Mine property.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueHigh-quality metallurgical coal mined and sold to steelmaking and coke customers.
Brook Mine development work aimed at producing rare earth elements and critical minerals.
Research and intellectual property related to coal-derived carbon materials.
Products
Reported · share of revenue- Export Coal Revenues63.3 %
- Domestic Coal Revenues36.7 %
Source: 10-K/A FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Ramaco sells metallurgical coal primarily to North American integrated steel mills and coke plants, with additional sales to international metallurgical coal consumers in Europe, South America, Asia, and Africa. It also serves limited specialty markets such as foundry cokemakers, activated carbon product manufacturers, and specialty metals producers. The customer base is tied closely to steel production and global metallurgical coal pricing.
Buy metallurgical coal for blast furnace steelmaking and coke production.
Purchase coal blends used to produce coke for steel furnaces.
Buy export coal in Europe, South America, Asia, and Africa based on pricing and quality.
Buy limited volumes for foundry cokemaking, activated carbon, and specialty metals uses.
Potential buyers of processed rare earth elements and critical minerals from Brook Mine.
Strategy
Ramaco is developing a dual-platform model that combines metallurgical coal production with a longer-dated critical minerals and rare earths opportunity. Its near-term strategy centers on operating low-cost coal assets, while advancing Brook Mine, associated processing concepts, and a strategic critical minerals terminal to broaden the business over time.
Coal remains the main cash-generating business and funds development efforts.
This creates a second growth platform beyond coal and targets strategic U.S. supply chains.
Downstream infrastructure can improve control over product flow and market access.
Patents and licenses may support advanced carbon products and future commercialization.
Geography
Ramaco’s coal operations are centered in southern West Virginia and southwestern Virginia, with corporate offices in Lexington, Kentucky and operational offices in Charleston, West Virginia and Sheridan, Wyoming. Coal sales are split between North American markets and export markets, and the company markets internationally into Europe, South America, Asia, and Africa. The Brook Mine critical minerals project is located near Sheridan, Wyoming.
Risks
Ramaco’s results are exposed to metallurgical coal price cycles, steel demand, and customer concentration, since most revenue comes from a limited number of coal buyers tied to the steel industry. The developing rare earth and critical minerals business adds execution, permitting, and commercialization risk, while also facing competition from China’s dominant position in the global rare earth supply chain.
- Metallurgical coal price volatilityImpact: HighLikelihood: Medium
Coal revenue depends on market pricing, which can move sharply with global steel conditions.
Exposure: Metallurgical coal segment
- Customer concentrationImpact: HighLikelihood: Medium
A small number of customers account for a meaningful share of revenue, increasing bargaining and volume risk.
Exposure: Coal sales
- Steel industry demand weaknessImpact: HighLikelihood: Medium
The customer base is highly dependent on steel production and blast furnace activity.
Exposure: North American and export coal markets
- Rare earth and critical mineral commercialization riskImpact: HighLikelihood: Low
The Brook Mine and processing approach are still being developed and have no revenue yet.
Exposure: Brook Mine project
- China supply-chain dominanceImpact: MediumLikelihood: Medium
China controls much of global rare earth production and downstream processing capacity.
Exposure: Critical minerals segment
Accounting
Judgemental itemsRevenue depends on contract structure, shipment timing, and transportation billing.
Impact: Affects quarterly revenue and comparability across fixed-price and index-based contracts
Mine closure and reclamation liabilities require estimates of timing and cost.
Impact: Can materially affect liabilities and future cash outflows
Mining operations create long-tail claims that require actuarial judgment.
Impact: Affects accrued liabilities and expense recognition
Brook Mine and preparation plant investments may be capitalized before commercialization.
Impact: Influences asset balances and future depreciation/amortization
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Last updated: 24/09/2026