The Coal Trader

Coal Mining Ramaco Resources Coal Miners

Ramaco Announced Div Increase, 2024 Guidance & RE Update


  • In-line with the Company’s historic dividend policy, Ramaco’s Board of Directors has approved an increase in the Class A dividend by 10%. This is the third such increase since the original dividend was declared in 2022.
  • The Board also approved and declared the quarterly Class A common stock cash dividend of $0.1375 per share for the first quarter of 2024. The first quarter dividend is payable on March 15, 2024, to shareholders of record on March 1, 2024.
  • The Board will announce the amount and timing of the Class B common stock dividend after completion of the Company’s year-end financials in February 2024.


  • The Company is issuing initial guidance for the 2024 calendar year. For production volumes, the Company expects between 3.9 – 4.4 million tons, with and ability to vary the range of the production levels largely dependent on market demand and outlook.
  • As of November 30, 2023, the Company has sales commitments of over 2 million tons for delivery in 2024. This consists of had 1.3 million tons committed to North American customers at an average realized price of $167 per ton. The Company additionally has 0.7 million tons committed at index-linked pricing for delivery to export customers.
  • The Company anticipates that 2024 sales will ultimately exceed production by at least 0.2 million tons, as it continues to monetize its current elevated inventory levels. Should additional purchase coal opportunities emerge, 2024 sales may exceed production by additional greater amounts.
  • Ramaco anticipates its 2024 cash cost of sales will be in the range of $105 – $111 per ton, as increased production levels are partially offset by continued inflationary cost pressure.
  • The Company anticipates capital expenditures in 2024 of between $45 – $55 million, at the midpoint of production guidance. Even at the high end of production guidance, the Company anticipates 2024 capital expenditures to remain well below 2023 figures, as the production range is driven more by demand factors as opposed to capex spend.
  • The range for the Company’s 2024 selling, general and administrative costs is between $38 – $42 million, excluding non-cash stock compensation. The Company expects interest expense of less than $5 million, and an effective tax rate of 20 – 25%.
  • Lastly, the Company anticipates depreciation, depletion, and amortization of $57 – $63 million.


  • The Company anticipates that Weir International, the mining consultancy that authored the original May 2023 Exploration Technical Summary Report, will provide an updated year-end report which will be available early next year.
  • The Company continues with further drilling and independent chemical testing following development mining which commenced in October. It will continue to release regular disclosure of ongoing results.