Out of an abundance of caution related to COVID-19, Ramaco Resources said it is implementing a two-week operational furlough of the majority of employees at the Elk Creek mining complex in West Virginia. The Elk Creek prep plant will remain fully operational to process coal and has sufficient inventory to meet all existing customer commitments. The company’s Berwind mine and the Knox Creek prep plant will remain open.
Ramaco Resources said it will also be reducing non-essential capital expenditures to adapt to the current market conditions, and expects to have sufficient liquidity to manage all of its capital requirements during this period.
Ramaco Resources stands poised to take additional measures such as the idling or realignment of additional mines as conditions might dictate.
“There is no simple playbook for operating a business in the middle of a worldwide pandemic. Ramaco Resources is adapting to the reality of the current situation in both the coal and steel markets, while being mindful of primary responsibility regarding the health and safety of all of our employees,” Executive Chairman Randall Atkins said. “We look forward to returning to a more normalized operational level as soon as possible and market conditions permit.”
