Ramaco Resources
Ramaco Resources is a publicly traded metallurgical coal producer operating four Central Appalachian mine complexes, while developing the Brook Mine rare earth and critical minerals project in Wyoming using a proprietary carbochlorination flowsheet to serve steel, semiconductor, and defense customers.
- Company typePublic
- Founded2015
- HeadquartersLexington, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What Ramaco Resources does
Ramaco Resources, Inc. (NASDAQ: METC; tracking stock METCB) is a publicly traded metallurgical coal producer headquartered in Lexington, Kentucky, with operating subsidiaries across Central Appalachia and the Powder River Basin. Its core business comprises four metallurgical coal mine complexes and processing facilities in West Virginia and Virginia (Elk Creek, Berwind, Knox Creek, plus the Maben Coal asset acquired in 2022), which together produce nearly 4 million tons annually of premium metallurgical coal from approximately 85 million tons of reserves. Coal is sold under direct-sales contracts to domestic steel manufacturers and to international customers in approximately 20 countries, with commercial operations led by EVP & CCO Jason T. Fannin. Sub-$99/ton cash mine costs over four consecutive quarters and asset retirement obligations 93% below peer averages underscore a low-cost operating posture.
Beyond coal, Ramaco is advancing the Brook Mine rare earth elements and critical minerals project on more than 15,800 acres of private land in Sheridan County, Wyoming, targeting high-purity gallium, high-purity alumina (HPA), high-purity quartz (HPQ), scandium oxide, and mixed rare earth carbonate (MREC) for semiconductor, defense, and permanent-magnet end markets. Extraction uses a proprietary carbochlorination flowsheet (announced February 2026) developed with Hatch Ltd., replacing a prior hydrometallurgical design and supported by a CRADA with NETL using the GAIA AI platform for resource mapping. The company also operates the iCAM (Industrial Advanced Carbon and Minerals) research facility in Ranchester, Wyoming through its Ramaco Carbon subsidiary, holding over 70 patents and patents pending on coal-to-products IP for carbon fiber, graphene, synthetic graphite, and other advanced carbon materials.
Revenue mechanics are commodity-driven for met coal (transactional pricing tied to benchmark indices) with planned future streams from REE sales, offtake agreements (e.g., REalloys MOU for up to 20% of future MREC), and potential licensing of coal-to-products IP. The company has invested approximately $1 billion over the past year via a $200M public equity offering (August 2025), $300M of 0% convertible senior notes (November 2025), expanded credit facilities ($275M revolver; $500M amended facility), and a $6.1M Wyoming Energy Authority grant. In March 2026, Ramaco announced a four-division corporate reorganization (met coal, REE/critical minerals, royalty & infrastructure, and critical mineral refining) ahead of Brook Mine's targeted commercial production in 2031.
Ramaco Resources firmographics
Firmographics- Name
- Ramaco Resources
- Legal name
- Ramaco Resources, Inc.
- Website
- https://ramacoresources.com
- Company type
- Public
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Ramaco Resources is a publicly traded metallurgical coal producer operating four Central Appalachian mine complexes, while developing the Brook Mine rare earth and critical minerals project in Wyoming using a proprietary carbochlorination flowsheet to serve steel, semiconductor, and defense customers.
- Ownership category
- akta.pro rank
Ramaco Resources industry classification
Industry- Product category
- Metallurgical Coal Mining
- NAICS
- Coal Mining (2121), Other Metal Ore Mining (21229)
- SIC
- Bituminous Coal & Lignite Mining (1220), Miscellaneous Metal Ores (1090)
- akta.pro primary industry
- Metallurgical Coal Mining (Coking/PCI Coal) (IMAKAIAB)
- akta.pro secondary industries
- Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Coal Preparation & Beneficiation (Washing, Crushing, Screening) (IMAKAIAH)
Keywords
Where Ramaco Resources is headquartered
LocationHeadquarters
- HQ city
- Lexington
- HQ country
- United States
- HQ region
- North America
Offices7 records
Markets served
Ramaco Resources business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Personnel, Supply Chain, Technology or R&D, Infrastructure
Revenue model
- Metallurgical Coal Sales: Sale of metallurgical (met) coal produced from four mine complexes in West Virginia and Virginia. Product shipped to domestic manufacturers and customers in approximately 20 countries worldwide. Premium metallurgical coal used in blast furnace steel production.
- Rare Earth and Critical Minerals: Future revenue from sale of rare earth elements and critical minerals including gallium, alumina, quartz, scandium oxide, and mixed rare earth carbonate (MREC) from the Brook Mine project in Wyoming. Production currently in exploration/pilot phase.
- Carbon Research and Licensing: Revenue from licensing of coal-to-products intellectual property and research partnerships with DOE national laboratories for advanced carbon materials development.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Ramaco Resources product offering
Product offeringCore offering
Ramaco Resources operates four metallurgical coal mine complexes and processing facilities in Central Appalachia (West Virginia and Virginia), producing nearly 4 million tons annually of High-Vol A/B, Low Vol, and Mid Vol metallurgical coal for the global steelmaking industry. The company is also developing the Brook Mine project in Wyoming, targeting high-purity rare earth elements and critical minerals (gallium, alumina, quartz, scandium oxide, mixed rare earth carbonate) for the semiconductor and defense industries using a proprietary carbochlorination flowsheet, with pilot processing facility development underway.
Product overview
Ramaco Resources operates a dual-platform business combining metallurgical coal mining in Central Appalachia (West Virginia and Virginia) with rare earth elements and critical minerals development at the Brook Mine in Wyoming. Its metallurgical coal operations comprise four mine complexes producing approximately 4 million tons annually, while the Brook Mine project targets gallium, alumina, silica, scandium oxide, and mixed rare earth carbonate using a proprietary carbochlorination flowsheet. The company also operates Ramaco Carbon, a research division developing coal-to-products IP for carbon fiber, graphene, and synthetic graphite. The company has two publicly traded equity instruments: primary Class A common stock (METC) and a Class B tracking stock (METCB) that reflects royalties, tolling fees, IP, and potential Brook Mine revenues.
Differentiator
Problem solved
Functional benefit
Products and services
- Metallurgical Coal Mining Operations Four metallurgical coal mine complexes and processing facilities in Central Appalachia (West Virginia and Virginia) producing nearly 4 million tons annually of High-Vol A/B, Low Vol, and Mid Vol metallurgical coal from approximately 85 million tons of reserves, supplied to domestic steel manufacturers and international customers in approximately 20 countries.
- Brook Mine Rare Earth Elements & Critical Minerals Project Exploration-phase rare earth elements, critical minerals, and thermal coal project in Sheridan County, Wyoming, spanning more than 15,800 acres. Targets high-purity gallium, high-purity alumina (HPA), high-purity quartz (HPQ), scandium oxide, and mixed rare earth carbonate (MREC) using a proprietary carbochlorination flowsheet; targeting commercial production by 2031.
- Ramaco Carbon / iCAM Research Facility Advanced carbon research and development division (Ramaco Carbon) focused on coal-to-products applications, operating the iCAM (Industrial Advanced Carbon and Minerals) research facility in Ranchester, Wyoming. Develops intellectual property to produce carbon fiber, graphene, synthetic graphite, and other advanced carbon materials from coal feedstock; holds over 70 patents and patents pending.
Quantifiable outcome
- Incident rate 40% below the U.S. average for mining operations
- +3 more outcomes
Companies that use Ramaco Resources
Customer profileNamed customers3 records
Segments5 records
Ideal customer profiles2 records
Ramaco Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Ramaco Resources partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- REalloys Inc.coreNon-binding MOU for strategic partnership to strengthen domestic rare earth and permanent magnet supply chain. Ramaco would supply Mixed Rare Earth Carbonate and scandium oxide from Brook Mine; REalloys would perform separation and alloy metallization processing at its facilities. REalloys may secure supply rights for up to 20% of Ramaco's future MREC and critical materials production.
- Sumitomo Corp.minorJapanese trading company in discussions for potential supply deals, direct investments, and technical cooperation for rare earths from Brook Mine. CEO met with Sumitomo in Tokyo.
- Iwatani Corp.minorJapanese company in discussions for potential rare earth supply deals, direct investments, and technical cooperation. CEO met with Iwatani in Tokyo as part of Japan outreach.
- Oak Ridge National LaboratorycorePartnership with DOE national laboratory for large-scale production of key electric vehicle battery component and development of high-value products from coal.
- Hatch Ltd.coreGlobal engineering consultancy retained to complete revised Initial Assessment incorporating new carbochlorination flowsheet and prepare pre-feasibility study. Hatch is designing the pilot processing facility, developing and optimizing the process flow sheet, and coordinating test-work programs.
- Zeton Inc.coreLeading designer and builder of pilot plants hired to design and construct the pilot processing facility and laboratory at Brook Mine. Zeton specializes in modular, scalable systems bridging bench-scale research and full-scale production.
- Weir InternationalcoreGlobally recognized mining, geology, and energy consultancy that delivered multiple technical report summaries for Brook Mine including 2025 update with estimates of total rare earth elements and critical minerals in inferred mineral resource.
- National Energy Technology Laboratory (NETL)coreDOE laboratory instrumental in original REE deposit discovery and continues partnership on scientific and technical aspects. Cooperative Research and Development Agreement (CRADA) for REE processing, resource modeling, and commercialization. Using GAIA AI platform for REE mapping and validation.
Scale indicators9 records
Recent moves7 records
Expansion highlights7 records
Ramaco Resources competitors and assessment
Company assessmentDirect peers
- Arch Resources: Arch Resources is a leading U.S. metallurgical coal producer operating in the Central Appalachian and Powder River basins and competes directly with Ramaco for steel-industry customers, with overlapping reserve geographies and similar exposure to global met coal pricing.
- Warrior Met Coal: Warrior Met Coal is a pure-play U.S. metallurgical coal producer focused on premium Low-Vol coal from Alabama for global steel customers, making it one of Ramaco's closest direct peers in product mix, end-market, and asset profile.
- Alpha Metallurgical Resources: Alpha Metallurgical Resources is a major Central Appalachian met coal producer selling to global steelmakers — directly comparable to Ramaco's Elk Creek, Berwind, and Knox Creek operations across product volatility tiers and export customer base.
- CONSOL Energy: CONSOL Energy produces both thermal and metallurgical coal in the Northern and Central Appalachian region, with a coal export terminal and customer base that overlap materially with Ramaco's international steel end-markets.
Broad incumbents
- Peabody Energy: Peabody is the largest U.S. coal producer with a diversified met and thermal portfolio and global seaborne export capability. While broader than Ramaco's Central Appalachian focus, Peabody competes for international steel customers and represents the broader incumbent against which Ramaco is benchmarked.
Emerging players
- MP Materials: MP Materials is the largest U.S. rare earth mining and processing company (Mountain Pass, California) producing separated neodymium-praseodymium oxides. Brook Mine's mixed rare earth carbonate (MREC) targets an adjacent step in the domestic REE supply chain, making MP Materials a natural emerging peer for Ramaco's critical minerals business.
- Lynas Rare Earths: Lynas is the largest ex-China rare earth producer with separation and refining capabilities in Malaysia and Australia. Its integrated processing of rare earth concentrates parallels Ramaco's planned Brook Mine carbochlorination route to MREC and downstream oxides.
- Energy Fuels: Energy Fuels processes uranium and has expanded into rare earth and critical mineral recovery at its U.S. facilities, including monazite-based mixed rare earth carbonate production. This makes it one of the closest operating analogues to Ramaco's planned MREC/scandium oxide flows from Brook Mine.
- USA Rare Earth: USA Rare Earth is developing a vertically integrated domestic rare earth mine and magnet supply chain, targeting a similar end-market to Brook Mine including defense and advanced manufacturing customers. It is an early-stage emerging competitor in the U.S. critical mineral space.
Others
- SunCoke Energy: SunCoke Energy is the largest independent producer of coke in the Americas, supplying metallurgical-grade coke to steelmakers that consume the same coal products Ramaco produces. While downstream rather than directly mining, SunCoke's customers overlap with Ramaco's buyer base and it is a relevant coal value-chain adjacency.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights6 records
Customer concentration
Ramaco Resources social profiles
Digital presenceRamaco Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ramaco Resources leadership team
Management profileNumber of profiles
Profiles24 records
Ramaco Resources subsidiaries and ownership
Company hierarchySubsidiaries6 records
Ramaco Resources funding detail
Funding detailFunding overview
Funding rounds10 records
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ramaco Resources M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ramaco Resources
What does Ramaco Resources do?
Ramaco Resources operates four metallurgical coal mine complexes and processing facilities in Central Appalachia (West Virginia and Virginia), producing nearly 4 million tons annually of High-Vol A/B, Low Vol, and Mid Vol metallurgical coal for the global steelmaking industry. The company is also developing the Brook Mine project in Wyoming, targeting high-purity rare earth elements and critical minerals (gallium, alumina, quartz, scandium oxide, mixed rare earth carbonate) for the semiconductor and defense industries using a proprietary carbochlorination flowsheet, with pilot processing facility development underway.
Is Ramaco Resources a public or private company?
Ramaco Resources is a public company. It is classified as public and is currently operating.
When was Ramaco Resources founded?
Ramaco Resources was founded in 2015. It employs 501 to 1,000 people.
Where is Ramaco Resources based?
Ramaco Resources is headquartered in Lexington, United States, in the North America region.
How does Ramaco Resources make money?
Three revenue lines are on record. Metallurgical Coal Sales are the primary driver. The others are rare Earth and Critical Minerals and carbon Research and Licensing.
Who are Ramaco Resources's main competitors?
Direct peers on record are Arch Resources, Warrior Met Coal, Alpha Metallurgical Resources and CONSOL Energy. Peabody Energy is listed as a broad incumbent. Emerging players are MP Materials, Lynas Rare Earths, Energy Fuels and USA Rare Earth. SunCoke Energy is listed as an others.
Does Ramaco Resources have an API?
No public API is recorded for Ramaco Resources.
What industry is Ramaco Resources in?
Ramaco Resources's product category is Metallurgical Coal Mining. Its primary akta.pro industry code is IMAKAIAB, Metallurgical Coal Mining (Coking/PCI Coal), with a secondary code of IMAKAFAL, Exploration & Resource Development (Critical Minerals). Its NAICS code is 2121 and its SIC code is 1220.