Ramaco Resources, Inc. (NASDAQ:METC) Q4 2019 Earnings Conference Call - Final Transcript

Feb 21, 2020 • 09:00 am ET

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Ramaco Resources, Inc. (NASDAQ:METC) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning, ladies and gentlemen and welcome to Ramaco Resources, Inc., Fourth Quarter 2019 Earnings Conference Call. [Operator Instructions] Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions]

I would now like to turn the call over to your host, Jeremy Sussman, Chief Financial Officer.

Executive
Jeremy R. Sussman

Thank you. On behalf of Ramaco Resources, I'd like to welcome all of you to our fourth quarter 2019 earnings conference call. With me this morning is Randy Atkins, our Executive Chairman; Mike Bauersachs, our President and CEO; and Chris Blanchard, our Chief Operating Officer.

Before we start, I'd like to share our normal cautionary statement. Certain items discussed on today's call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Ramaco's expectations or beliefs concerning future events, and it is possible that the results discussed will not be achieved.

These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and except as required by law, Ramaco does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

New factors emerge from time to time, and it is not possible for Ramaco to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in the company's filings with the Securities and Exchange Commission included in our annual report and Form 10-K. These risk factors and other factors noted in the company's SEC filings could cause actual results to differ materially from those contained in any forward-looking statements.

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

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

Executive
Randall W. Atkins

Thank you, Jeremy. As always, I want to thank everyone for joining us today to discuss our fourth quarter and 2019 year end results. So as not to bury the lede, we had a very good year in 2019. Indeed, it was our strongest year since we went public. We reached over $55 million in EBITDA on coal sales of roughly $230 million. We sold 1.9 million tons that were priced at an average of about $109 a ton. More importantly, we have equally maintained a strong cost discipline at our main operating asset at the Elk Creek complex, which averaged annual mine cost of $67 per ton.

And indeed, over the last few months, costs have been at $60 or below. We managed that performance bookended by physical headwinds in the early part of 2019 created by our 2018 silo failure at Elk Creek, and ended 2020 [Phonetic] in one of the more trying