Ramaco Makes $90 Million Investment

Posted in

Ramaco Development, LLC, who has offices in Sheridan and Lexington, Kentucky, announced Tuesday, that a $90 million investment should enable two new coal mines to open in Virginia and West Virginia within the next year. Ramaco CEO Randall Atkins said in a news release that the partnership with two private equity firms will create over 400 jobs and that the mines will produce metallurgical coal, which is used for the production of steel.

Ramaco was founded in 2011, and focuses solely on metallurgical mining opportunities in the Eastern United States that include properties in Virginia, West Virginia and Pennsylvania. Ramaco to date has acquired or controls over 1.3 billion tons of coal reserves across the country. The company owns over 1 billion tons of reserves in the Powder River Basin and continues to have their sights set on opening the Brook Mine north of Sheridan once the permitting process has been completed.