Core Insights - Ramaco Resources, Inc. will receive a Preliminary Economic Assessment (PEA) of its Brook Mine from Fluor Corporation on July 9, 2025, which will be presented to the Board of Directors [1] - Following the presentation, Ramaco expects to release a summary of the updated information on its website within the week [1] Company Overview - Ramaco Resources, Inc. operates and develops high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and is also a developing producer of coal, rare earth, and critical minerals in Wyoming [2] - The company has four active metallurgical coal mining complexes in Central Appalachia and is in the initial stages of production at a coal mine and rare earth development near Sheridan, Wyoming [2] - In 2023, a major deposit of primary magnetic rare earths and critical minerals was discovered at the Wyoming mine [2] - Ramaco operates a carbon research and pilot facility related to the production of advanced carbon products and materials from coal, holding approximately 76 intellectual property patents and various licensing agreements [2]

Investment Rating - The report does not explicitly provide an investment rating for the thermal coal industry, but it indicates a pecking order of sectors, placing thermal coal lower than aluminum, lithium, copper, steel, gold, battery, and cement [1]. Core Insights - The report highlights cautious market expectations regarding demand recovery in the thermal coal sector in China, with a focus on tracking high-frequency on-ground demand trends [1]. - Weekly production data from 100 sample thermal coal mines in China shows a slight decrease in output week-over-week but a modest increase year-over-year [2]. - The overall utilization ratio of sample mines has decreased slightly week-over-week but shows a year-over-year increase [3]. - Total coal inventory in sample mines has decreased week-over-week but increased year-over-year, indicating a mixed trend in inventory management [4]. Production Summary - From June 26 to July 2, 2025, thermal coal output from 100 sample mines was 12,008 kt, down 0.9% week-over-week, up 0.4% year-over-year, and up 1.4% year-over-year on the lunar calendar [2]. - Year-to-date output for sample mines reached 327 million tonnes, reflecting a 3.6% increase year-over-year [2]. Utilization Ratio Summary - The overall utilization ratio for the sample mines was 88.9%, a decrease of 0.8 percentage points week-over-week, but an increase of 0.3 percentage points year-over-year [3]. - Utilization ratios varied by region, with Shanxi at 86.1%, Shaanxi at 88.3%, and Inner Mongolia at 90.9% [3]. Inventory Summary - Total coal inventory in sample mines was 3,302 kt as of July 2, 2025, down 0.5% week-over-week but up 3.9% year-over-year [4]. - Inventory levels in Shanxi, Shaanxi, and Inner Mongolia showed mixed trends, with Shanxi and Shaanxi experiencing decreases week-over-week, while Inner Mongolia saw a slight increase [4].

Core Insights - Range Impact, Inc. has acquired two additional mining permits and two coal leases at the Fola Mine Complex in West Virginia, enhancing its portfolio in the distressed coal mining sector [1][2][3] - The company has a reclamation obligation estimated at $10.4 million associated with the newly acquired permits, which is part of its strategy to reclaim and repurpose coal mine sites [2] - The CEO of Range Impact expressed satisfaction with the progress made in reducing permit responsibilities and acquiring new leases that are expected to generate royalty income for funding reclamation efforts [4] Company Overview - Range Impact, Inc. is focused on acquiring, reclaiming, and repurposing distressed coal mines in Appalachia, aiming to create long-term solutions for environmental and social challenges [5] - The company operates with an impact investing approach, seeking to generate positive outcomes for communities while delivering strong returns for shareholders [5]

Company Overview - Ramaco Resources, Inc. operates and develops high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and is also a developing producer of coal, rare earth, and critical minerals in Wyoming [1] - The company has four active metallurgical coal mining complexes in Central Appalachia and one coal mine and rare earth development project near Sheridan, Wyoming, which is in the initial stages of production [1] - In 2023, a major deposit of primary magnetic rare earths and critical minerals was discovered at the Wyoming mine [1] Intellectual Property and Research - Ramaco Resources holds approximately 76 intellectual property patents, pending applications, exclusive licensing agreements, and various trademarks related to its operations [1] - The company operates a carbon research and pilot facility focused on producing advanced carbon products and materials from coal [1] Communication and Investor Relations - Additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, is available on its website [1] - Investor relations can be contacted via email or phone for further inquiries [2]

Shares of renewable energy companies tumbled while coal miners surged as the Senate debates the latest version of a spending package that would phase out key tax incentives for wind and solar while aiding fossil fuels. https://t.co/74eLQbStMO ...

Group 1 - Ramaco Resources, Inc. is a low-cost metallurgical coal producer with operations in Appalachia [1] - The company plans to expand into rare earth elements (REEs) and critical minerals through its Brook Mine in Wyoming [1] - Ramaco Resources is noted for its cost-efficiency in the metallurgical coal sector [1]

Group 1 - Peabody Energy is a coal producing company based in the United States, previously operating in states such as Wyoming, Colorado, New Mexico, Missouri, Illinois, and Indiana [1] - The company's production was primarily focused on thermal coal, which was exported to various countries [1] - Starting this year, Peabody began mining acreage, indicating a potential shift in operational strategy [1] Group 2 - The company is of interest to individual investors seeking value in commodity production, particularly those with sustained free cash flows and low leverage [1] - There is a focus on companies that are in distress but have high recovery potential, especially in emerging markets with high margins [1] - A solid pro-shareholder attitude is emphasized, including sustained buyback programs and dividend distributions [1]

Group 1 - Peabody Energy Corporation is a U.S.-listed coal mining company with significant domestic coal production and sales [1] - The majority of Peabody's adjusted EBITDA in recent years has been derived from two seaborne operations [1] Group 2 - The investment strategy focuses on turnarounds in natural resource industries with a typical holding period of 2-3 years [2] - The portfolio has achieved a compounded annual growth rate of 28% over the last 6 years [2]

证券研究报告 （2025.06.02-06.08） 合规 诚信 专业 稳健 分 析 师：徐至 SAC登记编码：S0730525040001 发布日期：2025年6月8日 01 全国要闻与数据跟踪 目 02 河南经济与政策跟踪 录 03 债券市场运行跟踪 Contents 04 股票市场运行跟踪 05 券商板块周行情跟踪 2025年"服务消费季"着力推动商旅文体 健融合发展，培育"旅游+""美食+"等 融合消费场景，通过多种创新形式，激发经 营主体活力，提升供给品质，释放服务消费 潜能，培育新增长点。 融合消费场景 n 6月3日，商务部启动2025年"服务消费季"活动 n 6月3日，工业和信息化部专题研究部署推动人工智能产业发展和赋能新型工业化 n 6月3日，工业和信息化部等五部门发布《关于开展2025年新能源汽车下乡活动的通知》 n 6月4日，财政部发布《2025年度中央财政支持实施城市更新行动评选结果公示》 n 6月4日，国家能源局组织开展新型电力系统建设第一批试点工作 n 本周公布主要数据： n 6月3日，财新传媒公布5月份财新中国制造业采购经理指数 n 6月5日，中国物流与采购联合会发布的2025年5月 ...

Core Viewpoint - The domestic thermal coal market is experiencing a continuous decline in prices due to supply-demand imbalance, high inventory levels, and weak market sentiment, despite some potential support factors emerging as summer approaches [1][2][3][4]. Supply and Demand Dynamics - The supply of thermal coal remains stable, with domestic production and imports adequately meeting market needs. As of May 20, the price of 5500 kcal thermal coal at Qinhuangdao Port was 622 yuan per ton, down 152 yuan from the year's peak [2]. - Industrial electricity recovery is slow, leading to low downstream purchasing intentions. In April, the cumulative power generation of coal-fired power plants decreased by 0.7% year-on-year, with coal consumption also declining [2][4]. - High inventory levels across the coal supply chain are exerting downward pressure on prices, with port inventories reaching historical highs and insufficient downstream demand for coal transportation [3][4]. Seasonal Factors and Future Outlook - As high temperatures arrive, daily coal consumption by coal power enterprises is expected to gradually increase, potentially boosting procurement needs during the summer peak [4]. - Analysts suggest that while there may be some support for coal prices due to seasonal demand, the overall market is likely to remain weak in the short term, with prices expected to continue declining slightly before potentially stabilizing or rebounding during the summer peak [4][5]. - The anticipated turning point for daily coal consumption is expected to occur in late May, which may help to rebalance the current supply-demand situation [5].