Ramaco Resources (METC) 5 Nov 242024 Q3 Earnings call transcript

Good day, and welcome to Ramaco Resources Third Quarter of 2024 Results Conference Call. [Operator Instructions]. Also, please be aware that today's call is being recorded. I would now like to turn the call over to Jeremy Sussman, Chief Financial Officer. Please go ahead, sir.

you. Thank Ramaco third to call. quarter of you all I'd our to XXXX Resources, behalf welcome like of On earnings conference me for Randy Chris is Chief Commercial and this Chairman our With CEO; and Jason Atkins, Fannin, Blanchard, Planning Mine our EVP Officer. and Development; our morning

events. statements other in discussed could materially are Ramaco's forward-looking future cautionary These risks, of Private constitute differ are uncertainties represent results which factors, we otherwise. any within outside forward-looking which the speaks statements subject is Before update Ramaco not date and undertake it any by events a information, normal made, which our the remind today you I'd our future XXXX. reconciliation and forward-looking revise control, Securities cause to discussed items release, meaning statements, find to the to like only Certain the which start, to a the to law, viewed as be financial as actual statements. you the required result Litigation we of does forward-looking in statements Act results Reform to many I'd Any on These our non-GAAP also of from of concerning can statement of expectations share statement. today's Ramaco's of obligation discuss measures call new of whether as press that website, that or on www.ramacoresources.com. except or on can like plan forward-looking

me Chairman CEO, on investor With and today's everyone encourage presentation. our to to on and let our said, I'd this website Atkins. go Lastly, call Randy that download introduce

for morning call. to the Good joining Jeremy. everyone, and thanks Thanks,

maintained cost a continue essentially coal volume in was growth. this pricing. we ton. third and have the to declined We by quarter, cash that year. quarter reason September is March focus controlling of can, that $XXX can't be What have this low is to and nutshell, margins operational mine for benchmark public second the XX%. only metallurgic we XX% the large dropped from to in quarter on per went XXX price is these the third easily of operating ton Australian this to and year, Quarterly, group quarters. control first $XX strongest we QX. both from what The in costs high the this only and actually we a that decline per costs our a tons to Despite our to seem we same on improve $XXX One quarter, a have hope over throughout In quarter

feedstocks. In addition production well than in the quarter the entire sales. met both is of this X behind Unfortunately, tons control, cost excellent record story as the company's we both industry's Ramaco improved and we had booked coal productivity the was first as this sales. million the to quarterly where Indeed, This results of bigger willing has to more quarter also the history 'XX. both mine steel, in and their met back The then reducing exported price is, in markets. their into companies dumped which steel production coal coal course, result or is overproduction then then and cutting throughout prices direct a of drop they're met pay of world own China's resulted world for decline on

in in our and this we we When was start step by with roughly U.S. X% roughly the alone, indices fell EBITDA. strong on XX% year. low-vol of As U.S. for quarterly per the Both high-vol coal sole the a back beat on it our decline quarter since cost, the average assess the and drop price reason saw decline this result, a $XX indices. and met ton quarter sequential by

about have Appalachian the above XX%, quarters larger As remained These for Central ton or face of also the most declining margins of remained $XX well cash even mentioned earlier, X in peers. past our our margins per I prices. at have

continue ahead, should operational Looking our in to results improve the quarter. fourth

fourth both are more excess should quarter X increase rate We and This ton. $XXX again run a sales million in normalized provide sales. cost projecting a year-end growth of in with tons production on below cash

Importantly, control, addition to in on both growth cost and of our our XXXX track strong main all remained on budget. initiatives

rundown. quick a Here's

annualized the were CapEx complex the X were #X in ultimately Elk of these mine. at now Alma First, roughly the tons highwall should production Stone for on third Creek as high-vol and as our mine September is Ram and us. behind as growth All additions section surface Coal an fully in basis. XXX,XXX at well the add These mines

and Second, growth CapEx reduce associated prep with time plant was commissioned costs of on current will by October. $XX in Again, majority on per both complex This at ton. us. Maven the the behind the our our approximately is trucking budget vast also low-vol plant stock Maven the

cost the add experiencing surge additional Main And the I Berwind we year, the we anticipate production. lowest XXX,XXX has mine now continued among Across section. as country. the section fourth mine tons market a is decline low-vol Berwind mines third roughly with Third, environment of current course, The one mine conditions. would depending incoming next to upon, job challenging And the the complex, applications space, ton new to silver cost the just point of annualized before averaging this demonstrated we lining I for are noted, mine to is meaningful the we of now also at offline From low-vol the adding section to range. production $XX in will of per in This pricing a in whole past section $XX data year-end, coal coal U.S. X% mine more that are staff to the is out that just continue immediate come to we improvement, us U.S. weeks. will we rationalize. fourth dislocations grew in more coal closures opportunities ISA fall annual further by suggests a pricing met accordingly. production. went would beginning These X-million-ton cost of move decline. quarter. opposite than production as have third direction we the recent anticipate some to also Anecdotally, We or we production heard quarter higher And position hope forward. few that about and course, fell in equate may in it ourselves coal met the and a sequentially. absent perspective, number the create our in

future be they Over fix. may the pricing of currently fiscal Turning tariffs there stimulus It's of Chinese aggressive similar serious we onslaught to Again, adopt boost some that see improve the met steel is the is of demand more temper a steps to possible None exports. time, world pricing. side. cheap There steel markets. and discussion may many in this coal Chinese Similarly, government in traditional however, our have measures. a might markets. to quick this, may potential macro

sales Turning at X.X now domestic progressed. to customers contracting average Total year pleased Of North to to million at XXXX sold ton. approximately up are book. per mostly international of tons fixed our how and X.X for our has sales this, were American commitments next I'm $XXX tons. million prices

are these Given from on prices price only levels, benchmark XX% the drop year year. XX% off this last fixed

at of moment. sales front announced our on in XXXX And our will time. into sales his yet a this field go Jason have production down in remarks point level not the the We puts current in but more us comfortably also guidance, detail

a unique the and for to pleased I'm to earth substantial critical team continues rare minerals continues make. progress Our major opportunity us. be business our with

stages that And have We are on completing planning of testing, earth to experienced processing now of design. technoeconomic advanced in now fortunate and array initial involved Fluor, groups are with report. assembled front, mine an we rare the our our in working

We the to their preliminary then expect shareholders. Fluor to to early our and Board present December, will we our results communicate same in

testing well. on substantial later ongoing additional to December, that also that in expect we'll results after update have as our we We and reporting receive

on to XXXX. We a commencement demonstration plan processing continue toward in facility to mid- late construction of

also potential are discussions rare production. already We first our for agreements earth offtake customers in for with

the note, So, expect to that face very pointing on the of by in a challenging out we I want to year pricing. close exit again even strong

cost in well and as we the sales quarter production quarter. this fourth We expect in where from as record were reduction

are hopefully look sales In future with we year. start transition also we a an pricing becoming also an potential producer we exciting as ahead producer. to mineral well future met coal the XXXX, summary, positioned to seasonal continue and into As stronger into we coal even look as low-cost forward some on our larger critical

team I'll that, discuss with turn operations markets. of So, floor the finance's to the rest and over our to

a on with financial rundown our So, please metrics. start Jeremy,

Randy. you, Thank

noted, third than quarter. results results, which you quarter than were better As were also operational second first our meaningfully better quarter meaningfully XXXX operational

$XX into EBITDA million indices coal impacting specifics, However, negatively was million adjusted compared QX. $XX to throughout Getting QX have U.S. financial the fallen year, metallurgical in thus results.

QX per by the Jawbone realized EPS to EBITDA quarter of net the second net Creek in loss reason Class simply the quarter breakeven sequential decrease prices. due continued QX. impacted A income A closure for QX Jawbone of Closure to to U.S. price $X.XX Knox the net both million. due compared income QX a was gain and $X.XX. negatively in index to was an Primary impacted approximately fall mine. by ton Class the of income Third of showed negatively compared EPS ton $X decline in $X EPS meaningful million $X.XX in $X per

$XXX a at per perspective, versus ton versus $XXX cash per price improved price QX margin mostly in in $XXX by per decline in in Specifically, From the costs offset and improvements. per QX QX. continued realized $XXX ton $XXX was QX. to came ton QX, In cost ton per ton

mine cash ton mine September. This capacity indeed with average translated low-cost our at as guided, X the section the third in the Alma costs costs X Stone case our would for August our full months. decline up. Elk and to Coal production at consistently we've cash per As range mid-XXs This in Creek ramped was in those hitting Ram

QX reduced. $XX control tons, of QX, per Frankly, We XXXX. despite XX% end million Guidance October, $XXX we XXX,XXX mine XX% In history QX from sales conditions. per versus million anyway $X record cost million tons, to life single was our solid we being per now mine. and difficult previously million some to Thus, of prior guidance DD&A midpoint margin had forward was the XXXX XXXX that previously being vacation ton $X saw quarter, weeks in be per $XX note $XXX as challenging run year annum X also We're a $XX million commissioned cash to $XX respectively. QX from and line the X.XX challenging the enjoyed these per are $XX we plant, similar the coal conditions, tables. guidance of million led reduced production at CapEx cash the guidance guidance, $XXX updated increased a the down, of market this to only to quarter. a to versus our we're guidance production ton a which cost tightening sales QX X is X.X midpoint elected $XX due anticipate X.X XXXX first X.X areas least, We is The than high-end is in to bit XX% $XXX note, we X-million-ton both exit winds essentially expense exit year close to of million time to $X anticipated. year was can which ton million cash tons also costs After in anticipated million, by to year guidance, which which versus million normalized X.X falling pulling tons, XXXX million per midpoint of refining for million $XX interest sequentially. current $XX the cash margins Knox for we're with to flattish Jawbone was mine $XX on in to realized from cost increasing million. to million a in is to I'd XXXX is other adjusting guidance found of range. in prep guidance of per be up cash the largely our which million timing a million $X.X positive by QX. the prices full to rate. CapEx. But in of record mine well at million to we million million ton to million nearing $XX ton the of to $X.X $XXX $XX XXX,XXX in overall market $XX to fourth remains XXXX to This million Jawbone tons loss-making also figure to million not was to at million roughly our and ton basis sold are ton to SG&A today. Due spending due the approach was as QX the in sales to Creek and full line cash $X with non-GAAP Last from QX. to but guidance $XX In number range. company below from costs Our the earlier the decreasing environment. Maven eclipsed cost on

the sheet. balance to Moving

million acquisitions Our from of the almost June is in up was final liquidity the million $X related on XXth. million despite payment QX. $XX having $XX September XXth of to Maven debt This made

to our and have retired We million Coal all acquisition of related $XX XXXX acquisitions. Maven Ramaco since now debt

material notes line remaining the and on amounts the are that XXXX credit of term is in capital any the purposes. working only X% of As due million debt used for revolving unsecured $XX drawn today,

debt our Mine As EVP which continued for to XX-month was like operations. our Development, illustrates and turn to a conservative I'd Planning commitment maintaining QX, now over of discuss our net EBITDA Blanchard, Chris to trailing to balance sheet. call the to X.Xx,

Jeremy, morning. thank us to you who of this and all you Thanks, joined

and the the production geology additional quarter. Along As our acute complete shortage to reduction the flagship has the exceeded we discussed, months we momentum it the section, into that mine throughout catalyst to the of surface an which mine, due of continued legacy and of quarter with mines tons have experienced cost been The complex. Michael second ramp-up in of market, our been we at and of Creek carried third saw staffed XXXX. underground mining some labor our challenging the produced through subsequent the strong of tightness was targets in and fully quarter. finish our the the Elk some early with biggest start-up labor dealing at Also, throughout Palatin had levels and the

or at base mine. per year foreseeable rate ton Pocahontas the at the production we million efforts tons as the have to Finally, the in should costs which The lower Stone #X clean producing down hiring. Creek, to behind at continue we brought future. #X total cost production all #X Elk we seen At the X section, our begin the be complex, running the This coal quarter. late growth of and section per at surface new a the mines Both as has production operating to XXXX. since mine Creek fourth us beginning for are driven volume. levels all staffing foot, high Berwind to we help that With in mine. late our scheduled well production as on of the not provide Hiring fill Elk ongoing grow Berwind field well the vacancies environment higher inherent increased at on with above this production current at Ram Coal should as is

our we that coal above cost of this complex of the environmental washing for Berwind Maben the elevator ahead through midway closely that push third immediate the premium the intake third half low-vol the per tons of raise site. in X.X approximately permits trucking budgeted super begin production schedule, half to first tons mine reserve. of stockpiling This Virginia completed, on per production At operating shafts time, working of the plant ramp-up these Once Hollow preparation the and and full the annum. on the million required and began exhaust Berwind XXXX, the are quarter, in operating the will entire first on boring Berwind construction its At complex, X with levels mine was quarter. the brought ceased side of the we our raw year mine fourth at coal. savings surface above into to are of Berwind our production for located quarter. Knowing over to shafts State production anticipated levels for We million and the with complete complex on a continue mine translated section of we'll of centrally

we specifically to X, processing. and the plant construction coal completed share major am all pleased early October, commissioning. our processed budget, of a month we started to site. completed I clean most Maben delivered November accident-free. And on Turning that first on during and The was project tons on importantly, and

we the at normal and only We on forward. a be and shipping schedule expect plant XXXX fully clean property from as to coal staffed the enter going processing

trucking $XX averaged when raw accumulated cost a through costs was February the of times reach behind As project lower, we highwall by coal ton recovery the is ton. end at $XX miner the and to at per That and Maben clean us, reminder, raw XXXX. coal per inventory work could

forward the underground process these production Maben, at from Maben projects annual clean expansion forecasting come completing million eventually, well. Market on. and dictate opportunities when project versus Maben. the for are at tons these will conditions other Looking X.X of we growth economics as tons But budgeting and the of we eventual

focus continue our the have supplies the trucking reductions, our at managed working with our We mines. and of reductions on to vendors, key we most to implement with underground surface our are consumable suppliers truck on operations. similarly containment secure partners Where costs any to we cost and we at cost our coal, unit can of trucking products. we for reduce meaningful Collaborating our and which

unsustainable the and complex. the workforce industries Difficult Jawbone mine mine with able As on almost conditions. coupled logistics to based were Berwind early year, the longer. costs have to We their our all throughout to made any these within of close mines unprofitable transfer market geology, continued the the swoon did coal unfortunately, we

change positive this this year-end as the decline the of the seeing well into of event that and productivity as before XXXX. Jawbone will in a at we closure turned Ramaco with mine We cash full recovery costs tons. completed an anticipate overall be removal So,

As production extent, we can our enter the an we and fourth to know control only we our costs. quarter,

those a Our record October. production momentum fronts with on continues month of in

So, regarding Fannin. Officer, over now call to like Commercial the to our turn Jason markets and those I'd sales, Chief the

to averages pricing morning, forward Chris, as steel and current weaken. everyone. our views Global share and From continued of optimism coal markets around the on a good coal Prices markets Thanks, and in I'll rebounded measures, well in to faded stimulus our including have to Chinese as were coking this outlook. coking authorities sales standpoint, end September QX. support Chinese index Today, X% materially economy, appear their due October. down at willing approximately but momentum now the is This to due real continue see in to so in growth driver how what play well demand, the real Chinese far supported. stimulus this and of in have have is these market sector, a estate mostly their out and and the Indian seaborne in year. significant imports, robust XX% Contractual year-over-year steel measures demand and X% to wait economy. which growth of we'll be the particular, demand but import and Pacific. seen spot volumes

be we're whereas iron believe X% the India percent XXXX. through long-term the ahead, up in rate Looking likely double this from growth X-plus we year, Pig India XXXX. is more production demand growth anticipating that range in will in only

production, season been has India likely to coking likely to demand to below-trend for coal incremental current inventories. develop restocking furnace coal with along sufficient The is in As coking substantially. disappointing, continues grow India imports steel blast capacity, due

However, This in and in new coal of tons consumption. tons hot buying we're million furnaces. to million to production year. Indian next XX XX India new additional XXXX over metal amounts million of XX incremental coking see incremental pickup an we alone, In blast anticipating from demand a

surprising current to regarding and XX% at in engaging drop contracts of next as in continuing and customers qualification are X% purposes. opportunities demand for coal year-to-date We pig are new India year's given test their supply production. customers iron has shipments metallurgical growth as Chinese been well look somewhat actively new

the and of overcapacity said, supply coal steel Europe, are prices this has steel steel in measures absorb metallurgical the domestic and finished demand contracted are overall with lackluster increase Hopefully, higher globally agreements supply. profit as Europe customers will Europe smaller imports in could in We less and In steel to With lead Despite continue and term regular Hopefully, Spot the domestic have consumption improve stimulus year-to-date. to been issue specialty excess our generate year, closely that face chain. this fulfill economic manufacturing to enough In demand. supply Chinese exports turn, European poor continued steel spot XXXX. coking the the monitoring throughout of headwinds manufacturing margins XX% industrial in in some this of down customers tepid output. scheduled. we our intakes. face coal the these would

in expressed term also Our deals European term interest for customers have continuing XXXX.

markets have demand with South been modest mostly year-to-date. American growth stable

steel American expect for continues which highest the from nature terms North year. improve iron to of production normal slight coal protected to time supportive to experiencing the on coking as Demand for gradually implemented this Brazil based the We restrictions. tariffs of remain in due industry-wide volumes. world pig in import prices although remain increased decline, contracted North Steel of to XXXX American appears for sector the hum a support should recently markets. along, steel is demand provide to XXXX. Shifting utilization in recently

ton have we another booked million today volume we X.X roughly pleased to American are a total and million to for bringing While that fixed an X.X of negotiations price still our of XXXX handful mostly we outstanding, tons. tons $XXX to overseas contract tons at customers, X.X to per customers domestic North average have million report sold

total our X in the efforts similarly increased grows, exiting around markets. sales marketing ton volumes increased million sales a As rate, our year-over-year the growing year at per we've annum and Asian production our domestic we've as we're

pricing opportunistically to in favorable alternative for customers when compared prevailing trials Likewise, market end We levels term continue agreements. markets. offtake in and new from our spot as to position current incremental users to continue sell a to view to see we we remain arrangements robust Asia volumes interest in

environment. to current pricing Turning the

ton $XXX Australian X, U.S. High-Vol for for East were November index low-vol, $XXX of values per ton. $XXX sits ton Coast for ton High-Vol low-vol and at As per premium per per $XXX A the B, while

As we coking have This low-vol historical U.S. or are floor for averages. to to U.S. compared at prices rebounded coals. Australian in have near continues price relativities to Asia declined, premium back suggest the

rebound of the treat enjoying Australia, of the no growth growth the markets if Pacific must a prices. end to users out supplier. witness, can to U.S. the Prices as supply continue supply combined the diversity with brings in lack With coking their are to demand the U.S. longer we unfavorable swing U.S. have continue due coal blends. to volumes Production declined already Pacific

year. Randy believe the mentioned, back at until bringing improves. here, QX was As production industry least overall to will overall X%, flat the price met environment production continue met growth to on fall U.S. U.S. down We from

outpace In production supply. low-vol This continuing tighter and segment see to market down we terms demand pricing than U.S. X% is suggesting, is is segmentation, year-to-date. of much index currently

ash domestic of less low sustained for grow of In which low-vol characteristics. positioned we coal growth as Creek, up our sulfur by ash the growth down peers year-to-date High-Vol Elk for production lower Ramaco's and customers X% blend from segment, to production. sulfur. low continue This high-vol in Most has remains to from pricing. are high favorable Maben the Fortunately, is used incremental the segment Berwind high and supply despite demand ensures been and U.S.

and the environments the States. that competitive in like return especially and call in low position portion across one value is to now. one of we're a now Q&A coking is grades coking operator producers and ash the the Ramaco's recognize coals the the like in sulfur low coals This I advantage. sulfur largest represents as call. spectrum United unique said, true would all of the the in broad industry our of customers With low lower somewhat low for to ash in price of Our the

will [Operator Benchmark our first time, which Martin with Nathan question, from Instructions]. we Company. will take come At this The

the some more of talked price season the seems be maybe really steel the have. on additional maybe thoughts about realizations just Obviously, discussion around And lot or and I It market Jason, few side. earnings current there. comments higher-than-normal products reflecting in there are netback your a also the calculation your a weakness advantages during discounts. high-vol markets, appreciate some representative like met even just helpful. a would of Maybe especially

Yes, say, you're the indices average are And Sure, say, space, out, indices yes, low I as are Nate. that question. a Thanks on current for and in mean, then in our unique currently, probably at typical costs, pulling really the plays to big netbacks, particularly rail in Ramaco XXX quick math and around the all mentioned, doing sulfur and is that I'd pricing. of a port the high-vol terms products where part Creek's high-vol Elk range. I in flat

So certainly, mentioned. see at we business folks taking levels you like

back only type low of we've has folks when that in attributes, Fortunately, pulled a saw -- became and available coal year Europe we lot in going coal replacing little actually and of coal. We markets. bit for the very last history out business year us, our those particularly products to this of a That stepped been on demand, sulfur is I'd say, very a we're based as select stronger relativity newer was when well. Russian the just had

that it. provide helpful. there's any additional Is sure Got calculation. variable That's on in color I rail sensitivity Maybe I'm a too costs sales mentioned there can also costs. there? some you the price-related mean costs? you

basis reference. Certainly, flow will ebb terms very, of indices in prompt and I'd which Yes. the indices. they those say, They're

same up downward. when the and at trend it the thing almost with they'll up, same is market the slightly it's moving time So,

where So, track with closely they the pretty market is at essentially.

our costs are rather and of a sales out, point course, marketing as I would quick well. Nate, obviously, also pass-through

to going a we're be in market, there. obviously, lower declining So experiencing costs

per you lines, improvements I budgeting next lower to ton and that your obviously appreciate you per Randy. into that. feel still up. cost that going to confident prep Do including cost appreciate of And meaningful ton year. production given expected you coming the along cost But costs year-end guys the next the process pretty with I through plant some continue are maintain probably online associated on sub-$XXX those Maben reduced front, in for ramping make ability rate year? Exactly, the maybe run trucking

yes. answer Short is

slate course, on year can of And market baked the ultimately that's into prep that into growth plant I oncoming Berwind in, look strong already tons. which of be got got perhaps think We we've a hopefully, kind additional a the we've as perhaps depending eye and then projects. conditions. We've got another couple the of as section, production expanding Maben, in upon deep have mine operational. we, X we've a would third of at next much our is production, fourth million which there now our which got take the

everything that we we're cost I $XX going that huge our to will $XXX down I of costs, is the in I cost discipline to doing squeeze sweat front So, think all against that -- the outstanding as exercise anybody we is space. to really can don't we've to we're know from to I continue hold going to our in of done market, of of try dropping that but savings back possible as a go that certainly drop try you high percentage-wise. think to much up news obviously, terms to a you and in down the drop operations. normal And that, think at an can. a 'XX same operational potential rate, from continue I'd else out on job good else areas

a your demand? appreciate Is the there. to the those Is you the back to kind mainly be And it Just guys great high end it one take would thoughts range. Obviously, does quarter. thoughts. then it or low updated fourth What just step full some get here I logistics? Great. up of to taking of last kind you guidance year shipment tightened to get that of end maybe guidance?

out, the shake how have see kind that terms range year. obviously, say to XXXX demand of next implied isn't now, slips assumes assumes that's really reasonable amount million the cards slippage exit Yes, X-million-ton of is range. Obviously, to but is nothing reduce of reason a X end into in continue high obviously million, $X.XX but to we'll about inventory. great the tonnage The that low guidance just we for rate. I'd which end of into right of kind the carryover the

Riley question come Lucas will B. Securities. Pipes next our from with here And

is expectations. the exit think off kind the My should XXXX. XXXX rate that of just base? you How mentioned side there Jeremy, QX we first question volume about of on for

Yes. Obviously, Lucas, I appreciate the question.

So, see effectively guidance you me, budget line Slide But a then, where of each early kind or meeting think that practice. of effectively point you can weeks. guidance our the of X kind production we've certainly December release we've our where every in course, increased to, coming for the got of the And it's last a Board I'd Board couple in -- with production up meeting I quarter. with we'll quarters, XX, historical of actual excuse

line in guys, within the range. excited at back we're of at year million to where cadence to of market the sales see get lie X or kind exit So, annum hopefully certainly month and the a ton rate run We'll so. the with a end you per conditions normal high

the look in until are what as Jeremy to but want fruits. tons have But not we'll slates year. would the And we've will Yes. got probably section don't to those Berwind start section. deep ahead said, full pretty again, later adding such of points what got additional tonnage, you rate. also 'XX But the we for which at XXX,XXX-run obviously can happen running Maben low-hanging at to that start, do think the we as the year. also be able math tilt want production, I be third for easy bringing with on possibility We from made, some We've fourth will at Board some can be of the we some that Lucas, get we throughout a

that I appreciate of the broader might the price And environment, Lab. color. Jawbone In the quickly wondered of in supply if or is the in signal? situation I the how they many you current percentage Central mines market How to respond to supply loss-making? speak could maybe context idling,

don't at take why you first ahead go Chris, stab that? and a

Yes.

number in throughout has So similar been Jawbone that shutting perhaps just just be can't 'XX particularly down we've worse heard that and in of tight as down a this as with probably sustained 'XX. fields, of really the market, anecdotally coal labor Lucas, to even mines or

a distressed. There that are So, that come are we've are sales now heard number for off. of for number these looking operations a processes of right running

to a guess things there's hope the right on better. XX% So, probably that is if was XX% I now, going is I would get block where more plan the than probably handicap, and or chopping little bit competitors that our where

for and maybe So water hoping that's days. better amount that same treading

total code production as XX% of So probably orange as XX%, is or the red. code much

in. to one try one squeeze I'll last

for of believe for additional On what outstanding. should kind price on has to next you once settled? under were about pricing put still speak the And average weighted the the look I domestic dust we fixed specialty you Could all volumes year, coals how think XXXX?

could too. obviously, the X not nature negotiations customer go average it best that detail can't here, at answer, the bump a his the air fast that's we've XXX, remarks. one of of in ongoing into than news, that's few the Lucas, lot with go is mentioned up up get given but more know a product, One, there. price volumes a given too talking will I we're Good things. up the can currently. this moment, Lucas, in probably the Yes number I of frankly, fluctuate number and and much will up. hard somewhat, will the one current I as give got Randy likewise, about Certainly, And

Randall remarks. question-and-answer our to back concludes this any Atkins conference to like turn And the I'd for session. over closing

for next be call, the again. everybody being on catching for next Thanks year. up call, again will thanks on which and our forward Well, we Great. look to

you now presentation. concluded. The Thank has attending for conference today's

You your may disconnect now lines.