Cleveland-Cliffs Increases Spot Prices; Ramaco Resources Reports Financial Results; AngloGold Announces Board Change And More: Friday's Top Mining Stories

Top Stories for March 8, 2024:
1. Cleveland-Cliffs Inc. CLF is increasing spot market base prices for all carbon hot-rolled, cold-rolled and coated-steel products.

The minimum base price for hot-rolled steel is $840 per net ton, effective immediately for all new orders.

2. Ramaco Resources Inc. METC announced fourth-quarter and full-year 2023 financial results.

In the fourth quarter, Ramaco reported $58.5 million in adjusted EBITDA, up from $45.4 million in Q3 2023, and a yearly adjusted EBITDA of $182.1 million, down from $204.6 million in 2022.

Net income for Q4 was $30 million, up from $19.5 million in Q3, and annual net income was $82.3 million, compared to $116 million in 2022.

The fourth quarter marked the strongest financial performance of the year, with a shipment rate of four million tons per annum in H2, notably exceeding the three million tons per annum rate in H1.

Ramaco also repaid its final $10 million debt from the 2022 Ramaco Coal acquisition, reducing its term debt by $55 million in 2023.

The company closed the year with $48 million in term debt, $42 million in cash and a record $91 million in liquidity, which was significantly higher than $49 million at the end of 2022.

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3. AngloGold Ashanti Plc AU announced that Maria Ramos, the independent non-executive director and chairman of the board of directors, will not seek re-election at the shareholders’ annual general meeting on May 28, 2024.

The board unanimously decided to appoint Jochen Tilk as the new chairman, effective from May 28, 2024, contingent on his re-election at the AGM.

Ramos has been a director since June 1, 2019, and chairman since Dec. 5, 2020, while Tilk has served as an independent non-executive director since Jan. 1, 2019, and is currently the chairman of the Investment Committee.

4. Keybanc analyst Philip Gibbs maintained his Overweight rating of Universal Stainless USAP and raised the price target from $22 to $26.

5. HC Wainwright & Co. analyst Heiko Ihle reiterated US Goldmining USGO with a Buy and maintained a $23 price target.

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