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Key Takeaways
- Ramaco Resources, a coal miner, has added Joe Manchin, former West Virginia Governor and senator from the Senate to its board.
- The company cited Manchin's years of government experience in supporting the coal industry.
- Earlier this month, President Donald Trump signed a executive order aimed at strengthening the coal industry in the U.S.
The shares of Ramaco Resources (METC), a coal miner, opened Monday’s session higher after the company announced that former West Virginia Senator and Governor Joe Manchin had been named to the board. After the initial rise, however, shares fell along with the rest.
The Lexington, Ky.-based company, which has operations in southern West Virginia, explained that Manchin has "a deep understanding of the issues facing the U.S. coal industry," and that "he has been a steadfast advocate for metallurgical coal and the wider U.S. mining industry."
Ramaco added that Manchin's experience in national defense and the critical mineral supply chain "brings valuable strategic advice and guidance" as the firm advances its efforts to extract rare earth elements in Wyoming.
Manchin explained that having grown up in Farmington, West Virginia, he has seen "firsthand how coal shaped communities and powered our nation."
The move came just weeks after President Donald Trump took steps to boost the coal industry, signing an executive order that designated coal as a "mineral" and opened up federal lands to coal mining.
Ramaco Resources has seen its shares fall by about 6% in the first half of this year.
