WASHINGTON – U.S. Representative Evan Jenkins (R-W.Va.) issued the following statement Tuesday on Ramaco Development’s announcement of a partnership with two private equity firms to invest $90 million to open two new coal mines in southern West Virginia:
“Southern West Virginia needs jobs, and our families need the hope and promise that a paycheck brings. I’m encouraged that this important project will soon be a reality and provide much-needed jobs for our state and our miners. I also want to say thank you to Ramaco and their financial partners for their investment in our state and support for putting our coal miners back to work,” Rep. Jenkins said.
“We are excited about the formation of a partnership with two of the country’s most respected energy private equity investors in Energy Capital Partners, as well as Yorktown our founding sponsor. We believe this investment to be very well timed. As other metallurgical coal companies have financially struggled, we have capitalized a pure play metallurgical coal producer, with substantial low cost advantages and no debt. Our mines will be perhaps the newest in the country. Recent market strength, especially in the metallurgical markets, bodes well for our planned production beginning in 2017,” said Randall Atkins, Ramaco’s chairman and chief executive.
The Elk Creek mine is located in Logan, Mingo and Wyoming counties, while the Berwind Land mine is located in McDowell County and Virginia’s Buchanan County.