Note 11 - Related Party Transactions	12 Months Ended
Dec. 31, 2019
Notes to Financial Statements
RELATED PARTY TRANSACTIONS	NOTE 11—RELATED PARTY TRANSACTIONS Mineral Lease and Surface Rights Agreements—Much of the coal reserves and surface rights that we control were acquired through a series of mineral leases and surface rights agreements with Ramaco Coal, LLC. Production royalty payables due to Ramaco Coal, LLC totaling $0.5 million and $2.9 million at December 31, 2019 and 2018, respectively, were included in accounts payable in the consolidated balance sheets. Royalties paid to Ramaco Coal, LLC in 2019 and 2018 totaled $9.0 million and $1.9 million, respectively. Related Party Borrowings—Ramaco Coal, LLC historically funded our operating activities in periods before August 2015. Funds advanced by Ramaco Coal, LLC for our development were reflected in the consolidated balance sheets as a note payable. This note payable was subsequently paid in its entirety using proceeds from our IPO. In May 2018, we borrowed $3.0 million from Ramaco Coal, LLC, pursuant to the Ramaco Coal Note. Interest accrued monthly at 10.0%. The Ramaco Coal Note was repaid on November 5, 2018 with proceeds from the Credit Facility. On-going Administrative Services—Under a Mutual Services Agreement dated December 22, 2017 but effective as of March 31, 2017, the Company and Ramaco Coal, LLC agreed to share the services of certain of each company’s employees. Each party will pay the other a fee on a quarterly basis for such services calculated as the annual base salary of each employee providing services multiplied by the percentage of time each employee spent providing services for the other party. The services will be provided for 12‑month terms, but may be terminated by either party at the end of any 12‑month term by providing written notice at least 30 days prior to the end of the then-current term. No payments were made to either party under this agreement in 2019 or 2018.

NOTE 11—RELATED PARTY TRANSACTIONS

Mineral Lease and Surface Rights Agreements—Much of the coal reserves and surface rights that we control were acquired through a series of mineral leases and surface rights agreements with Ramaco Coal, LLC. Production royalty payables due to Ramaco Coal, LLC totaling $0.5 million and $2.9 million at December 31, 2019 and 2018, respectively, were included in accounts payable in the consolidated balance sheets. Royalties paid to Ramaco Coal, LLC in 2019 and 2018 totaled $9.0 million and $1.9 million, respectively.

Related Party Borrowings—Ramaco Coal, LLC historically funded our operating activities in periods before August 2015. Funds advanced by Ramaco Coal, LLC for our development were reflected in the consolidated balance sheets as a note payable. This note payable was subsequently paid in its entirety using proceeds from our IPO.

In May 2018, we borrowed $3.0 million from Ramaco Coal, LLC, pursuant to the Ramaco Coal Note. Interest accrued monthly at 10.0%. The Ramaco Coal Note was repaid on November 5, 2018 with proceeds from the Credit Facility.

On-going Administrative Services—Under a Mutual Services Agreement dated December 22, 2017 but effective as of March 31, 2017, the Company and Ramaco Coal, LLC agreed to share the services of certain of each company’s employees. Each party will pay the other a fee on a quarterly basis for such services calculated as the annual base salary of each employee providing services multiplied by the percentage of time each employee spent providing services for the other party. The services will be provided for 12‑month terms, but may be terminated by either party at the end of any 12‑month term by providing written notice at least 30 days prior to the end of the then-current term. No payments were made to either party under this agreement in 2019 or 2018.