Note 11 - Related Party Transactions

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

RELATED PARTY TRANSACTIONS

NOTE 11—RELATED PARTY TRANSACTIONS

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, a related party. Production royalty payables totaling $0.3 million and $0.5 million at June 30, 2020 and December 31, 2019, respectively, were included in accounts payablein the consolidated balance sheets. Royalties paid to Ramaco Coal, LLC in the three and six months ended June 30, 2020 totaled $1.1 million and $2.3 million, respectively. In the three and six month ended June 30, 2019, royalties paid to Ramaco Coal, LLC totaled $1.5 million and $5.3 million, respectively.