Note 11 - Related Party Transactions

3 Months Ended

Mar. 31, 2021

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, a related party. Production royalty payables totaling $0.5 million and $0.4 million at March 31, 2021 and December 31, 2020, respectively, were included in accounts payablein the consolidated balance sheets. Royalties paid to Ramaco Coal, LLC in the three months ended March 31, 2021 totaled $1.1 million. In the three months ended March 31, 2020, royalties paid to Ramaco Coal, LLC totaled $1.2 million.