Ramaco Resources (METC) Extends Losses Ahead of Q3 Results

We recently published 10 Stocks Slump Amid Wall Street Cheer; 2 Hit Rock Bottom. Ramaco Resources, Inc. (NASDAQ:METC) is one of the worst performers on Thursday.

Ramaco Resources fell for a third day on Thursday, shedding 9.57 percent to end at $36.01 apiece as investors continued to unload portfolios ahead of the release of its third quarter earnings performance next week.

In an updated report, Ramaco Resources, Inc. (NASDAQ:METC) said it would announce the results of its financial and operating highlights after market close on Monday, October 27, to be followed by a conference call on Tuesday, October 28.

In other news, Ramaco Resources, Inc. (NASDAQ:METC) announced the start of the development of its new pilot processing plant and laboratory in Sheridan, Wyoming.

The facility is expected to produce high-purity individual rare earth oxides, which are essential for US magnet production and other advanced technologies, in support of domestic production following the recent exports restriction policy in China.

Ramaco Resources, Inc. (NASDAQ:METC) earlier this year announced a $6.1 million grant from the Wyoming Energy Authority’s Energy Matching Fund to support the development of the said site.

“We believe this groundbreaking [milestone] marks the beginning of a new chapter in American rare earth minerals. Our goal is to build the foundation for a secure, domestic supply of rare earths and critical minerals and ensure that the U.S. remains competitive in the technologies that define our future,” Chairman and CEO Randall Atkins said.

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Disclosure: None. This article is originally published at Insider Monkey.