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Then-U.S. Sen. Joe Manchin (I-WV) departs the Senate Chamber at the Capitol on September 25, 2024 in Washington, D.C.Key Takeaways
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Coal miner Ramaco Resources added former West Virginia Governor and Senator Joe Manchin to its board.
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The company cited Manchin's years of government experience in supporting the coal industry.
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Earlier this month President Donald Trump signed an executive order designed to strengthen the coal industry in the U.S.
Shares of Ramaco Resources (METC) opened the session higher Monday when the coal miner announced that former West Virginia Governor and Senator Joe Manchin was named to the board. However, after the initial jump, shares turned lower along with the rest of the market.
The Lexington, Ky.-based company, which has operations in southern West Virginia, explained that Manchin has "a deep understanding of the issues facing the U.S. coal industry," and that "he has been a steadfast advocate for metallurgical coal and the wider U.S. mining industry."
Ramaco added that Manchin's experience in national defense and the critical mineral supply chain "brings valuable strategic advice and guidance" as the firm advances its efforts to extract rare earth elements in Wyoming.
Manchin explained that having grown up in Farmington, West Virginia, he has seen "firsthand how coal shaped communities and powered our nation."
The move came just weeks after President Donald Trump took steps to boost the coal industry, signing an executive order that designated coal as a "mineral" and opened up federal lands to coal mining.
Ramaco Resources shares are down about 6% so far this year.
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