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INVENTORIES

9 Months Ended

Sep. 30, 2024

INVENTORIES

5.INVENTORIES

Inventories consist of the following:


		September 30,			December 31,
		2024			2023

		(in thousands)

Coal		$	95,333		$	56,549
Finished goods (net of reserve for obsolescence of $723 and $728, respectively)			3,812			3,908
Work in process			580			791
Raw materials			1,838			2,144
			101,563			63,392
Supplies (net of reserve for obsolescence of $8,036 and $7,439, respectively)			75,940			64,164
Total inventories, net		$	177,503		$	127,556

The above balances reflect lower of cost or net realizable value adjustments of $5.9 million to our coal inventories. These adjustments are primarily a result of lower coal sale prices and higher cost per ton at the Mettiki Mining, LLC ("Mettiki") and MC Mining, LLC ("MC Mining") mining complexes.

Certain of our subsidiaries, primarily consisting of Matrix Design Group, LLC, its subsidiaries, and Alliance Design Group, LLC (collectively referred to as "Matrix Group"), manufacture a variety of products for our mining operations and third parties. These products are primarily consumed internally by our mining operations with associated inventory historically presented as supplies inventory. Recently Matrix Group has been increasing its production of products with the intention to increase third-party sales. We have therefore presented our manufactured goods inventories in the table above separately from our historical presentation of supplies inventory.