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INVENTORIES

12 Months Ended

Dec. 31, 2024

6.	INVENTORIES

Inventories consist of the following:


	December 31,
	2024		2023

	(in thousands)

Coal	$	37,290	$	56,549
Finished goods (net of reserve for obsolescence of $2,481 and $2,188, respectively)		14,197		11,752
Work in process		1,560		2,379
Raw materials		7,192		6,448
		60,239		77,128
Supplies (net of reserve for obsolescence of $6,409 and $5,979, respectively)		60,422		50,428
Total inventories, net	$	120,661	$	127,556

The above balances reflect lower of cost or net realizable value adjustments of $24.6 million to our coal inventories. These adjustments are a result of lower coal sale prices and higher cost per ton primarily due to a longwall move at the Hamilton County Coal, LLC (“Hamilton”) mining complex, lower production at Mettiki Coal , LLC and Mettiki Coal (WV), LLC (collectively “Mettiki”) and MC Mining, LLC (“MC Mining”) mining complexes, and ongoing development activities at the Henderson County mine at our River View Coal, LLC (“River View”) mining complex.

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. Historically, these products were primarily consumed by our mining operations with the associated inventory presented as supplies inventory. Recently Matrix Group has been increasing its sales to third-parties. As a result, we have presented our manufactured goods inventories in the table above separately from our historical presentation of supplies inventory.