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Note 12 - Related Party Transactions | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
RELATED PARTY TRANSACTIONS | NOTE 12—RELATED PARTY TRANSACTIONS Mineral Lease and Surface Rights Agreements—Prior to the acquisition of Ramaco Coal, as discussed in Note 4, much of the coal reserves and surface rights that we controlled were acquired through a series of mineral leases and surface rights agreements with Ramaco Coal, who was a related party. Production royalties payable to Ramaco Coal in the amount of $0.4 million were included in accounts payable on the December 31, 2021 consolidated balance sheet. Royalties paid to Ramaco Coal in 2022, prior to the acquisition, totaled $3.1 million. Royalties paid to Ramaco Coal in 2021 and 2020 totaled $5.7 million and $4.5 million, respectively. Administrative Services—Also prior to the acquisition of Ramaco Coal, the Company and Ramaco Coal agreed to share the services of certain of each company’s employees pursuant to a Mutual Service Agreement, dated December 22, 2017, and effective as of March 31, 2017. Each party will pay the other a fee on a quarterly basis for such services calculated as the annual base salary of each employee providing services multiplied by the percentage of time each employee spent providing services for the other party. Year-to-date charges to Ramaco Coal in 2022, prior to the acquisition, were $44 thousand. Charges to Ramaco Coal were $0.1 million in 2021 and $0.2 million in 2020. Legal Services—Some of the professional legal services we receive are provided by Jones & Associates (“Jones”), a related party. Legal services paid to Jones in 2022 and 2021 totaled $0.8 million and zero, respectively. ​ Ramaco Coal Deferred Purchase Price—As part of the financing of the acquisition of Ramaco Coal, as discussed in Note 4, we incurred interest expense of $3.0 million in 2022. The outstanding principal balance of the Ramaco Coal Loan was $40.0 million at December 31, 2022. Refer to Note 7 for additional information regarding the terms of the financing. ​ Ramaco Foundation--The Company made a charitable cash contribution of $1.0 million during 2022 to the Ramaco Foundation, which was recognized in other income (expense), net, on the income statement. The Ramaco Foundation is an unconsolidated not-for-profit organization whose board of directors includes several members of the Company’s management and board of directors.

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