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Our primary product is metallurgical coal, which is in itself a commodity.
−Removed: Our coal is sold under short-term fixed price contracts, term transactions utilizing index pricing or on a spot basis.
+Added: Sales commitments in the metallurgical coal market are typically not long-term in nature.
+Added: The Company’s domestic sales contracts have terms of about one year and the pricing is typically fixed.
+Added: Export sales have spot or term contracts, and pricing is often derived from an index.
As such, we are exposed to changes in the international price of metallurgical coal.
−Removed: We attempt to manage this risk by keeping tight control over our mining costs.
+Added: Our sales commitments as of February 29, 2024 are as follows:
+Added: Average Price
+Added: North America, fixed priced
+Added: Seaborne, fixed priced
+Added: Total, fixed priced
+Added: Total committed tons
+Added: Sales commitments of 0.4 million tons were obtained subsequent to December 31, 2023, which are included in the table above.
+Added: Sales commitments in the metallurgical coal market are typically not long-term in nature and, therefore, we are subject to fluctuations in market pricing.
+Added: We expect the shift to more export sales in the Company’s mix of revenue that occurred in 2023 to continue during 2024, which may lead to volatility in revenues due to index-based pricing.
+Added: The Company does not currently manage this risk through the use of derivative instruments.
+Added: We also have exposure to price risk for supplies that are used directly or indirectly in the normal course of production such as diesel fuel, explosives, and other items.
+Added: The Company manages its risk for these items through strategic sourcing contracts in normal quantities with our suppliers.
Interest Rate Risk.
−Removed: Based on the current levels of debt and leases, we are not overly exposed to interest rate risk.
−Removed: Should we incur additional debt in the future or increase our cash position, the general level of interest rates will begin to take on greater importance.
−Removed: At that time, we will manage our exposure through a variety of financial tools designed to minimize exposure to interest rate fluctuations.
+Added: We are exposed to risk from changes in interest rates;
+Added: however, based on the current levels of debt and leases, the Company does not attempt to manage our exposure to interest rate fluctuations.
+Added: we are not overly exposed to interest rate risk.
+Added: The Company has senior unsecured notes with a face value of $34.5 million that mature on July 30, 2026, unless redeemed prior to maturity, bearing interest at a fixed rate of 9% per annum and paid quarterly.
+Added: Some of the Company’s debts may be affected by changes in benchmark interest rates, such as the Secured Overnight Financing Rate (“SOFR”).
+Added: Borrowings under the Company’s Revolving Credit Facility, which has a maturity date of February 15, 2026, bear interest at either a base rate plus 1.5% or the applicable SOFR plus 2%.
+Added: The base rate equals the highest of the administrative agent’s prime rate, the Federal Funds Effective Rate plus 0.5%, or 3%.
+Added: The Company’s outstanding financing related to the Maben coal acquisition, which had a balance of $11.4 million at December 31, 2023 and is due in full in 2024, bears interest at the applicable SOFR plus 3% compounded monthly.
Foreign Exchange Rate Risk.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.