This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Ramaco Resources operates four active metallurgical coal mining complexes in Central Appalachia, producing over 4 million tons of metallurgical coal annually. The company’s core business is the extraction, processing, and sale of metallurgical coal, a primary input for steelmaking. Its operations include the end-to-end process of exploration, mining, and preparation of coal.
In July 2023, the Fourth Circuit Court of Appeals upheld a jury verdict against Ramaco Resources, awarding $7.6 million in compensatory damages and an additional $25 million for aggravation and inconvenience related to its operations. The company is also the subject of multiple ongoing legal actions, including a securities fraud class action lawsuit filed on behalf of investors.
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The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.