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The company was formed by buying assets from Administration and a moth balled mine. This is going to head back to Administration and will be mothballed. It costs more to mine the coal than it they can get from selling. Issues with no trains make this unviable. This will all be bought up on the cheap and end up in the hands of Avani.
This is how mines like this work. They are formed when the demand for coal is strong and there is a higher price for coal. Then it end when the price of coal falls to where it is un-economic and there is little or not demand.
This is the end for Ben. Cash borrowed will not last out the down turned. The boss is leaving before he was pushed. It was all down to him and the buck stops with him. BEN is no longer a going concern. SELL
That's an understatement... GLA
Not been great so far. time for a change?
I was kind if thinking that Adam wouldn't hang around if there wasn't a bonus. I couldnt see what a bonus could be paid on unless he had a bonus on getting production of "n" 000s of tons per month out the door. not an SP price based bonus.
Avani need the coal obviously so will their loan facility become too much and they take the business in lieu of debt, can that happen?
Sorry situation... hope we can see a rise in met coal price enough to save BC .
Seriously GLA
Adam resigning is a bit of a surprise. His bonus makes sense now though imo. Presuming he knew when he took it the co' would fold and wanted as much out of it as possible before it did so.
The other alternative is he really believed he deserved $850K as a bonus for delivering a $20M loss and that's just too ridiculous to believe.
Amino ....If that comment was directed at me then the answer is no.
Still
Not sure, but are you the one who was going mental when this share was 1 quid and you thought it was going to 2 quid, and when someone said it could drop to 30p you jumped all over them?
Just saying!
Amino which one of the chuckle brothers are you?
If my auntie had b%$cks she would be my uncle
Please can someone advise where I can find the Met b coal prices? Thank you
Adam Wison,,,,,,,,the man who went from Superman to Mr bean in 18 months....the rollercoaster of small-cap shares
HVB +$5 to $220
Share price action is like' a comedy of errors',
.
JH that's a rather negative view. You could equally say if the met coal price increases from current levels BEN will be very much more profitable than it currently is. I believe futures prices for met coal are above current levels.
Imho if MET B drops below $200 again for a number of weeks/months Ben will mothball the plant until a more positive visibility on Met coal price.
Met B $215
RPG, Adam would be shouting from the roof tops if full production had been achieved imo.
Another slight drop in met coal prices…
All this spurious gossip about the lack of trains -Where s the documented evidence.?
Completely agree, the train service to Bens Creek is so so unreliable.
So unreliable to the fact your really cant stamp any meaningful production and delivery numbers.
Its pretty much all over the place.