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Bens Creek reaches monthly production of 40,000 tonnes

Fri, 02nd Dec 2022 12:58

(Sharecast News) - North America-focussed metallurgical coal miner Bens Creek said in an update on Friday that from 26 October to the end of November, it produced a total of 43,736 clean tonnes.

The AIM-traded firm said that production came from the newly-permitted seam.

Despite closing for the Thanksgiving holiday, production in November was the highest monthly production to date, and exceeded its original peak annual production target at the time of its admission to AIM by 18%.

At the time of its admission in October last year, Bens Creek said it was aiming to reach peak annual production at 0.44 million tonnes in 2025, equating to 37,000 tonnes per month.

"For the first time we have produced 40,000 tonnes in a month," said chief executive officer Adam Wilson.

"The past month has been a busy transitional period as we moved from mining contractors to an owner-operator model for earth removal."

Wilson said that, armed with a "fully operational fleet" and the deployment of its second high-wall miner, the firm was looking forward to 2023 with confidence.

"We remain on track to meet our monthly production targets and achieve in excess of 70,000 clean tonnes per month."

At 1238 GMT, shares in Bens Creek Group were up 1.55% at 24.63p.

Reporting by Josh White for Sharecast.com.

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7 Jun 2024 16:06

IN BRIEF: Bens Creek elects to liquidate the company

Bens Creek Group PLC - owner and operator of metallurgical coal mines across North America - Elects to liquidate the company. This follows a board meeting and subsequent discussions with its advisers. Appoints Hill Dickinson for the process, and will commence immediate proceedings. Expects shortly to make an application to the courts. Under the circumstances cancels the previously announced general meeting which was to be held on Monday.

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23 Apr 2024 17:38

IN BRIEF: Bens Creek makes further Chapter 11 filings in US

Bens Creek Group PLC - owner and operator of metallurgical coal mines across North America - Makes further Chapter 11 filings with US bankruptcy court, adding that US companies have entered into a term sheet for debtor-in-possession financing facility. Says that Avani, its largest shareholder, has filed a DIP term sheet with the Court for up to USD14.5 million. The Avani facility term sheet is now binding on Avani, but is not binding on the Chapter 11 companies until the court binds the Chapter 11 firms. A court hearing to consider the Avani facility is now expected at the end of April.

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12 Apr 2024 16:56

LONDON MARKET CLOSE: Miners lift FTSE 100 but sea of red elsewhere

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12 Apr 2024 14:25

Bens Creek shares fall as it moves mine into care and maintenance

(Sharecast News) - Shares in North American metallurgical coal miner Bens Creek were sliding on Friday afternoon, after the company issued an update on its operations and working capital position, confirming that its West Virginia mine was moving into care and maintenance.

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12 Apr 2024 10:04

AIM WINNERS & LOSERS: Bens Creek falls as it lays off workers

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Bens Creek shares plunge amid round of lay-offs in West Virginia

(Alliance News) - Bens Creek Group PLC shares on Friday plummeted after it reported that it has laid off 44 Bens Creek Operations WV LLC employees.

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12 Apr 2024 08:58

LONDON MARKET OPEN: Stocks get boost thanks to growth in UK economy

(Alliance News) - Stock prices in London opened higher on Friday, thanks to new data suggesting the UK economy is out of recession.

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8 Apr 2024 10:52

Bens Creek inks coal sale deal amid cash flow strains

(Sharecast News) - Metallurgical coal miner Bens Creek Group announced an agreement with its largest shareholder Avani Resources on Monday, for the purchase of 20,000 tons of off-spec coal.

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8 Apr 2024 10:17

Bens Creek down as struggling company inks additional Avani coal order

(Alliance News) - Bens Creek Group PLC shares sank nearly 20% on Monday morning, as the company announced another coal contract with its largest shareholder following a tough start to 2024.

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