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Bens Creek shares fall as interim loss widens; revenue jumps

Thu, 28th Dec 2023 09:13

(Alliance News) - Bens Creek Group PLC shares dropped early Thursday, after it reported that its interim loss widened on higher costs.

Bens Creek is owner of a metallurgical coal mine in the US state of West Virginia. Its shares were down 11% to 11.08 pence each in London on Thursday morning.

Pretax loss widened to USD13.7 million in the six months that ended September 30 from USD11.7 million a year earlier.

Finance costs increased to USD2.4 million from USD1.5 million. Depletion & depreciation costs climbed to USD4.8 million from GBP3.8 million.

Revenue rose by 36% to USD23.5 million from USD17.4 million, but cost of goods sold nearly doubled to USD22.4 million from USD12.2 million.

Bens Creek produced 204,998 tons of metallurgical coal in the recent half-year, doubled from 99,928 a year before.

However, the average price received fell to USD118 a ton from USD166. Without that price fall, the company would have recorded a small profit, said Chief Executive Adam Wilson

"Overall, the outlook has improved for us, and we look forward with growing confidence to the coming months," Wilson said.

"With both Avani and Integrity in place, the company will continue to establish its branded coal in markets worldwide. As ever I thank all of our staff for their continued commitment and support to the business and we are hopeful that we will be able soon to deliver positive returns to our shareholders."

By Sophie Rose, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

More News
30 Nov 2023 15:39

IN BRIEF: Bens Creek shares up as agrees coal sale to Avani Resources

Bens Creek Group PLC - Owner of a metallurgical coal mine in the US state of West Virginia - Sass wholly-owned subsidiary Bens Creek Operations WV LLC agrees with Bens Creek's largest shareholder Avani Resources Pte to deliver three unit trains comprising a total of 33,000 short tons of Bens Creek High Vol B metallurgical coal. Says the delivery of the coal is expected to be made, subject to train delays, no later than the end of January. Says this sale is in addition to "existing and ongoing business". Says the coal is being purchased by Avani at a price which is "in line with current market rates for the sale and purchase of High Vol B coal" and that the quality of the coal will be "in keeping with standard production" from the Bens Creek mine. Says this agreement follows on from Avani entering into a non-exclusive sales and marketing agreement, as announced in July. Bens Creek Chief Executive Officer Adam Wilson says: "We are delighted to book our first trade with Avani. It demonstrates their ongoing commitment to the business, and it is the first step to what will, we hope, become a burgeoning and profitable partnership."

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20 Oct 2023 15:44

UK shareholder meetings calendar - next 7 days

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4 Oct 2023 11:39

Bens Creek reports strong upswing in coal production

(Sharecast News) - North American metallurgical coal miner Bens Creek Group reported a substantial increase in production for the six months ended 30 September on Wednesday.

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4 Oct 2023 10:12

IN BRIEF: Bens Creek shares rise as produces more metallurgical coal

Bens Creek Group PLC - Owner of a metallurgical coal mine in the US state of West Virginia - Produces 50,100 tonnes of metallurgical coal in September, up sharply from 17,630 tonnes a year prior, and 17% higher than 42,691 tonnes in August. For the six-month period to September 30, coal output more than doubles to 204,998 tonnes from 99,928 tonnes year-on-year. Bens Creek expects October production to rise from September. Chief Executive Officer Adam Wilson says: "With both highwall miners now in full operation the company expects to be able to continue the growth in production into the next quarter. This increased production is further enhanced by the reduction of costs per ton from June 2023, and the recent rebound in the met coal price from its lows of USD191 in August 2023 to USD238 at the current time."

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29 Sep 2023 21:54

EARNINGS: Bens Creek sees "difficult" year; Challenger swings to loss

(Alliance News) - The following is a round-up of earnings by London-listed companies, issued on Friday and not separately reported by Alliance News:

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20 Sep 2023 15:50

UK earnings, trading statements calendar - next 7 days

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13 Sep 2023 12:05

Bens Creek breaks clean coal production record in August

(Alliance News) - Bens Creek Group PLC on Wednesday said it recorded its highest monthly production in August, despite only having one functioning highwall miner.

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14 Aug 2023 09:49

Bens Creek highwall miner set to restart operations

(Sharecast News) - North American metallurgical coal miner Bens Creek Group announced on Monday that highwall miner unit 81 (HWM 81) is set to restart operations by 21 August.

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14 Aug 2023 09:28

IN BRIEF: Bens Creek Group highwall miner unit 81 to return to use

Bens Creek Group PLC - owner of a metallurgical coal mine in the US state of West Virginia - Says the highwall miner unit 81 is expected to recommence operating on Monday next week. In June, Bens Creek said arrival, installation, and start of operations of highwall miner unit 81 was temporarily withdrawn from service, as it waited for completion of repairs and the re-establishment of necessary benching after a mining incident earlier that month.

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26 Jul 2023 14:18

TRADING UPDATES: NewRiver hails performance; AFC Energy gets grant

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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11 Jul 2023 14:54

Bens Creek issues $7.6m in new, unsecured loan notes

(Sharecast News) - Metallurgical coal miner Bens Creek announced the issue of $7.57m in unsecured loan notes to ACAM on Tuesday.

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11 Jul 2023 13:15

IN BRIEF: Bens Creek issues USD7.6 million of unsecured loan notes

Bens Creek Group PLC - owner of a metallurgical coal mine in the US state of West Virginia - Enters into unsecured loan note agreement with ACAM LP for a total subscription of USD7.6 million of loan notes, for the now cancelled USD6.0 million of convertible loan notes issued to ACAM on December 14. Loan notes have a term of 18 months, and are not convertible into company shares. Bens Creek issues ACAM with a total of 21.1 million warrants to subscribe for shares in Bens Creek exercisable at 28 pence per share. Warrants have a life of 5 years from issue date.

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7 Jul 2023 11:59

IN BRIEF: Bens Creek issues loan notes to raise USD6.5 million

Bens Creek Group PLC - Owner of a metallurgical coal mine in US state of West Virginia - Raises USD6.5 million through the issue of loan notes to shareholder Avani Resources Pte Ltd. Says loan notes have an 18-month term. Adds issue of loan notes to Avani is a related party transaction. Avani owns a 30% stake in Bens Creek. Bens Creek currently has an outstanding convertible loan note of around USD5.6 million with ACAM LP, issued in February, due for repayment by the end of summer. Proceeds of the issue of loan notes will be used to repay ACAM and for its general working capital requirements.

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26 Jun 2023 17:33

TRADING UPDATES: New patents for Sareum; Guanajuato hails assessment

(Alliance News) - The following is a round-up of updates by London-listed companies, issued Monday and not separately reported by Alliance News:

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