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Bens Creek starts delivering metallurgical coal ahead of plan

Mon, 17th Jan 2022 12:52

(Sharecast News) - North America-focussed metallurgical coal miner Bens Creek Group announced on Monday that, following discussions with its offtake partner Integrity Coal Sales of New York, it had started the sale and delivery of metallurgical coal.
The AIM-traded firm said the initial agreed volume was to deliver the equivalent of 8,840 clean tons of 'Hi Vol B' coal.

Payment for the initial delivery was expected to be made over the next 10 days.

The company said the early delivery of metallurgical coal to Integrity accelerated its generation of revenue by more than one month, and started the fulfilment of the requirement under the offtake agreement announced on 21 October, which provides for the delivery of 22,000 clean tons per month.

"I am delighted to announce that Bens Creek has commenced delivery of production to the metallurgical markets ahead of schedule," said chief executive officer Adam Wilson.

"This speaks well of the company and its wider production team, which has helped us to develop and mine a dormant reserve within a short period of time.

"Our ability to commence delivery to a marketing entity, like Integrity, reaffirms the quality of reserves that Bens Creek possesses."

At 1232 GMT, shares in Bens Creek Group were up 13.82% at 39.27p.
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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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LONDON MARKET CLOSE: Miners lift FTSE 100 but sea of red elsewhere

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

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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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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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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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