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Bens Creek upbeat on latest production, delivery data

Mon, 14th Mar 2022 11:32

(Sharecast News) - North American metallurgical coal miner Bens Creek updated the market on production and deliveries on Monday, confirming completion of the first purchase order from Integrity Coal Sales of 17,000 raw tonnes - equivalent to around 9,000 clean tonnes.

The AIM-traded firm said a second purchase order for a further 23,000 raw tonnes, equivalent to about 12,000 clean tonnes, was completed on 10 March.

Both of those deliveries fulfilled the company's initial arrangement with Integrity to deliver raw tonnes, and were in line with the delivery dates set out in its agreement with Integrity, announced in October and running to the end of December this year.

The board said that, having supplied raw coal to Integrity since the start of production, it now intended to supply them with 264,000 tonnes with a minimum monthly consignment of 22,000 clean tonnes, beginning with a first clean coal delivery in April.

It said the expected selling price of that consignment and monthly thereafter would be "closely linked" to the S&P Global Platts price of the Hi Vol B coal product at the time of assignment, as set out in its agreement with Integrity.

The price on 11 March for Hi Vol B coal product was $450 per metric tonne, with the equivalent price for a short tonne being $409.

Bens Creek said the increase in the price of all types of metallurgical coal since its October update, when the price of Hi Vol B was $305 per metric tonne, reinforced a lack of supply in the market and, in the view of the board, strengthened demand for its product.

As the firm moved into the delivery of clean tonnes to Integrity, it said it was intending to operate a second shift using its existing highwall miner to further increase the production and sale of additional HVB metallurgical coal.

The company also announced that its recently-refurbished preparation and wash plant had successfully completed its final tests, and was now fully operational.

Following its announcements in January and February of the purchase of a second highwall miner, Bens Creek confirmed on Monday that the miner was en route to its site, and was expected to be delivered by the end of March.

Looking at its underground operations, the firm said it expected that, during April, underground mining would commence at Bens Creek.

The board said that was expected to allow access to a "higher quality" of metallurgical coal, classified as Hi Vol A.

It said that, while expected volumes would be lower than extracting metallurgical coal using a highwall miner, the higher-grade quality coal would command a premium price to HVB.

The metric price per tonne of Hi Vol A on 11 March was $510 per ton, with the equivalent price for a short tonne being $464.

"We are pleased with our delivery programme so far - we anticipate moving smoothly into delivery of clean coal and are on course to deliver fully on our commitments to Integrity," said chief executive officer Adam Wilson.

"Our development as a business is on track and we are confident that we will continue this early progress and at the same time capitalise on the supply side constraints being experienced by users of both HVA and HVB coal.

"We are also excited by the addition of a second highwall miner which, along with the anticipated second shift operating the existing highwall miner and the proposed commencement of underground mining, will enhance our output to meet the global demand for high quality metallurgical coal."

At 1351 GMT, shares in Bens Creek Group were up 10.33% at 82.75p.

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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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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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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

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

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