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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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2 Aug 2022 14:57

IN BRIEF: Bens Creek says railway track undamaged by severe flooding

Bens Creek Group PLC - operates metallurgical coal mine in US state of West Virginia - Says the vast majority of its infrastructure is unaffected by the severe flooding experienced in the western part of the West Virginia and the Eastern Kentucky region since July 27. Says only the railway system suffered some damage to railway ties, and the volume of water having washed away ballast along several sections of the railway line. Bens Creek says the railway track itself did not suffer any damage. Says repairs to railway line have been made and passed an inspection undertaken by the rail operator yesterday, August 1.

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2 Aug 2022 14:09

Bens Creek working to recover from Appalachia flooding

(Sharecast News) - Coal mine owner Bens Creek updated the market on its infrastructure on Tuesday, following severe flooding in the western part of West Virginia and in Eastern Kentucky since 27 July.

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25 Jul 2022 14:17

IN BRIEF: Bens Creek falls on weak coal price due to Russian coal bans

Bens Creek Group PLC - operates metallurgical coal mine in US state of West Virginia - Estimates that coal production from April to July was likely to be around 80,000 clean tonnes. Anticipates monthly production from August onwards to be to roughly 40,000 clean tonnes, or 80,000 raw tonnes. This is in line with its production targets and will be enabled by underground mining, which started recently. Sold 44,000 raw tonnes to Integrity Coal Sales Inc from December to March 31. Notes the last two months have seen considerable market price volatility for coal.

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12 Jul 2022 10:27

IN BRIEF: Bens Creek hires Murat Erden as new chief financial officer

Bens Creek Group PLC - London-based mining company focused in North America - Hires ARCH Emerging Markets Partners Chair Murat Erden as its new chief financial officer, effective immediately. Bens Creek says Murat has over 25 years of experience in private equity, banking and technology. He served as the chair of private equity firm ARCH since 2018. Prior to that, he served as the CFO of NYSE-listed Turkcell, a communication and information technologies company.

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12 Jul 2022 07:45

Bens Creek names Murat Erden as CFO

(Sharecast News) - Coal mine owner Bens Creek has tapped Murat Erden to take over as chief financial officer of the group, with immediate effect.

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29 Jun 2022 14:28

IN BRIEF: Bens Creek knows no reason behind fall in share price

Bens Creek Group PLC - London-based mining company focused in North America - Notes recent drop in share price, and confirms it knows "no specific reason" for the share price movement. "The company confirms that there has been no material developments since the update released by the company on June 27 2022," the firm says.

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27 Jun 2022 14:58

IN BRIEF: Bens Creek expects boost to monthly production capacity

Bens Creek Group PLC - London-based mining company focused in North America - Says it expects an "increase in production capacity to up to 80,000 tons per month" at its two highwall miners. It says the supply of a second highwall miner by Mega Highwall Mining LLC will be completed during July this year. Bens Creek expects the second highwall miner to have a production target of between 32,000 and 40,000 tons of metallurgical coal per month.

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16 Jun 2022 18:21

IN BRIEF: Bens Creek notes favourable report on West Virginia assets

Bens Creek Group PLC - London-based mining company focused in North America - Reports updated reserve base evaluation undertaken by Marshall Miller & Associates Inc of its coal properties in Mingo County, West Virginia.

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8 Jun 2022 12:17

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6 May 2022 11:53

Bens Creek CFO to resign as firm seeks further independence from MBU

(Alliance News) - Bens Creek Group PLC on Friday announced steps to increase independence from its largest shareholder, MBU Group Capital Ltd.

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6 May 2022 11:46

Bens Creek working to increase independence from biggest shareholder

(Sharecast News) - North American coal miner Bens Creek Group said in an update on Friday that it was taking "a number of steps" to increase its independence from its largest shareholder MBU Group Capital.

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14 Apr 2022 21:36

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Bens Creek enters sublease to mine adjacent land

(Sharecast News) - North American coal miner Bens Creek announced on Thursday that its BC Operations subsidiary has entered into a coal sublease agreement with Star Ridge Land.

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