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Bens Creek working to recover from Appalachia flooding

Tue, 02nd Aug 2022 14:09

(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.

The AIM-traded firm said the Appalachian region had experienced severe levels of rainfall and flooding "not seen for decades", causing downed trees, power outages, disruption to the water system and road blockages.

A state of emergency was declared in certain areas, while several deaths were reported in Eastern Kentucky.

The company said the areas adjacent to its infrastructure in West Virginia which had been affected were Mingo County and Logan.

Bens Creek said the "vast majority" of its infrastructure was unaffected by the weather other than the railway system, which did suffer some damage to railway ties along with the volume of water washing away ballast along several sections of the line.

However, the railway track itself did not suffer any damage.

The company also reported that it was able to source replacement ballast to ensure the material washed away was replaced ahead of the imminent arrival of trains from Norfolk Southern.

It said the repairs to the railway were complete, and passed an inspection by the rail operator on 1 August.

With the imminent arrival of a train scheduled for this week, the board said it was important to ensure the track was fully functional.

As a result, the scheduling of the train for arrival at the Bens Creek site this week was expected to be unaffected.

The severe flooding had affected the logistical supply and transportation of metallurgical coal from West Virginia and Eastern Kentucky to the various ports linking to the Norfolk Southern railway system.

Bens Creek said that resulted in Norfolk Southern agreeing to supply three trains to the Bens Creek site over the next seven days, to meet the backlog in supply.

"Firstly, I need to thank each and every member of our team, who worked tirelessly round the clock from Wednesday night, often through the night on multiple nights in succession in very difficult conditions, both to allow the huge levels of water to flow down the Bens Creek mountain and into the Tug river, with minimal damage to property, and then to work around the clock again repairing the damage to our railway line so that we are able to accommodate additional trains into the Bens Creek site to help the logistical difficulties caused in the region," said chief executive officer Adam Wilson.

"It is normal for the CEO to thank his staff, but on this occasion, my staff went over and above what could have been expected, as well as maintaining and protecting the assets of the company for the benefit of all shareholders.

"The staff at Bens Creek have also been active in the community trying to help where possible and to minimise any further damage and to prevent the loss of life."

At 1335 BST, shares in Bens Creek Group were up 7.95% at 39.4p.

Reporting by Josh White at Sharecast.com.

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Bens Creek shares fall as interim loss widens; revenue jumps

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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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Bens Creek reports strong upswing in coal production

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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

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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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Bens Creek highwall miner set to restart operations

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

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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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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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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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