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Pin to quick picksBens Creek Share News (BEN)

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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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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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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.

Read more
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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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

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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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14 Mar 2022 11:32

Bens Creek upbeat on latest production, delivery data

(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.

Read more

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