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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.
Bens Creek also expects to receive a permit for the area that is to be mined by MHW using the second highwall miner by July this year.
Chief Executive Officer Adam Wilson says: "We are delighted to have had the opportunity to exercise our option for MHW to operate a second highwall miner on our behalf and reinforces our strong relationship with our contract highwall miner. Highwall mining machines are generally in short supply and command a market premium. By operating two highwall miners simultaneously, this will enable an increase in our production capacity to up to 80,000 tons per month."
In October last year, Bens Creek entered into a contract mining services agreement with Kentucky-based specialist highwall mining systems firm Mega Highwall Mining LLC. The contract allows for a minimum production capability of 40,000 tons of metallurgical coal per month, which equates to 480,000 tons annually.
Current stock price: 69.80 pence, down 5.7% on Monday
12-month price: up from 10p at October IPO
By Xindi Wei; xindiwei@alliancenews.com
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