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IN BRIEF: Bens Creek quarterly production grows by more than half

Mon, 08th Jan 2024 09:53

Bens Creek Group - owner of a metallurgical coal mine in the US state of West Virginia - Produces 112,342 clean tons of metallurgical coal between October 1 and December 31, reflecting a 53% increase from 73,655 tons in the same period in 2022. Says it was restricted in production in November and December because of a slowdown in the availability of trains in the quarter, particularly in December, which saw a build-up in inventory to around 90,000 tons. This was then reduced to less than 60,000 tons after some deliveries were completed. Notes that the reduced availability of trains was due to coal handling capacity issues at the Port of Norfolk. Chief Executive Officer Adam Wilson says: "This increased production is further enhanced by the reduction of costs per ton from June 2023, and the recent rebound in the metallurgical coal price from its lows of USD191 in August 2023 to USD250 at the current time."

Current stock price: 10.68 pence, up 6.8%

12-month change: down 63%

By Sabrina Penty, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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23 Dec 2022 12:57

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22 Dec 2022 14:24

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2 Dec 2022 11:23

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Copyright 2022 Alliance News Limited. All Rights Reserved.

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30 Aug 2022 16:13

TRADING UPDATES: Thor Explorations, Zenith Energy post swing to profit

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18 Aug 2022 15:46

IN BRIEF: Bens Creek to raise GBP6 million to form equipment fleet

Bens Creek Group PLC - operates metallurgical coal mine in US state of West Virginia - Intends to raise GBP6.0 million through placing of 10.0 million shares at a price of 30 pence per share, and subscription by certain investors for another 10.0 million shares at the same price.

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