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IN BRIEF: Bens Creek up on new USD7.5 million working capital facility

Wed, 06th Mar 2024 16:59

Bens Creek Group PLC - Owner and operator of coal mines across the US - Enters into an amended loan instrument and security agreement with Avani Resources Pte Ltd, a Singapore-based commodities trader, Bens Creek's largest shareholder with a 30% stake. Avani will provide Bens Creek with a working capital facility of USD7.5 million, alongside an additional USD2.5 million at its discretion. To date, Avani has advanced USD5.0 million to Bens Creek, USD4.3 million of which was advanced in February. Avani has also agreed to restructure its outstanding USD6.5 million loan note, issued by Bens Creek in July. Due for repayment in January 2025, the pair have agreed that the loan note shall now be a rolling loan note, remaining open until either its repayment or the event of a default.

Bens Creek Chief Executive Officer Adam Wilson says: "The additional working capital facility and the restructured loan note (which is now rolling and no longer repayable in January 2025) announced today, the offtake agreement announced last week and Chris Walker starting as the CEO of Bens Creek operations are all positives."

Current stock price: Closed up 23% at 4.62 pence per share in London on Wednesday

12-month change: down 76%

By Hugh Cameron, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

More News
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

TRADING UPDATES: City Pub Jubilee boost; Fulham Shore fights inflation

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

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6 Jun 2022 12:10

TRADING UPDATES: Nanoco ups outlook; Seeing Machines wins deal

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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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

TRADING UPDATES: Polar Capital assets up; Brooks Macdonald funds fall

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and Wednesday and not separately reported by Alliance News:

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14 Apr 2022 12:19

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.

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