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.
"The metallurgical coal price has been weak recently, primarily due to the upcoming ban being imposed by the European Commission on the import of Russian coal, which takes effect from August 10. Once this takes effect the board is hopeful that the price of met coal will stabilise and become stronger, and we remain confident of the prospects for Bens Creek for the rest of the year and beyond," Chief Executive Adam Wilson says.
Current stock price: 35.74 pence, down 6.0% on Monday
12-month change: up sharply from listing price of 10p in October
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Bens Creek (BEN)