Member Info for DropD

fromage - AW has stated at every available opportunity that he is committed to paying dividends as soon as he can. It was clearly stated at the AGM last autumn, there are plentiful recordings of him saying it (Roast, Proactive etc), and he has confirmed what he has stated publicly in email exchanges with me. I believe the MBU bosses have also stated publicly that they are looking forward to dividends and they are the reason they are in BEN for the long haul (presumably divs will also power the sp which will benefit them hugely).

Depends whether you believe in the business model and industry prospects. It's been very painful, but bear in mind this time last year BEN had only just started producing; by Jan this year it had a record month shipping a record 55k tons, with just 1 hwm producing. I agree delays are more than frustrating and sp movement makes one fear for one's investment. But having endured a really tough period IMHO we investors should now be positive and looking forward to BEN putting the final pieces of jigsaw in place ie the longed-for hwm2, monthly production up to 70k+ tons and regular sales and transport. Once that's there, even with very conservative p/e of just 4 and profit of $50 / ton, that implies sp of 28p and full year profit of $42m - more than enough to pay initial dividend and pay off loans etc. I'm sure AW (and MBU) will be looking to make the earliest possible dividend payment, and that should be additional catalyst for positive sp change.All IMHO and fully expecting to be shot down by the usual critics. But if you don't believe above or something like it then no point being here. GLA investors.

Current share price is an absolute steal for a company soon to be generating multi million $ profit every month. IMO risk is now lowest its been since IPO, with all key elements in, up and running and final piece (2nd hwm) being assembled as I type. Looking forward to a very good rest of 2023. GLA investors.

Fully support balanced discussion, but consistently and only negative posting, ignoring anything positive, suggests ulterior motive.

Art - you only seem to come here to bash BEN and rubbish it's prospects. Why?

Pawn - rubbish. But if you don't like then don't invest.

5p / share initial dividend looking very tasty for anyone able to buy at these levels. Current production would cover that by mid year let alone increased prod when hwm2 up and running. Short term issues will soon be resolved. Hold tight mes braves!

Penstock - apols!

Penstock pls stop talking about 100k tons per month. No-one in the company to my knowledge has ever suggested this number and you're riding for a fall by going on about it. Let's focus on the 70-80k tons established target. Anything beyond that will be a very welcome bonus.

I'm still a bit confused about train booking. Some say its down to Integrity (or whoever is buying the coal) and is linked to whether onward shipping capacity is available. Others think its Adam - and in the past he has talked about x trains being scheduled in a particular month (eg 4 last December, but I think we ended up with just 1 or 2). Then the train company themselves seem to have a say - they seem to do whatever they want / are able, irrespective of what has been booked / scheduled. In Luther's train videos I'd like to see fully loaded ones departing - think it sends a better message than empty ones arriving!

3 trains so far this month confirmed, with expectation of a 4th would give 44k tons shipped. Apparently a further 10k tons trucked, so possibly nearly 55k tons this month. Met coal price edging back up towards $300/ton. Looking like this will be a very profitable month - probably breaking BEN records for monthly production, sales, profit. Operations definitely going in the right direction.

Not reflected in sp, which seems to me is being systematically driven down - regular daily pattern of relatively large sells early in the day to undermine sp, puts it in the red, buys of any size immediately trumped by sell(s) ... No surprise if this, which has been happening for weeks now, has impacted on investors confidence. I believe fundamentals and performance will turn this round.

I think BEN uses platts - I believe it's Adam who sends the latest platts prices through to the Roast boys..

Completely wrong. You can't base any projections for next year on the start up operations and costs of apr-sep 22. Almost every aspect will be different.

christo - deal with MHW is very good imo - it means MHW responsible for all aspects of running and maintaining hwm2 - which is in all likelihood a more robust machine than the one we bought - plus provide and maintain necessary skilled crew. utilises MHW quality, skill and experience and reduces uncertainty for BEN. new contract covering 2 hwms has improved terms (reduced cost) compared with previous.

Picax - very good post, thank you

ezzza - great minds!

welcome MrSkip! Did you not see the 2/12 RNS indicating ~44k tons clean produced in most recent month, in line with plan?

today's results are for start-up period - all costs (including numerous development costs) covered by a fraction of current, let alone planned future production. From a less productive seam than current, without the cost efficiencies recently introduced e.g. from own above-ground equipment and staffing, and before improved contract with MHW for the 2 hwms.

BEN had to go through this development period, but everything coming into place (assuming hwm2 operational jan/feb) for hugely productive 2023.

It means 2 hwms both on 2 shifts, + underground production. Wants it to demonstrate continuing progress, to include in year end report and accounts (year to end March 23) ... and also to add further confidence re div payments

Penstock - Adam said he wants a month of full production (70-80k tons) before end March if poss.

BEN must surely now be in its best shape since IPO. After substantial investment and effort all nec. infrastructure and own workforce in place. Production from hwm1 + underground exceeding the target 40k clean tons per month. hwm2 to be up and running early in New Year; AW aim to have at least 1 full month 'full production' (70-80k clean tons) before end Mar '23, and consistently at that level thereafter. MBU have provided strong public confirmation of long term commitment and expecting regular dividends starting in '23. GLA