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Great news that metcoal market prices are up but to keep it BEN, we get paid for HiVolB not HiVolA so the price is $288/metric ton (tonne). The same figure that Adam used in the podcast. He also said that if the WHI report had based figures on the current $288/T instead of $225/T then the sp valuation should be £1.36. That would be awesome, but so would 86p.

If trying to work out how much revenue BEN get for 4 trains please note it is sold as short tons.
There are 2204pounds weight in a metric tons (tonne)
There are 2000pounds weight in a US short ton
$288/metric tons (tonnes) = $261/short ton. BEN get paid in the US for shipping short tons, 11KT per train.
44KT per month at full spot = $11.5m revenue :)

I thought it was being trucked daily to High Ridge CSX train loading facility but assumed it was 5 days a week not 7. Podcast says it is going to Star Ridge but I can't find that on the map. I can see High Ridge. Isn't Star Ridge just the name of the Company who own the 2640 acre land we leased next door to Bens Creek with a plan to mine it 2025?

Major news that 4 trains booked this month. Presumably every month till the 2nd HWM can guarantee that more than 44KT can be produced each month. This is monumental news. I don't get why investors can't see how big this is. Whether it is 4xNS trains plus 1 or more CSX trains or even if it is just 2xNS trains and 2xCSX trains, 4 train shipments is finally the proof that BEN can do it. Next month Mega increase their production by bringing the 77 online. OMG I don't really care what the sp is today or tomorrow, come Easter the sellers can do one and wave up to us. Finally we are on the way to full production. Be great to see it in an official RNS but may as well just combine news of 4 trains having taken 44KT in the end of month RNS that says that all sections of the 77HWM are at Wildcat being assembled. 25.5p is beyond belief, but I hope I can say "well done if you paid less than 51p" by Easter when we will be in more than double production than the 2 trains a month we had last year.

https://audioboom.com/posts/8231380-midweek-takeaway-featuring-adam-wilson-ceo-of-bens-creek-aim-ben
If the WHI report used the current $288 coal price instead of $225/t then it would have given a £1.36 sp valuation. Not going to produce more than 80KT a month at BEN as that will put washplant and yellow iron operations at full capacity. May as well ignore getting a 3rd HWM this year and next as it would need a whole other site (BEN2) with another washplant etc. Adam says the year end March 2023 revenue $48m and $18m gross profit are conservative figures.

Best part of the midweek roast is that 4 trains have been booked this month and confirmation that 11KT coal is being trucked to CSX trains at Star Ridge each month albeit at a $20/t cost. That is the news I have been waiting for. If BEN are getting 4 trains each month now then BEN have to be worth double the 2 train price, surely? 53p? And that is before the 77HWM is assembled and adding an extra 15-30KT clean coal, depending on how many shifts the 1.5 Mega crew can do.

As we are mining 44KT clean coal each month I assume those 4 booked trains are 3xNS and 1xCSX.
4 trains = 44KT HiVolB sold each month. Current price on Argus is $270/mt = $243/ short ton. So roughly $10m revenue a month allowing for a slight discount from spot and truck costs for 11KT of it.

There was a typo made by the broker (not by BCG) on the recent report but this has now been amended in latest broker report release. Cashflow in 2024E expected to be 69m instead of 92m and 2025E expected to be 106m instead of 165m after dividends.

Confirmation that 44KT is being sold each month should see the sp pretty much double what it is today where many think only 2 trainloads (22KT) are being sold.
Adam told us that coal was being trucked to CSX. There was even a video showing trucks being loaded up and hauling out coal so if NS send 2 trains I assume 2 CSX trains are being filled too. But an assumption or expectation means diddly squat here. Need official statement of facts. Until it is in an official written release investors can only go by what we are told and the last was Luther's video sent to the Roast Tgm group (not public) saying we had 2 trains in December and a generic video shared from the roast group this month of a train at Bear Mountain in Glen Alum. Maybe the trucked coal is a lucrative side-line that investors aren't supposed to know about and it slipped out in the interview like Freud trapping his fingers in the door, lol.
Great that the 77HWM sections are finally arriving onsite. Going by the colour of the cab roof it looks to be a HW300 unit that has capability of mining from a low 28" height seam right up to a tall 177" seam. Will await news on what height the seam is on the Wildcat #6 bench that the 77HWM will be mining next month. Hopefully a tall one as more coal and less rock can be extracted making the washplant process more efficient and more tons mined per shift than shorter seams.

Funny how PATT was arguing with me last year saying that Mega don't even have a 77HWM unit just because he couldn't see a photo of it on the Mega website. Now need to confirm that 44KT are being sold each month to prove him wrong again. In writing please, not some podcast. March financials won't come out till September I guess so would be nice to know tons sold each month a bit sooner so we can see the sp is worth double and investors start buying again.
Roll on Easter. 70KT? 6 trains? TO? time and patience....but hurry up, lol.

Sorry didn't reply earlier Shorn. Took my lad to see Hot Wheels in Manchester so have been away from BEN for the day. I see Tenantry gave you the link to Bens Creek Group's website where there is a link to the 24page research document on whirelandplc.com/research-portal#/portal/whireland

Had a look through the broker report this morning. Page 6 figures indicate that if HIvolB price is $300/t then BEN get $271 gross revenue/t. Opex $62/t and operating profit 43%.
Report done with just 1HWM and 1CM and washplant at 50% efficiency to give 86p sp valuation.
Washplant is now 65% efficient and hoping to rise to 75% thanks to the taller seam meaning there is less rock waste coming out with the ROM coal to be washed. 2nd HWM should be in 1st shift by end of next month ramping up to double shift by end of March. The Company can then be valued in full production.
Need trains, more trains. Once NS sends enough trains to sell all the clean coal produced by BEN then 3rd party coal can be brought in for processing and yet more trains requested. Or a 3rd HWM can be brought in.

Everything on track. The main journey begins!

Thanks Tenantry. Am tempted to go but might do it in August as the Roasters don't like me, lol. I'd like to take my 8yo son with me to do the Hatfield McCoy trail by SxS ATV during his summer hols and hook up with some of the BC crew for a bbq. Adam said he would take me to the Creek if I pop to his office in Charleston. Can't just turn up at the Creek, although my lad & I have the T-shirt, cap and hoodie so we could probably hitch a lift in with one of the blackhat drivers ;) If you fancy going I posted some info on the trail/lodgings/ATV hire on the BEN facebook page (its not cheap but looks fun). As for your good lady, back in Charleston there are bound to be some nice shops and a tanning salon ;)

BEN looking super cheap now based on the broker's note figures and other information. Bring on the trains!

86p based on $225/t (It is currently $259/short ton) with 6p dividends part paid end of this year and remainder Q1 2024 no doubt. So at today's sp the expected dividend would be just over 20%.
As expected the HWM will be in single shift production next month and in full double shift production by Easter.
That is a potential 70-80KT clean coal output to fill 7 trains. That should satisfy NS that BEN can consistently fill at least 4-6 trains each month.
Meanwhile further benches and batter are being prepared on the other side of Wildcat #6 and permits due for 2 underground mines in May. If BEN can get the trains then the target of 960KT per annum is a real possibility. Especially if a 3rd HWM gets put on the new benches by Q1 24.
It is all starting to come good, keep the faith.
Anyone going to visit the Creek in May? Other than the PR guys?

you may regret selling once you've read the broker note, but GL.

On a more optimistic pov, if the 2nd HWM were to arrive this month that would imply that they are indeed selling near all of the coal being produced by the 71HWM and the underground rig. So 44KT clean coal or equivalent of 4 train loads. That no doubt will be 2 NS trains using the spur and fast flood loadout facilities with the other 22KT being trucked to Logan or Buffalo to tip into the stock yard to be loaded onto CSX trains.
The other implication would be that after a 2 day assembly by crane the new HWM (77?) could increase production to around 77KT clean HiVolB just in time to take advantage of the rising coal prices. Could be a great month/quarter.
Get that pie ready PATT, hope you are hungry!

Agree with all that Rak. Will be worth waiting for. Get more than a chocolate bunny in April.

The harsh reality is that until BEN are known to be selling 44KT each month (4 train loads), not just producing it, the sp has little chance of going above 30p and the 2nd HWM may as well remain in Kentucky.
Time and patience.
Could be this month (doubtful but at least the benches are being cleared in readiness), could be next month (more likely), but by March they will have surely proven consistent production to NS that 4 trains can be filled each month and that a 2nd HWM can make total washed output enough to fill 6-7 trains each month. The market price may well be $300+ by then but who knows?
Sorry if reads like a deramp, but hindsight has made me more cautious with expectations this year, although I still remain convinced that BEN will be awesome as of Easter, or at the very latest summer. Talking about 3-5 months which is nowt really.

19p just a few weeks ago so a nice 50% profit for the flippers. But wouldn't you prefer 100, 200 or even 300% in Easter?

The first train of 2023 arrived Friday. Recruiting for the night shift operators, underground mining and surface workers clearing benches on Wildcat #6. Just need more trains so the coal doesn't just end up on a stockpile.

Get more trains, clear the stockpile, clear the benches, bring in the 2nd HWM, order even more trains. Next month maybe? Full production by Easter? 70KT clean coal monthly by April 9th?

Tonnacombe, I had a listen again last night into the wee hours this morning. Able to pick out a lot more than when I first listened during the webcast. That -14'C winter snap only lasted a few days while the crew were off for Christmas, back to +20'C today. Hope the crew all had a lovely white Christmas with their families. Now back down pit! ;)

Adam definitely confirmed they were trucking coal to CSX trains last month and have 4 trains booked for December.
A consistent 44KT each month since being on the new site = 4 trains x 105hoppers x 105tons per hopper.

He set January as the timeline for bench clearance and 2nd HWM onsite, with benefit of hindsight about what an over ambitious announcement can do to investor confidence. He had Mohammed sat by his side to correct him if he said anything inaccurate. If it all happens in next 3-4 weeks then Adam will have been true to his word(s). Will then just be a push to double shifts and request more trains that, by Easter, BC are producing at least 30KT washed HiVolB from each HWM and 10KT clean HiVolA from the 2x CMs to give combined 70KT HiVolB+ each month and maybe get 6 trains to haul it away.

Broker note will show current value of the Company mining 44KTper month and forecast value based on the forthcoming increase of production. That should attract new investors whom may not be aware of BEN's growth as a producing mine now turning positive profits despite being only 14 months since IPO and even less time since all the equipment was remediated to commence mining.
MBU get slated as the major shareholder (57%) along with Adam Wilson (10% iirc) but MBU had the business acumen to take on the former disused mine site in 2020 and Adam & Larkin had/have the experience to turn it into a fully operational mine supplying a product in demand. Integrity will take it all, so looking forwards the profits will rely on market price and selling enough to pay off debts. Will CLNs just convert next year? Depends what the sp is in July I guess.

Dividends June and December? If they reach full production by end of March it is possible, but split 25:75 perhaps which would give good incentive to hold long-term. MBU want the dividends as they can use them to pay off their own loan with Bluestar so as a major shareholder it is in their interest as well as ours to ensure BC is in good profit.
Purchasing further acquisitions would lessen chances of dividends but BEN2 (an additional disused mine site with existing infrastructure like BC was last year and a 3rd HWM) won't be until 2024/5 depending on market prices/demand for metcoal and for now is just musings by the CEO. All just IMO.

Been a crazy year but I hope y'all have a Happy New Year, rampers/derampers/traders(flippers)/investors(LTHs), BC crew and anyone else that makes this stock a daily topic of conversation. Penstock x

The true Benievers will prosper. Just a kick in teeth being back at same sp as last year when we just trucked out ROM. Now we have sold some old dump trucks that came with the mine, shipped out washed coal by 12 confirmed trains and trucked out a few tons elsewhere ;)

FFS give up. Do some actual research into mining. Since the 1970s Mining Reclamation Act all mining permit applications have to submit a bond to cover costs of making the land right should a company fk up. As such BC stumped up $0.5m bond for the latest 299 acre permit. We have currently stumped up a lot less (think it was $30K last time I checked) for the 3 renewal permits with May goal dates set by DEP.
Some here may be perturbed by your obvious attempts to upset, but geez dude, don't just turn up with a bag of ****e and think you can mislead investors.
The sp was 21p at close and could drop just because traders want a sure thing. Until BC clear the benches, get a 2nd HWM and more trains, clear debt and get into a positive profit then, yes, this is not a sure thing. Doesn't need you to post up nonsense, the price is on the floor.
Give it 3 weeks....if no news then, perhaps I will cry mercy mercy mercy, Tomo
Keep it real.

Thomascromwell - Ah the knave of cards rears his head again which is quite some feat considering ;)
Always encourage reading posts that cross examine a stock, but only if based on research and facts. The 'siphoned cash' did not go to AW, it went to the land owner, MBU, whom were renting the 4.85mile track to BEN. That will reduce or remove rent demand, depending how much of a stake BEN decide to purchase in the next 12 months and avoid it being used as a ransom strip in future years.

Last I looked, the majority shareholder was MBU with 57.6%, the company whom financed the start up prior to the IPO. AW has 28m shares plus 10.5m 5p options so about 10%. Not the majority shareholder, nor have there been any rumours of him proposing a take over.

Any potential take over bids for the company could be by an end user such as ArcelorMittal steel company, but BEN would need to be in consistent monthly full production to realise a decent price above £1.50. There was a lot of talk of a TO happening by Easter, but personally I don't see it being 2023. I reckon full production by Easter or latest summer 2023, dividends end of 2023, and maybe a TO 2024. However, that does not constitute a rumour, just my opinion.

and to be fair to Adam, had the permit arrived in June, benches made July, 2nd HWM onsite & both HWMs in double production August, Ukraine thing not happened, market prices stayed around $400/T and interviews stuck to actual facts rather than optimistic 'expectations' then for sure would have been £1.55 with 10p dividends by Easter.
Everything intended to happen this year should happen next year. One year on from IPO, Ben own their own fleet of yellow iron and employ their own staff, have a more efficient washplant, larger coal seam producing more coal per day, a double shift HWM and 2xCM underground rigs extracting coal, a working rail/load-out facility, a 2nd HWM booked (hope the brakes haven't seized as it has been stood so long in Mega's Ashland yard) and another year of experience of that increased acreage of 13840 acres. Also built a relationship with DEP and gained recognition from State Senators for their employment creation and role within the community, even helping locals with the flood a few months ago.
Right now it is -18'C in Gilbert (according to my phone), but I was told the hardhats are having 3 days off for a break and presumably a white Christmas. Back to work next week and the short cold snap changes back to +17'C next Friday.

Merry Christmas everyone, and a better new year. Bring on the Easter bunny and Luther telling us "today is the 9th April and this is the first of 6 trains due this month" ;)

4.85miles rail track leased at $55K per year as per Admis doc.
Ben pay $169K now for 26% ownership of the track and presumably just 74% rent = $40.7K so a total of near $210K = £172k
Option to purchase any or all of the remaining 74% ownership of the track within 12 months for up to $521K and thus not have to keep paying rent each year thereafter.
Must admit that I thought we already owned the track when we purchased the rail spur earlier in the year but that was poor research on my part. At least the track can't become a ransom strip once in full ownership by Ben.
So we have the land lease agreements with 10K acres Pochahontas, 2630 acres Star Ridge (about 4% sales of coal on that land) and 1200 acres MGC (50K annual plus 4% sales there), own all the yellow iron, washplant, fast flood load-out and CMs and have potential to own all rail track on the BC site. Only the HWMs will be contracted. Mega will be responsible for supplying/paying their own HWM staff and maintaining the equipment in working order, each producing minimum 40Kt a month as per their Agreement. Assume Mega were charging $115/T of washed coal price and that the revised royalty to them once we contract the 2nd HWM will be better for BEN especially in light of the #20HWM being sold as per their request.
That #20HWM and the old Cat trucks that came with the Ben minesite have been sold to Civil LLC to be used at another WV mine site. That alone should give confidence that metcoal will be in demand next year. Consol opened up their old Ittman#5 recently with their first rail shipment a few months ago so they must be confident too. Metcoal is needed for steel. Steel is needed for ..well you know the spiel. So biggest thing for Ben next year/fortnight is assuring the rail companies (NS & CSX) that we can produce a consistent amount of HiVolB+ (which is about 3/4 HiVolB + 1/4 HiVolA mixed together) washed coal each month for them to send a regular amount of trains. 1 train takes 11KT. Production last month was just short of 44KT or 4 train loads with just 1xHWM and 2xCMs. By March Ben should be producing close on 80KT with 2xHWMs and 2 or more CMS. If that proves a consistent amount each month then by summer Ben could be shipping 6-7 train loads monthly. By May the renewal permits should be granted by DEP for 2 underground CM mining sites and the refuse site. Ben own 5xCM miners with just 2 in use at the moment. I would like to guess that 1 or more of the other 3 CMs will be employed on the new permits rather than contracting a 3rd HWM but that is a few months away yet.
Right now the sp is on it's butt and disappointing. Timelines given and missed, production targets expected too soon, permits wrongly expected ahead of DEP goal dates, CLNs made to keep the new business afloat but were reported to investors at the time as being used to make acquisitions to the benefit of the company :/ If they keep it real next year then it should all come good. KTFIWACG