Member Info for penstock

Thanks burnsey79 but that is the Bens Creek facebook that I set up to put info into the public domain :) Hoping they put up an official facebook page of their own next year so that info such as today's information about another train can be seen by everyone.

Looking forward to Ben's Creek setting up social media PR next year such as Twitter and Facebook so ALL the investors get to see photos/videos and info that has been reserved so far to an exclusive Tgm group and CityG ;)

Jinkar, CSX are a trainline just like Norfolk Southern, not a purchaser. Both trainlines used as there is a shortage of rail staff to guarantee enough trains can be provided by just the one company. CSX have the infamous Coal Express hoppers.

Took out a $6m CLN@28p on 15th December 2021 to finance acquisitions including the $2.5m #20SHWM
Proposing to sell it for $3.6m making $1.1m uplift.
Took out a secured $6.1m loan with McGinty in August 2022 using that SHWM as security in order to finance the $15m purchase of new Komatsu fleet.
Sold the 3 old Cat 770 trucks that came with the mine and seen in those first photos posted last year with Adam looking dwarfed stood besides them (also in the facebook cover photo). Last time I checked they retail at $340K each in used condition so these were sold at 1/3 that valuation but then again these trucks needed more than a lick of paint to fetch $340K each.
So $1.4m available in March to help pay staff and Mega to build benches and extract coal. By March 2023 Ben should have 2xHWMs in double production and 2xCMs or possibly more if the underground U500298 & U504892 permits get passed earlier than the May DEP goal date. So 4x the production amounts that were made in the interim period months.
22.5 x 4 =90p
Had BC kept the #20 then Ben would have contracted Mega to supply their skilled staff to operate it.
Instead Mega have been contracted to supply a 2nd HWM under more favourable terms to Ben but on condition the #20 was sold. Bit of a tall order so must assume the Mega royalties have dropped substantially especially since market prices have dropped below what they were when the original Mega contract was signed last year. The #20 is staying in WV so Mega will probably get a contract with Civil LLC to supply staff to operate that making it a win win all round although not great to have more competition. That said, if Civil want to start HWMing and Consol's Ittman#5 have started in WV too then they must all think metcoal demand is here to stay/grow for a few years yet.
Just let them craic on with it now. Next news due is brokers note next month and maybe a video from Luther with that 12th train of Christmas where the 6 geese are laying, 2 doves flying around the continuous miners and a partridge perched on the 71HWM is waiting for a mate to arrive from Ashland Kentucky so they are a pair.

Info is in the RNS:
During the interim period 1April to 20Sep there were 99,928T clean coal produced of which 80,698T were sold at $17.4m so average sale was $216/T
Costs seem sky high though at 95% :/
Hopefully being able to run more than 4 production shifts now that Ben has changed from JMAC contractors to being owner operators the production will increase and bench creation can be expedited.
There was limited underground mining in June. A shame they didn't write that the 2 CMs are now producing 10KT clean coal each month now as that is what we were told in the interviews.
$35.8m liabilities, so I guess the Company need to clear those before considering dividends? Ironic that is the same amount of profits the Company would need to pay 10p dividends. Not so sure dividends will get paid until December 2023 :/
Good that the loan that I thought was due June 2023 has been kicked back to December 2023 and the other loan til Feb 2024. One gets 15% interest, the other 7%. Be good if Ben can get both paid off next year.
At the end of the day or should I say year, Ben has made a big loss and the interims are worse than expected AFAIAC. However, this was the first year since IPO for the re-opened mine and has done well to get to the point where Bens Creek could become a 'flourishing full production model' by as soon as February (but let's be pessimistic and aim for Easter or June). The PR at the start of this year suggested we would have already been doing 80KT clean by now. Great way to pump and dump. Ah well, if Ben get 2xHWM and >2 walking super section CMs extracting those 80KT by summer 2023 then it just means those earlier RNS expectations are a year late.
"The price of metallurgical coal has seen material fluctuations in price during 2022. However, management is confident even at the current price as of 14th December 2022 ($258/ metric ton, High Vol B) the Group will be able to generate positive cash flows."
If it drops below $200/T then they really need to consider flogging it as thermal, but let's hope market prices rise around $300 next year and we stick to supplying coal for steel.
No mention this morning of the CSX trains and trucked shipments in addition to the 12 NS trains. Hope they sort out better PR next year. Do we finish this year with 12 train shipments (all Norfolk Southern) or 18 including 6xCSX train shipments? Are we trucking coal anywhere else? Are we applying for new permits or just renewing old ones that are due to expire next month? Has the 20HWM been sold? As long as production increases and there are no further CLN/placings then it will be a hot summer compared to this chilly morning.

Shut 3 days for Christmas so probably same for New Years. Could well be a bit longer as it has been tough weather there this week and due to drop -12'C next Friday.

From Admissions Document 2021 at IPO:
On 18 June 2021 Adam Wilson and BC Operations entered into an employment agreement effective as of 1 November 2020. Pursuant to the agreement Adam Wilson was employed as vice president of BC Operations with day to day management responsibilities of Ben’s Creek Land WV LLC and Ben’s Creek Operations WV LLC. Adam Wilson was paid an annual salary of US$240,000.
Adam Wilson entered into a letter of appointment dated 13 October 2021 to act as Chief Executive Officer of the Company with effect from Admission.
Under the terms of his service agreement, Adam Wilson (Chief Executive Officer of the Company) is entitled to participate in an option scheme up to a maximum of 3 per cent. of the Company’s issued share capital on Admission and as such he has been granted, conditional on Admission, 10,500,000 options over Ordinary Shares. The options have an exercise price of 5 pence (being a 50 per cent. discount to the Placing Price). That was based on the sp going up 300% from IPO I think which it did within first couple of months.
In addition Adam held 28m shares on Admission. I am guessing he invested in the Company pre-IPO at 0.01p?

In the Admissions Document it said " "The accounting reference date of the Company is 31 March. The Company will publish its interim report for the period from incorporation on 11 August 2021 to 30 September 2021 by 31 December 2021. The Company will publish its audited annual accounts for the year ended 31 March 2022 by 30 September 2022."
It is therefore logical to expect the long awaited interim report to be published by 31 December 2022.

According to this LSE page, David Harris has been buying through the year and currently holds 371,931. Suprised he hasn't bought more to fetch his average down as 271,931 of those shares were between 35.8p and 65.5p whilst the first 100K were at 19p. He probably has the same average that most of us have here. Poor sod, lol. Assuming he hasn't sold any since buying the 69,832 shares at the end of August. Come on Mr Harris, buy a few more and help get to 30p by Crimbo.

I can only see up to 11:42am but all look like small blue buys. The 107450 trades were transfers that cancelled each other out by looks of it.

Despite 'Disco' Dinson Iron & Steel of Tsingshan saying on twitter back in March 15th "We are not associated with Contago and are not due to do business with them in Hwange in future", it might be that they changed their minds. All part of the circular economy apparently according to another post on their twitter. However, BestBullsBuys got a reply tweet July 4th to say "We have no business with the referenced company". So is the MoU with Tsingshan's Disco steel or is it all going to be sent to SA?
https://newzwire.live/a-coal-deal-in-the-works-for-tsingshan-contango/

The #6 wildcat wall around the corner from the current HWM was blasted 2 days ago. Busy clearing the overburden now. Operations are running day & night shift. Trucks are hauling out daily (to load CSX trains I guess). Another NS train loaded up yesterday. Still on track for the benches and batter to be ready for the 2nd HWM to come and mine next month.

Clearly a huge demand for metcoal if opening a new mine for export. Will take 2 years before it goes into production by which time Ben will be producing 1million tons a year!

44KT sold last month, 44KT will be sold this month, 44KT January 23, 66KT February 23, 77KT March 23 and with 20KT from the 2 new underground permits in May 23 a consistent 77-88KT throughout the rest of the year with strong likelihood of 2 dividend announcements.
It has been a real roller coaster year and felt like I was being really corkscrewed towards the end of summer. Now I have done my own research, made new contacts (not inside), looked into what factors can cause delays, benefits of investing in the yellow iron/recruitment, efficiency improvements in onsite plant, contingency plans to use other rail networks when current ones have supply issues, acquiring new permits to increase production/LOM and revenue, and knowing that the larger investors are not only expecting but also encouraging the business to do well, I understand the mining game a bit better. Still learning and am only just starting my 2nd year with BEN. I am very confident now as am not just relying on whatever was spoken on a podcast or an optimistic RNS. Had we been in the current production status 6 months ago (ie had DEP issued the permits early) and had Putin not tried to capture Ukraine's steel plants, then I reckon even Jon Storey wouldn't have worried about his 'margin call'.
Will be a quiet Christmas other than the interims coming out and Luther's video. Broker note is out next month, along with news on 2nd HWM arriving onsite etc. Would be nice if HiVolB&A market price goes back over $300 by new year. Enjoy the next few quiet weeks.
Meanwhile I'd like to say on this official Miner's Day in USA "Thank you too all the men and women working above and underground within the Bens Creek Group. Stay safe and look after each other."

Typo, all 3 permits are May 2023 goal dates set by DEP.
Full production mentioned by Adam is presumed not to be dependent on these 2 underground permits. They are just the gravy to ensure we meet consistent production of 70-80KT next year

From the looks of it, permit O502792 is for refuse disposal and the complete goal is 5/04/2023. U500298 is for underground mining and its goal date is also 5/4/2023.  U504892 is also underground and the goal date is also 5/4/2022. I am not aware of any other pending applications for Ben's Creek.
FYI those dates are US format but the hope is that the permits get passed before May. We already have permit for the 2 HWMs so 70KT is still on the cards by March. These pending permits are gravy.
Potentially there will be the existing underground continuous miner pulling out equivalent of 10KT clean HiVolA, the current 71 Superior HWM producing equiv of 33KT, the 77 SHWM in January adding a further 33KT and 2 further underground continuous miners producing more HiVolA by Easter.
Forget Santa, bring on the fluffy bunny!

All am saying is, based on hindsight, aim for 80KT but don't be disappointed with 60KT per month within the next 3 months as it will still be a great uplift from the current 43,736T. The Bens Creek Group have really done an amazing job since IPO just a year ago.

DropD, I re-read and get what you are saying. Adam wants a 'full' month of production before end of March. Have to wait and see if full production means everything running at full capacity/4 shifts or if it just means having both HWMs working onsite in equivalent of 3 shifts.

DropD, tbf Adam said he wanted 80KT 6 months ago ;) He is more realistic now with timelines and expectations and had the permits been passed sooner by DEP we would no doubt be in full production already.

The SHM71 is in full production, the next Mega rig SHM77 due onsite in 4 weeks. Adam's target of full production does seem achievable but will depend on how soon Mega can get the 2nd rig into double shift. Easter is 9th April 2023 so full production by March 31st would be just before Easter. Maybe just in time to bed & ISA.

Already producing and selling 44KT clean coal each month.
Trucking it out to CSX trains and using the onsite fast flood at BC for the NS trains.
On track to ramp up to 60Kt by end of Feb and 70-80KT just before Easter.
Aiming for 960KT but keepin' it real and targeting 840KT per annum.
https://www.facebook.com/691285185/videos/1160848771231088/

Growing like the Breeze...West Virginia...
2nd HWM onsite January. Ramp up to double shift by end of March. Not sure when the 3 renewal permits will be approved but if we can do 80KT and get 6 trains each month it will be a happy Easter.