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Always DYOR. This reply from DEP Wv.govt was posted on the BEN facebook group with copy of permit application S500921: "So I looked at the application and the Complete Goal date is 10/12/2022. That being said, I noticed that 42 out of the 50 application milestones had been met so it may be sooner than that date" That date is 12th October in US format. Sooner could mean this month but if it is 4 weeks or 8 weeks it isn't long to wait. We obviously need the rig onsite and assembled to put the permit to use anyway.

Ichi, permit goal date is 12th October but with 42 of the 50 milestones passed already they say it could be passed sooner. Gives us time to assemble the 2nd HWM next month and hopefully the permit will arrive just in time for Mega to turn the ignition key on another 80KT per month ROM HVB. Nice to be back in the roaring 40s. 46p by close this week?

Agreement with Integrity January-December 2022 was to supply 22KT per month. So a total of 264K washed short tons.
10th Feb we supplied Integrity with the equivalent 9KT washed.
In March 12KT.
April and May the same.
June was 22KT by 2 trains and same this month of July.
So 89KT sold so far. We need to sell a further 175KT by December. That is about 35KT or 3 train loads per month.
3 trains booked for August but apparently only a further 5 trains for the remainder of the year, Sept-Dec totalling 12 trains for the year. That would leave us 85KT short of Integrity's Agreement.
Presumably Integrity have agreed to buying less at a hedged, higher than current market price while their Chinese demand is down and will see extra trains booked for the home-turf US steel market and also to port for ships to the European steel mill (Mittal?) once the 2nd HWM is onsite?

Anyway, in 2 months BEN will be producing 60KT washed HVB ramping up to 80KT by December of which a large amount can be sold to the domestic steel market. Many of us thought we would be here back in April. It will have been an extra half year wait, but should play out well. We only have a hedged deal with Integrity for 22KT per month till December. The excess can be sold at near market price to those domestic and European steel plants independently or via Integrity.
We might have a 3rd HWM in operation Q1 but let's wait and see on that and establish what is happening at the Creek next month through to Christmas.

RNS points out that we don't need to rely on China to import BEN's HVB as it is being sold to the home US steel market and to Europe's largest steel producer (Mittal?). The 1st HWM is in full production producing 40KT washed HVB alongside the HVA coming out of the deep mine.
The only negative from that RNS is that we won't have full production until September or more realistically December this year. As per the interview and RNS we could be trebling output Q1 2023.
Let the players drag this down this week. Derampers must still be in bed. Would have thought they coulda got this much lower than 35p by now. Pathetic! Maybe they can get it down lower by lunch so will hold off topping up yet. Not expecting this to shoot back up until next week when permit lands and then the 2nd HWM sections arrive onsite just after this month's 22KT washed HVB leaves site at a measly $238.5 per short ton making just $5.247m revenue. Not to worry, 3 trains next month will achieve a higher price generating a further $9.24m. The following month will have both HWM operating leading to 80KT HVB per month by Christmas. We have exactly the right amount of trains booked in to meet the offtake agreement. Maybe Adam will book more trains once the 2nd rig has started stockpiling an extra 40KT each month? Well done if you sold at 37p this morning as you might be able to buy back in at 35p now and make 2p profit, lol

OK, so hedge with Integrity was for 264KT January-December 2022. Assuming that is ROM then it equates to 132KT processed HVB. Each train takes away 11KT so that hedge was for 12 train loads which is exactly what has been booked by Adam.
As of next month (August) Bens Creek will be producing 80KT ROM = 40KT washed HVB coal. Once DEP of WV issue the mining permit (due anytime now) and the 2nd HWM is onsite and assembled then that too will produce 40KT washed HVB by December or sooner. The HVA produced by the underground miner rig will ensure a minimum 80KT combined HVB+ output each month.
The 3rd HWM owned outright by BEN (the other 2 are under lease contracts with Mega) is hoped to be repaired and permitted to mine Q1 2023. That would potentially increase output to 120KT washed HVB each month.
The drop in demand from China is negligible as offtake destines BEN's coal to a home-turf US and also European steel market. The CEO, Adam Wilson, has negotiated a fixed price with Integrity for sale of coal for the remainder of this year, that price being above current market price although the latter is expected to rise again at the end of summer.

Awesome interview. Thanks for sharing Luqs.
Possibly 3 HWM in operation Q1 2023. Full production of the 2xHWM and underground rig by end of August. Strong case for increase in HVB price 10th Aug when Russian sanctions are imposed by 27 countries needing metcoal. Already making profits. 17000 acres. Dividends that grow as profits increase. Well worth watching and listening to this interview with Adam by a fellow shareholder.

ART123, Yeh I guess. The 2nd HWM and permit were due this month. Still got another week left of it but most likely both will arrive at once next month just like waiting for a bus...or a train in this case ;). We were also expecting 3 trains each month but only had 2 last month and 2 this month, increasing to 3 next month. TBF the trains are booked by Integrity based on availability of trains and ship being in port for instant tip out. Look at power stations along the eastern seaboard demanding thermal and you will see that a reduction in availability of trains/staff since Covid has restricted amount of coal being moved with talks of possible power outages later in the year. Anyway, back to metcoal and BEN. If we don't get an RNS first week of August to confirm sectional parts of the 2nd HWM have arrived onsite along with permit to mine then I'd be disappointed. When that RNS lands I agree the sp could be back in the 50-60s. Once that HWM is fully assembled and mining we should be back to the 70s+
The videos posted on facebook of the 40KT washed coal stockpile should reassure investors for now. More videos will be posted in a few weeks apparently. Investors invited to visit the site for themselves which is how these latest videos were posted.

Don't expect financials until in full production (88KT washed HVB+ pm) - September/October. Those financials could be used to broker a favourable TO deal, but at the moment that is just a rumour. Once the Company make £35.4m profits they intend to issue 10p dividends. That would be like more than 25% of today's sp! TO bid or dividends, it is all to play for.

20 day average but still in profit. Today could we start a trail of blue again? Sells weren't pulling the price down yesterday so buyers coming back having done their homework. Doubling profits in a matter of weeks!

@Rob1967 the drop to the 30s was unexpected considering the only thing negative about BEN was a delay in getting a working 2nd HWM. We were a £1 when the podcasts led us to believe that the purchase of a 2nd HWM meant we would be extracting 160KT ROM each month = 80KT washed. That isn't happening until September/October (forget them saying 6 weeks on the podcast) as the purchased one needs $1m spent on it to repair it and the other rig hasn't arrived onsite yet. The latter arriving in sections will need assembling, operation in single shift and later ramping up to double shift once it is proven reliable on single shift and staff have been recruited by Mega.
These delays just mean the higher valuation of the company based on profits are delayed by a couple of months. For an investor this delay should be of little concern unless you need to slice off some cash for whatever personal reason. We have been told by podcast and official RNS that there is nowt wrong with the Company. The dramatic fall was caused by a large shareholder forced to sell to close a margin call. There are still some 10K and 25K sell chunks. Can only assume they are his last few or someone else with a call or simply MMs bringing it down to close shorts and shake loose hands so they can up the price for when the buyers deem the sells to have finished and it is safe to board the roller coaster car back on the track up that steep hill back to a £1. A £1 being where we were when we were only spitting out 40KT ROM and trucking it out as opposed to now where we have a double shift HWM spitting out twice that amount that will be washed and shipped by train. And in a couple months that figure will also be doubled. This is why I really could care less what the price is now (my average is 40p in ISA and 46p in other account having bought from 19p to 91p and back down again with last top up being 44p) as I am certain we will be > double this price by October. Like Dartron said, 36p now should = 72p September/October so 100% profit. Got no cash left to top up so I'll try stay schtum till next month now as nowt to say till we get news that permit and HWM have arrived. Have just had a night under the stars sleeping under a mosquito net on my 7yo lad's treehouse, both of us chillaxing and feeling good about the future. He starts grammar school in September. If BEN don't get a TO bid this year then the dividends will be paying his school fees each year. Actually if we do get a TO bid then his school fees will be paid till he starts uni/college and then it is up to HUI shares to pay the UNI fees (sorry for the cross-ramp).

Lol, I ain't bothered whether its 30p or 40p right now. Give it 4 weeks and it'll be over 60p. Fair enough that 70p minimum would be better but I ain't bothered. Still all be in profit.

Unless you are an impatient trader then this drop should not bother you. We know the business is in profit and that those profits will more than double by October. Yes things are delayed: we only had 2 trains last month and 2 again this month, the HWM didn't arrive this month nor the permit but they should both be there next month when we should get 3 trains to take away that >40KT stockpiled, washed coal. By October (forget what they say in those podcasts as the time frames always get pushed) Bens Creek should be shipping out 8 train loads of washed coal each month just at a time when market prices are expected to shoot back up again. Ship out 33KT now at $300pT or ship out 22KT now and 88KT in September/October at $375pT. Makes sense to stockpile it till we have full output and the 20 day average is higher. As long as the 12 month 22KTpmonth hedge is met by December.
As a long term holder (all 9 months of it) the delays mean nothing in the bigger picture of things. Just means that the dividends come a couple of months later than hoped and the sp takes a few weeks to get back to a true representation of what the business is worth. Printed financials would be a big help but by the sounds of things, they may be more useful in getting a TO bid. Might get my £1.55 target by Christmas after all, and then some, if the BoDs agree to sell.
Still some chunky sells going through. Let them. Unless you are wanting to cash out for a holiday home or school fees the fall means nowt. Once they stop selling be happy that you can top up on the cheap and then ride the curve back up. Only came in for a glass of water. Back out to the pool! Stay safe today if chilling in the garden. ciau for now.

Dip was inevitable after that podcast. Not just clearing margins and shorts. Always add 2 months to timelines in those podcasts as they always end up with 2 month delays (washplant/rail spur/trains/double shifts/2nd HWM/permit..). That is why I have been using September/October as target date for 7 trains taking away 77KT washed HiVolB+ coal from the Creek. Sorry if that seems negative but just being realistic. I am below my average now having topped up on the way up and the way down. If I had spare cash I'd still be topping up. At the end of summer the Chinese steel works re-open with increased demand for metcoal at which point the seasonal market price should be over $350. Russian sanctions will mean Europe can't buy it from them anymore, but can buy it from USA :) For sure we are heading to a recession. Obviously your choice to pull out all your cash from stock market or invest in commodities that will be in demand. Steel will be in demand not just for construction and cars but for wind turbines/solar panels and the huge military hardware budgets.

Come Ben's 1st birthday in October BEN should be in full production (>double what it is now) with a fully working washplant tweaked to produce a 60% processed output from ROM, 3 HWM rigs (2 leased and 1 bought & repaired as a back-up to avoid downtime), a deep mine rig, 7 or 8 trains each taking the processed coal (77-88KT) away within hours of arrival by fast load-out chute facility and the drilling program/JORC proving up the Marshall Miller resource report. At that time a £2/share Take Over does now seem a viable possibility once the financial prospectus has been printed. Maybe then Adam can take us with him to start up another BEN...

Roasters' facebook.... groups/296535968630681

Kevin (Sunday Roaster) posted a reply to a post on that group to say they are recording today and releasing podcast Sunday. Just an update interview from Adam now that JS has closed his margin call leaving day traders to take their 10% and leave us to move north again. Hopefully news on permit, 2nd HWM onsite being assembled, 3 more trains leaving the Creek this month, drilling program to prove up the MM resource report and re-iteration of intent to ramp up extraction and profits by Autumn.
Worth looking at how the sp moved from this current price in February to £1 in April with only 1xHWM rig and no trains. Now we have 2 leased HWM rigs (the 2nd tbc in podcast) and a 3rd one purchased awaiting repairs for use as a back-up, 3 trains taking 33KT washed HiVolB+ metcoal away using the fast load-out chute system and looking to increase to 7 trains by end of summer taking 77KT washed coal. Hard to understand how the sp fell like this by one guy selling but it did and now he is out his 22m shares can be bought up and get back on track towards a £1.55 end of year target. Well that is my target, many will be happy with just £1 again.

facebok......groups/430079908819706

may need to buy before the weekend podcast is recorded. Adam hopefully giving us an update on permit/HWM/trains/financials/CFO/and his vacation away from the JS margin call fallout.
Check the charts from February to April when we only had 1xHWM and no trains and rose from today's sp.
Time for Ben to be like a phoenix now that the buyers are back after that mad selling spree of 22m shares by JS and those of nervous weak holders.

PHE and HUI have agreed, in principle, to establish a joint venture vehicle owned equally by each company ("JVCo") to which PHE and HUI would contribute development costs for the Lanespark Project on a 50:50 basis.

I would think sub-contractors are a good thing as they are just that, contracted to do the job with no responsibility for equipment maintenance, union issues, etc. As per the 29th October 2021 RNS, The Contract with Mega for 1xHWM allows for a minimum production capability of 40,000 tons of metallurgical coal per month, which equates to 480,000 tons annually. We have a similar arrangement for the 2nd leased HWM arriving onsite this month.

I totally agree Darton, some financials would be re-assuring. Half year ones were released 22nd December 2021, with the end of March 2022 ones due for release soon I guess. They won't show us in profit that only started in June but if costs were covered by sales of ROM like Adam said they were in his interview then printed numbers should give us a basis to forecast future profits especially as output is set to increase from current 33KT washed HiVolB+ metcoal per month to 80KT (although I'd use between 66KT - 77KT to be more realistic based on 6 or 7 trains each taking 11KT offsite)