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That was a really good podcast. When you think all that was achieved within only 1 year and during Covid, flooding and Russian war... Wow!!
Bring on the 2023 with dividends payment and hopefully 60-70p share price by April!
Erik9, don't worry too much mate. I agree with you that nothing about this RNS is negative and yet some people found a way to criticize.....management at Bre doing great things for the company and it's not long for SP to recover imo
Padd, there are worse people out there such as me who is sitting at -59.23%. This is despite all the small top ups i have done recently.
I suppose as long as we do not take out money out, is not a real loss but it certainly is frustrating.
I don't know what wrong with me but in deep down I still think this will be a successful investment at some point next year :) Some people may disagree but its just a feeling.
Acumen - I am not sure if you follow the company but if you read the production update which was released just before this RNS, company produced 43,736 washed coal in November alone which is not included in today's figures.
Going forward they expect to produce 37,000 per month. Therefore November to March figures would be 191,736 (37,000 * 4 + 43,736) + whatever they produced in October. Lets call it 200,000. Therefore if all goes well the figures in the 2nd half of year would be more than double.
What is not exactly clear is that the report states 17.4 Million of sales in this 6 months period....I don't know what the company sold out of 99,928 coal to make this cash and what's left on site from that production?
However even if we sold everything that we produced in the first 6 months, and IF we can sell whatever we produce the next 6 months, we can expect another 35 million sales which should/could close the year over £52M
Tue, 20th Dec 2022 07:00
RNS Number : 2373K
Bens Creek Group PLC
20 December 2022
20 December 2022
Bens Creek Group Plc
("Bens Creek" or the "Group")
Unaudited interim results for the period from 1 April 2022 to 30 September 2022
Bens Creek Group plc (AIM:BEN), the owner of a metallurgical coal mine in North America supplying the steel industry, is pleased to announce its interim results for the period from 1 April 2022 to 30 September 2022.
Interim Results Highlights
· The Group produced 99,928 tons of clean metallurgical coal in the period.
· The Group recorded sales of $17.4 million for the period against a volatile met-coal price.
· The Group witnessed its first positive gross profit before depreciation, depletion and share option payments of $942k.
· The Group delivered 8 trains during the period of which 6 were in August and September.
· First sales delivered by train in June 2022.
· Cash on the balance sheet as at 30th September 2022 was $7.4 million.
· 19,230 clean tons of coal were held in inventory.
· Non-recurring remediation and associated start-up costs incurred during the period.
· The Group incurred $6 million of non-cash items including depreciation, depletion and share option charge.
Adam Wilson, CEO of Bens Creek, said, 'The first half of our fiscal year has seen us further advance the transition from a moribund business on care and maintenance into a flourishing full production model. We have completed the upgrade of our licence, although it took us a little longer than originally anticipated. We have successfully moved our first high wall miner (HWM) into the newly permitted area and commenced production on a recently introduced two shift system. Initial results from what is a wider seam have been encouraging and we anticipate that coal recovery ratios will continue to be higher than we had achieved under our earlier licence. We expect to have the second HWM in place in the first month of the new year and should be able to have it fully operational shortly after. We will introduce a two-shift system on this HWM as well which, along with our current programme, will bring us closer to our planned for levels of production. We also expect that as production levels rise that we will see economies of scale per clean ton start to take effect which should assist us in our drive for profitability. The change from contracted out earth moving to utilising our own fleet will allow us greater control over the operations and we expect that it will also result in some financial efficiencies, primarily as we will no longer have to make profit share payments. I would like to thank all our staff for their unstinting commitment. We are looking forward to the balance of the year with confidence and remain focussed upon providing shareholder returns in the form of dividends as soon as we are able to do so.'
Tenantry - Yes maybe Adam did buy the debt of old company and as a result were given shares on Ben's instead. I didn't think of that.
Since yesterday there have been nice steady buys. IMO, If people have been following Ben, majority must know that the current value is a bargain tbh.
It really is a shame I have no spare cash at this moment in time to top up but it is what it is I suppose.