• July 25, 2022

Bens Creek on Monitor to Meet Coal Manufacturing Targets — Commodity Remark

By Jaime Llinares Taboada

Bens Creek Group PLC stated Monday that its manufacturing expectations for fiscal 2023 stay on monitor with enterprise plans and targets. Here is what the proprietor of the Ben’s Creek coal mine in West Virginia needed to say:

“The Firm’s estimated manufacturing from April to July 2022 is more likely to be roughly 80,000 clear metric tons (160,000 uncooked tons) of metallurgical coal.”

“In keeping with our manufacturing targets, we anticipate month-to-month manufacturing from August 2022 onwards to be roughly 40,000 clear tons (equal to c.80,000 uncooked tons) using a single highwall miner operated by our highwall mining contractor, Mega Highwall Mining LLC, working a double shift together with underground mining. These manufacturing ranges are in step with the goal set on the time of the Firm’s admission to AIM in October 2021.”

“Integrity has now accomplished the reserving of twelve trains of 100 wagons every. Two of those trains with a complete cargo of twenty-two,000 clear tons have been fulfilled in June 2022. The remaining 10 trains, which equates to gross sales of roughly 110,000 clear tons (roughly 220,000 uncooked tons), might be transported through rail from the Firm’s rail loadout facility to the Norfolk Southern rail community system between now and 31 December 2022.”

“The final two months has seen appreciable market value volatility of Excessive Vol A and Excessive Vol B coal, the merchandise bought to Integrity. As a way to reduce any future adversarial impression on the promoting costs achieved by the Firm for eight of its ten shipments ( home gross sales), it has agreed with Integrity a hard and fast gross sales value per ton for these consignments. The agreed value per ton of fresh coal is greater than the present market value of our coal merchandise, thereby insulating the Firm’s earnings on these consignments from any future falls within the value of met coal.”

Write to Jaime Llinares Taboada at [email protected]; @JaimeLlinaresT