London-listed Bens Creek Group gains on proposed sale of miner equipment

Bens Creek

22/12/2022 10:41

** Shares of Bens Creek Group Plc  BENB.L  rise as much as
12.5% to 23.90p; stock set for its best day in three weeks, if
gains hold
    ** The metallurgical coal mine owner in North America will
sell its highwall miner equipment to West Virginia-focused Civil
LLC for $3.6 mln
    ** Highwall mining is a technique used for additional coal
recovery after economic strip limit is reached in surface mining
    ** BENB says cash consideration will be paid in monthly
instalments through July 2023
    ** Says it bought the equiptment for $2.5 mln in cash in
February this year; its book value stood at $2.7 mln as of Mar.
31
    ** Co says it continues to have access to two highwall
miners through contractor Mega Highwall Mining LLC
    ** Including session's gains, stock down more than 30% YTD
 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))