REG - Bens Creek Group PLC - Quarterly production update

Bens CreekAnnouncement

08/01/2024 07:00

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RNS Number : 8586Y  Bens Creek Group PLC  08 January 2024

Prior to publication, certain information contained within this announcement
was deemed by the Company to constitute inside information for the purposes of
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.
With the publication of this announcement, this information is now considered
to be in the public domain.

 

8 January 2024

 

Bens Creek Group plc

("Bens Creek" or the "Company")

 

Quarterly production update

 

Bens Creek Group plc (AIM:BEN), the owner of a metallurgical coal mine in
North America supplying the steel industry, is pleased to provide the
following production update for the three-month period to 31 December 2023.

 

Clean tons of metallurgical coal produced in the three-month period to 31
December 2023 and the comparative three-month period to 31 December 2022 are
set out in the table below:

 

 Year  three-month total (October-December)

 2023  112,342
 2022  73,655

 

Adam Wilson, Chief Executive Officer of Bens Creek, commented:

 

"We are pleased to provide our first quarterly production update."

 

"In the period from 1 October 2023 to 31 December 2023, the Company produced
112,342 tons of clean coal, an increase of 52% on the same period last year
(three months to 31 December 2022: 73,655 clean tons). The production in the
three month period to 31 December 2023 is equivalent to 41% of the clean coal
produced by the Company in the financial year to 31 March 2023 (272,318 clean
tons)."

 

"We were restricted in production in November and December because of a
slowdown in the availability of trains in the quarter, particularly in
December, which saw a build-up in inventory to circa 90,000 tons. This was
subsequently reduced to less than 60,000 tons following some deliveries being
made.   The reduced availability of trains was due to coal handling capacity
issues at the Port of Norfolk. To partially address this the Company has been
trucking some coal to its customers."

 

"This increased production is further enhanced by the reduction of costs per
ton from June 2023, and the recent rebound in the metallurgical coal price
from its lows of $191 in August 2023 to $250 at the current time."

 

For further information please contact:

 

 Bens Creek Group plc                                            +44 (0) 204 558 2300

 Adam Wilson, CEO

 Peter Shea, Chief of Staff

 Allenby Capital Limited (Nominated Adviser and Joint Broker)    +44 (0) 203 328 5656

 Nick Athanas / Nick Naylor / George Payne (Corporate Finance)

 Kelly Gardiner / Guy McDougall (Sales and Corporate Broking)

 WH Ireland Limited (Joint Broker)                               +44 (0) 207 220 1666

 Harry Ansell / Katy Mitchell

 

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