New AIM admission: Bens Creek coking coal plans

Bens Creek Group has acquired coking coal mining assets in West Virginia, and it believes it can restart production before the end of 2021. There are surface and underground resources, and the coal can be used for steelmaking. While thermal coal is out of favour, coking coal demand is booming.

The Pond Creek mine is expected to recommence production in the fourth quarter of 2021, followed by a second mine site in the first quarter of 2022. Bens Creek intends to engage a contract miner to produce the coal, so this will reduce the investment it is required to make, while the deferred acquisition cost is in the form of royalties that will be paid as coal is produced and sold.

Chief executive Adam Wilson was previously boss of Hichens Harrison and was on the board of AIM-quoted US coal ...

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