First deliveries - Hi Vol B product

RNS Number : 5470Y

Bens Creek Group PLC

17 January 2022

 

17 January 2022

Bens Creek Group plc

("Bens Creek" or the "Company")

First deliveries - Hi Vol B product

Bens Creek Group plc (AIM:BEN), the owner of a recently re-opened metallurgical coal mine in North America supplying the steel industry, is pleased to announce that, following discussions with Integrity Coal Sales , Inc. New York ("Integrity") the Company's offtake partner, the Company has commenced the sale and delivery of metallurgical coal. The initial agreed volume with Integrity is to deliver the equivalent of 8,840 clean tons of Hi Vol B coal. Payment for this initial delivery is expected to be made over the course of the next ten days.

The early delivery of metallurgical coal to Integrity accelerates by more than one month the generation of revenue by the Company and starts the fulfilment of  the requirement under the offtake agreement announced on 21 October 2021 which provides for the delivery of 22,000 clean tons per month.

Adam Wilson, CEO said: "I am delighted to announce that Bens Creek has commenced delivery of production to the metallurgical markets ahead of schedule. This speaks well of the Company and its wider production team, which has helped us to develop and mine a dormant reserve within a short period of time. Our ability to commence delivery to a marketing entity, like Integrity, reaffirms the quality of reserves that Bens Creek possesses".

For further information please contact:

Bens Creek Group plc Adam Wilson, CEO Raju Haldankar, CFO	[phone]
Allenby Capital Limited (Nominated Adviser and Joint Broker) Nick Athanas Nick Naylor George Payne	[phone]
Optiva Securities Limited (Joint Broker) Christian Dennis Jeremy King Daniel Ingram	[phone]

 

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