Second HWM now on site and working
We are all about to become mega rich
Second HWM now on site and working
Fingers crossed… everyone investing more?
I took a few more today. Will probably start adding a little again here and there till i reach a figure i like, or I’m back in the green.
Back when i first invested in BEN it was one of my biggest holdings and when it went up to £1 it was at top of my porfolio,
I didn’t sell a single share and watched it come all the way back down to me being -40%. It’s not even in my top 10 anymore. So while that second highwall can now start doing it’s thing i think it’s safe now for me to start adding some more.
I’m here for the dividend and am prepared to wait.
I filled this years isa when it was in the low 16s. Now it’s just sit back and count the coal
Unless this HWM breaks
The ship sinks
Met coal price falls off a cliff
AW turns out to be a wrong un and does a runner with all the money.
I am the same… I havent taken anything out so looking forward to go it going back up to £1+ hopefully!
Going the same way as every other AIM stock. Down the drain to oblivion
Bens Creek Group plc
(“Bens Creek” or the “Company”)
Marketing and sales services agreement with Avani
Bens Creek Group plc (AIM:BEN), the owner of a metallurgical coal mine in North America supplying the steel industry, has, on 25 July 2023, entered into a non-exclusive marketing and sales services agreement (the “Marketing Agreement”) with Avani Resources Pte Ltd (“Avani”), the Company’s largest shareholder.
Terms of the Marketing Agreement
Under the terms of the Marketing Agreement, Avani shall market coal produced by Bens Creek. The Company has, until now, undertaken all of its coal sales through Integrity Coal Sales, Inc. New York (“Integrity”). Under the Marketing Agreement Avani will bid for product from the Company on similar terms to that currently offered by Integrity.
Bens Creek and Avani shall negotiate in good faith and enter into a separate sale agreement for the sale and purchase of each parcel of coal. Bens Creek and Avani shall mutually discuss and agree the commercial terms and conditions for each such sale agreement.
The Company and Avani may terminate the Marketing Agreement on three months’ prior written notice to the other party and the Marketing Agreement shall be terminated automatically if Avani is no longer a shareholder in Bens Creek.
Related party transaction
Bens Creek entering into the Marketing Agreement with Avani is deemed to be a transaction with a related party pursuant to rule 13 of the AIM Rules for Companies by virtue of Avani being a 29.86% shareholder of the Company. The directors of the Company (who are all independent of Avani) consider, having consulted with the Company’s nominated adviser, Allenby Capital Limited, that the terms of the Marketing Agreement with Avani are fair and reasonable insofar as the Company’s shareholders are concerned and as such have approved the Company entering into the Marketing Agreement.
Adam Wilson, Chief Executive Officer of Bens Creek, commented:
“We have been examining the possibility of expanding our sales channels which to date has been driven exclusively through our offtake partner Integrity. We have been very pleased with the service provided by Integrity and we will continue to utilise their services. The addition of Avani, who bring tremendous subcontinent expertise (in particular in India, which is set to become the World’s largest market), will provide us with both competition for our product and greatly increase exposure of Bens Creek coal within our target market.”
Everyone still holding in or time to just cut our losses?
I’m still holding. ,not as excited about them as i used to be, but while i’m concentrating on my top 5 shares i’ll just leave BEN in the background.
One day i still expect them to recover sp wise,
I still have 450k of them sat in various accounts
End of year accounts due soon
Will either make or brake us
Met coal prices on the rise
Coal production up (well it should be with 2 Hwm running)
Just gotta pray Adam W doesn’t spaff us all up the wall
I’m still holding approx 87K shares. I’ve managed to average down to 31p but still a long way to go.
Nice RNS this morning:
4 trains a month about to increase as double shifts put BEN into full production. EOY results due 27th September followed by an updated WHI broker report and announcement of AGM. Waiting on a new CFO and maybe see some of the insiders topping up after the 27th. Coal is back up to $230/T now and still set to rise with increased demand for steel in Asia, especially India which is where the majority of Bens’ coal is headed. B/E was around £200/T but economy of scale has reduced that putting BEN into profit again. Avani paid 18p. MBU converted loans at 30p. Today the sp is just 16p. GL.