Bens Creek Group - owner of a metallurgical coal mine in the US state of West Virginia - Produces 112,342 clean tons of metallurgical coal between October 1 and December 31, reflecting a 53% increase from 73,655 tons in the same period in 2022. Says it was 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 around 90,000 tons. This was then reduced to less than 60,000 tons after some deliveries were completed. Notes that the reduced availability of trains was due to coal handling capacity issues at the Port of Norfolk. Chief Executive Officer Adam Wilson says: ‘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.’
Current stock price: 10.68 pence, up 6.8%
12-month change: down 63%
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