{"id":112623,"title":"Bens Creek (AIM:BEN) CEO to Depart Following Further Disruptions in Coal Operations","publisher":"Share Talk","author":"sharetalk","published":"2024-02-09T12:02:15+00:00","modified":"2024-02-09T12:02:15+00:00","canonical_url":"https://www.share-talk.com/bens-creek-aimben-ceo-to-depart-following-further-disruptions-in-coal-operations/","markdown_url":"https://www.share-talk.com/bens-creek-aimben-ceo-to-depart-following-further-disruptions-in-coal-operations.md","json_url":"https://www.share-talk.com/bens-creek-aimben-ceo-to-depart-following-further-disruptions-in-coal-operations.json","category":"Mining","categories":["Mining"],"tags":["Adam Wilson","BEN","Bens Creek Group","coal","Metallurgical","Mine","Mingo County","North America","Share Talk","Stafford District","steel industry","West Virginia"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/02/BEN-9-FEB-24.jpg?fit=1200%2C800&quality=89&ssl=1","format":"news","language":"en-GB","content":"**Bens Creek Group PLC (AIM: BEN, OTC: BENCF)** announced that its CEO, Adam Wilson, will be stepping down.\n\nConcurrently, the company has secured a new loan from major shareholder Avani for additional working capital.\n\nThe company faced disruptions at the beginning of the year due to severe weather in West Virginia. This led to a brief halt in production at its mine, caused by issues related to waste disposal and refuse cells.\n\nAlthough production has resumed, there have been delays in train schedules for coal sales, leading to a significant accumulation of undelivered coal since the year’s start.\n\nhttps://youtu.be/3Bv06HYI3EQ?si=yCk4AMtqHcdAz4Re\n\nBens Creek completed a 33,000-tonne coal order for Avani, but the delays resulted in higher-than-anticipated working capital usage.\n\nTo address this, Avani has provided a short-term loan of US$1.25 million and is discussing a further US$5 million working capital facility with Bens Creek.\n\nThese financial arrangements include amendments to an existing US$6.5 million loan facility established with Avani in July 2023.\n\nAdditionally, Bens Creek is in advanced negotiations with Avani for a non-exclusive agreement to deliver approximately 400,000 short tons of coal over the next few months.\n\nThe company also mentioned that Wilson’s departure will occur once a suitable successor is appointed."}