Bens Creek Group PLC (AIM: BEN, OTC: BENCF) celebrated a six-month record for its steel-making coal production, achieving a new monthly peak in September alongside a decrease in costs.
The company extracted approximately 205,000 tons of metallurgical coal from its namesake project in West Virginia, USA, during the half-year leading up to 30 September. The monthly breakdown witnessed just below 28,000 tons in April, almost 43,000 in August, and slightly above 50,000 tons in September.
The “clean coal” production during this timeframe surged by 105% compared to the same half-year in the previous year and amounted to 75% of the past year’s total yield.
CEO Adam Wilson highlighted that the impressive production figure for September was achieved even though their two highwall miner (HWM) machines operated for only about half of the month. Notably, one of these machines ran a double shift.
“Expect even higher clean coal production in October 2023 than in September, given that both HWMs will be fully operational,” Wilson stated.
It’s worth noting that both HWMs paused production for a brief duration in July due to a mining mishap, making July the period with the least production in the six months.
Wilson further commented on the enhanced production, saying, “This growth is augmented by the drop in per-ton costs since June 2023 and the recent surge in metallurgical coal prices, from August’s low of $191 to the current $238.” Expressing confidence, he mentioned that the board remains hopeful about the company’s future prospects.
