January 17, 2022 - North America-focused metallurgical coal miner Bens Creek Group announced on Monday that, following discussions with its offtake partner Integrity Coal Sales of New York, it had started the sale and delivery of metallurgical coal.
The AIM-traded firm said the initial agreed volume was to deliver the equivalent of 8,840 clean tons of ‘Hi Vol B’ coal.
Payment for the initial delivery was expected to be made over the next 10 days.
The company said the early delivery of metallurgical coal to Integrity accelerated its generation of revenue by more than one month, and started the fulfilment of the requirement under the offtake agreement announced on 21 October, which provides for the delivery of 22,000 clean tons per month.
“I am delighted to announce that Bens Creek has commenced delivery of production to the metallurgical markets ahead of schedule,” said chief executive officer Adam Wilson.
“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.”
At 1232 GMT, shares in Bens Creek Group were up 13.82% at 39.27p.