Bens Creek Group PLC (AIM:BEN, OTC:BENCF) said it has agreed on a deal to buy the rail track at its coal loading facilities from major shareholder MBU in another move to put distance between the two companies.
Currently, Bens Creek leases the track from an MBU subsidiary, BC Rail, at an annual rent of US$55,000.
Through this deal, Bens Creek will buy BC Rail for up to US$650,000, with a payment of US$169,000 for a 26% stake already made and up to a year to pay the remainder, if the miner so chooses.
In a statement, Adam Wilson, Bens Creek's chief executive, said: “'We are pleased to have entered into an agreement to purchase the rail track and to have acquired an initial 26% interest in BC Rail Holding, the rail track being a further transport component now moving to be under our control.
"This purchase will further separate the company from its largest shareholder, MBU, who have been supportive of the business since inception and continue to be so.”