Bens Creek Group PLC (AIM:BEN, OTC:BENCF) hailed record six-month production of steel-making coal, capped off by a new monthly high in September and reduction in costs.
Roughly 205,000 tons of metallurgical coal was mined from the company’s eponymous project in West Virginia, USA in the half-year to 30 September, with just under 28,000 tons in April rising to almost 43,000 in August and just over 50,000 in September.
Levels of “clean coal” production of during the period were up 105% on the same period last year and equivalent to 75% of the last full-year output.
Chief executive Adam Wilson said September’s new monthly production high was despite only around half a month of its two highwall miner (HWM) machines in production, one of which was on double shift.
“With the two HWMs being in full operation, the company anticipates that clean coal production in October 2023 will be higher than September 2023,” he said.
July also saw a period with no HWM production following a mining incident which resulted in both HWMs being out of action for a short period, resulting in July being the lowest production month in the six month period.
“This increased production is further enhanced by the reduction of costs per ton from June 2023, and the recent rebound in the met coal price from its lows of $191 in August 2023 to $238 at the current time,” said Wilson, adding that the board remains “optimistic for the future for the company”.