Published: August 19, 2022 |

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Bens Creek Group raised $6,039,206.00, before expenses, to help fund its transition to an equipment owner and operator and move away from using contractors.

Bens Creek, which owns a metallurgical coal mine in North America, expects its transition to an equipment owner to result in increased production and cost efficiencies.

“The net proceeds from this placing and subscription will enable us to fulfill the next stage of our growth strategy which is to move away from a contractor model and become an owner of our own rolling stock of heavy equipment,” said Chief Executive Adam Wilson.

“As such we have already started to acquire a fleet and with this fund raise, we will be able to fulfill this objective with new equipment from Komatsu,” added Wilson.

The company recently completed the outright purchase of its initial fleet of mining and earth-moving equipment for $5.4 million, funded from existing cash resources.

“When we listed on AIM, we had no choice but to engage a contractor to help us with this advancement, however as we now look to exceed the initial monthly production target of 40,000 and move towards our target of circa 70,000 - 80,000 tons per month. It is important that we own the equipment fleet so that we are able to keep at least two highwall miners operational simultaneously,” said Wilson.

Source: Proactive Investors

About Bens Creek Group
Bens Creek Group is an AIM listed holding company set up to own and operate metallurgical coal mines in North America. The Company owns the Ben’s Creek mining project in West Virginia.

To stop by Bens Creek Group’s website, CLICK HERE

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