Bens Creek Group PLC High Vol B (HVB) coal sale to Avani Resources (2489V)
30 11월 2023 - 9:10PM
UK Regulatory
TIDMBEN
RNS Number : 2489V
Bens Creek Group PLC
30 November 2023
Prior to publication, certain information contained within this
announcement was deemed by the Company to constitute inside
information for the purposes of Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310. With the publication of
this announcement, this information is now considered to be in the
public domain.
30 November 2023
Bens Creek Group plc
("Bens Creek" or the "Company")
High Vol B (HVB) coal sale to Avani Resources Pte Ltd
Bens Creek Group plc (AIM:BEN), the owner of a metallurgical
coal mine in North America supplying the steel industry, is pleased
to announce that Bens Creek Operations WV LLC ("BC Operations"), a
wholly owned operating subsidiary of the Company, has executed an
agreement (the "Agreement") with Avani Resources Pte Ltd ("Avani"),
the Company's largest shareholder, for the delivery of 3 unit
trains comprising a total of 33,000 short tons of Bens Creek High
Vol B Metallurgical coal (the "Coal").
The delivery of the Coal is expected to be made, subject to
train delays, no later than the end of January 2024. This sale is
in addition to existing and ongoing business.
Terms of the Agreement
Seller Bens Creek Operations WV LLC
Buyer Avani Resources Pte Ltd
----------------------------------------------------
Material Bens Creek High Vol B coal
----------------------------------------------------
Quantity Quantity 33,000 short tons: approximately 3 trains.
----------------------------------------------------
Deliveries to be as per Norfolk Southern schedule
Shipping Schedule no later than the end of January 2024.
----------------------------------------------------
Delivery Point Glen Alum Siding
----------------------------------------------------
Seller to arrange for sampling and analysis to
be done at the time of loading the railway cars
at Glen Alum Siding. Sampling and analysis to be
done either by SGS or Gallaghar Labs. The analysis
thus done shall be the final quality to determine
Quality analysis penalties, if any, to be applicable.
----------------------------------------------------
Final weights for invoicing shall be determined
Weight analysis as per weight taken by railway haulage provider.
----------------------------------------------------
The Coal is being purchased by Avani at a price which is in line
with current market rates for the sale and purchase of High Vol B
coal. The quality of the coal will be in keeping with standard
production from the Bens Creek mine.
This Agreement follows on from Avani entering into a
non-exclusive sales and marketing agreement, details of which were
announced by Bens Creek on 26 July 2023.
Related party transaction
Bens Creek entering into the Agreement with Avani is deemed to
be a transaction with a related party pursuant to rule 13 of the
AIM Rules for Companies by virtue of Avani being a 29.86%
shareholder of the Company. The directors of the Company (except
for Rajesh Johar who represents Avani on the Company's board)
consider, having consulted with the Company's nominated adviser,
Allenby Capital Limited, that the terms of the Agreement with Avani
are fair and reasonable insofar as the Company's shareholders are
concerned.
Adam Wilson, Chief Executive Officer of Bens Creek,
commented:
"'We are delighted to book our first trade with Avani. It
demonstrates their ongoing commitment to the business, and it is
the first step to what will, we hope, become a burgeoning and
profitable partnership."
For further information please contact:
Bens Creek Group plc
Adam Wilson, CEO +44 (0) 204 558
Peter Shea, Chief of Staff 2300
Allenby Capital Limited (Nominated Adviser
and Joint Broker)
Nick Athanas / Nick Naylor / George Payne
(Corporate Finance)
Kelly Gardiner / Guy McDougall (Sales and +44 (0) 203 328
Corporate Broking) 5656
WH Ireland Limited (Joint Broker) +44 (0) 207 220
Harry Ansell / Katy Mitchell 1666
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END
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November 30, 2023 07:10 ET (12:10 GMT)
Bens Creek (LSE:BEN)
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