Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Bens Creek CEO to step down, secures new loan with major shareholder

(Sharecast News) - Coal mine owner Bens Creek revealed on Friday that chief executive Adam Wilson will step down from the role and said it had arranged a new loan with major shareholder Avani. Bens Creek, which stated Wilson will leave once a replacement has been found, noted that Avani had provided it with $1.25m in the short-term and was in discussions about a further $5.0m working capital facility.

Additionally, talks with Avanti were said to be at an advanced stage regarding a non-exclusive off-take arrangement for the delivery of a total of approximately 400,000 short tons of coal commencing over the coming months.

The AIM-listed firm also pointed out that West Virginia had experienced extreme weather conditions early in the year, leading to a short period of unexpected interruption to production as a result of issues with waste disposal and refuse cells at the site.

Bens Creek stated that while the mine was now back in production, several trains scheduled to collect coal were delayed, leading to a substantial backlog of deliveries.

As of 0930 GMT, Bens Creek shares had slumped 28.36% to 5.91p.

Reporting by Iain Gilbert at Sharecast.com

Share this article

Related Sharecast Articles

Tesla lays off 285 workers in Buffalo as job cuts continue
(Sharecast News) - Electric carmaker Tesla is to lay off 14% of its staff across two plants in New York, the company said in a regulatory filing on Thursday, following large-scale job cuts announced earlier in the week.
Blackstone first-quarter earnings narrowly beat forecasts
(Sharecast News) - Blackstone, the world's largest private equity firm, reported marginally better than expected first-quarter earnings on Thursday.
TSMC forecasts jump in second-quarter sales
(Sharecast News) - Taiwan Semiconductor Manufacturing Co said on Thursday it expects sales to jump in the second quarter on strong demand.
Empire Metals completes third phase of drilling at Pitfield
(Sharecast News) - Empire Metals announced the successful conclusion of its third phase of reverse circulation (RC) drilling at the Pitfield Project in Western Australia on Thursday.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.