Bens Creek Group float on AIM
Bens Creek Group plc is a holding company that owns and operates the Ben’s Creek mining project in West Virginia, USA.
The Company is designed to provide its shareholders with exposure to the metallurgical coal market, the underlying commodity. A key component of the Company’s success will be the metallurgical coal price. The Company may seek to make further acquisitions of metallurgical coal mines in North America.
Metallurgical coal is a critical component in the steel production process. Steel is one of the most widely used building materials globally, and is used primarily in construction, transport, and household appliances. Most metallurgical coal in the United States is produced in the Appalachian Basin in the states of Alabama, West Virginia, and Virginia.
Metallurgical coal is further grouped in to four categories: hard coking coal (HCC), pulverized coal for injection (PCI), High Vol A (HVA) and High Vol B (HVB) coals. These categories apply to the different quality grades of metallurgical coal, which are priced daily by Platts Daily Metallurgical Coal Assessments. Various specifications affect the price of each type of coal, including volatility, strength, fluidity, swell and ash content. Metallurgical coal is a form of hard bituminous coal, which is distinct from softer bituminous and non-bituminous forms of coal that are used to generate electricity (i.e., thermal coal). Pricing for metallurgical coal has historically been significantly higher than for that of thermal coal.
Admission to Trading on AIM
On 19th October 2021, admission and dealings on AIM commenced by way of a Placing of 70,000,000 new Ordinary Shares 10 pence per share.
The Perivan shareholder communications team were delighted to work with Allenby Capital who were appointed as Nominated Adviser and Joint Broker to Bens Creek, on the successful publication of the 228-page admission document.
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