Bens Creek Share Discussion Threads

[purchaseatthetop] 31/10/2022 09:50

Somebody is selling as much as they can without completely crashing the market. Imagine the frustration of the myriad relatives of Mohammed and Raju who had to watch the share price hit 100p and they were unable to sell their 5p shares. Now the Ferrari has become a Fiesta. Bet family lunches are a bit frosty.

[ohojiim] 31/10/2022 09:44

Purch, I listened to the latest SR podcast and at the end they ask if anyone is interested in appearing on a future episode to get in touch. I've emailed them your details with your email address for them to get in touch and invite you on for a head to head with Adam. Let's make BEN the fun share. It certainly could do with some cheering up :)

[purchaseatthetop] 31/10/2022 09:18

Ittman said NS invested in the mine. May be indirect as transportation related but very important. No spin. Simply quoting what they said.

Delays are simply highlighted because Adam had been promising endless things from the beginning. But none delivered. Has he explained? No.

MBU Capital Group accounts are there for all to see. My view is that they are bust.

I know exactly what they have produced up to 30/8/22. I assume nothing has changed because why would it?

Everybody reads what I post because, unlike you, I have been proven 100% correct so far. I said this is heading for teens. Won’t be long.

[seagreen] 31/10/2022 08:03

Pathetic Patt you know exactly what I meant you were spinning N&S made capital investments in the construction of the mine. They did not. You spin it that delays = lies when every business suffered from the same covid or Russian caused shortages of parts or permitting. You spin it that MBU are up to legal accounting practices to cover up they have restructured and are not insolvent You spin it that MBU will dump is shares on 11th Oct but they have not sold a single share but increased their investmentYou have no idea how much coal has been currently or is being currently produced but you insist BEN are lying.No one believes anything you say

[hazelst] 31/10/2022 07:13

Naughty little charity fraudster.

[serratia] 30/10/2022 23:01

Perhaps ?

https://www.youtube.com/watch?v=d1gYJDQXPOk&ab_channel=NEAZIXNH

[purchaseatthetop] 30/10/2022 20:07

Post 7694. Fully agree I was copying and pasting old repetitive lies. All by Adam!

[seagreen] 30/10/2022 20:05

Good to see those CFC fanatics getting a dam good hiding by the Seagulls

[seagreen] 30/10/2022 20:00

Post 7694

Same old repetitive lies cut and paste

yawn


How desperate and sad

[seagreen] 30/10/2022 19:54

Excellent link from Pap

Love the ESG section 51 minutes pointing out that steel will be produced for decades using met coal despite nutters sugesting that hydrogen technology will replace met coal.

I seem to remember that was one of the many resident nutcase's false scare stories.

papillon
28 Oct '22 - 16:27 - 2873 of 2879
0 0 1

hTTps://youtu.be/ZEyTT9of4-Y.

[purchaseatthetop] 30/10/2022 19:14

Just in case anybody thinks Adam has any recognition of stating the truth....lets have a few of his promises to the investors listed here:

29/10/21 RNS: "We are delighted to have secured our first highwall miner to meet our expected production target. The agreement with MHW enables us to commission a second highwall miner to enable the Company to further expand its metallurgical coal production output."

Expected production target was 40k tons a month. Nowhere near. Ever.

15/12/21 RNS: "We are delighted to put in place this unsecured convertible loan facility with a reputable institutional lender, which provides Bens Creek with the ability to access additional financial resources to take advantage of potential acquisition opportunities, that are relevant to the existing Bens Creek mine."

No acquisitions made. Just a $50k per annum lease of a nearby coal resource that has not been core drilled.

17/1/22 RNS: "The early delivery of metallurgical coal to Integrity accelerates by more than one month the generation of revenue by the Company and starts the fulfilment of the requirement under the offtake agreement announced on 21 October 2021 which provides for the delivery of 22,000 clean tons per month."

Requirement of 22k clean tons a month? Average of 13k tons per month produced so far and much less delivered.

18/1/22 RNS: "I am delighted we are buying this highwall miner, rather than renting it, as we have been able to negotiate attractive commercial terms. The potential to double our production capability in such a short period of time since the commencement of initial coal production will provide increased operational capacity as we seek to increase levels of production from the Bens Creek mine and in turn gives us the ability to boost revenue generation."

Still unprepared. Still sitting there. No doubling of production just more costs.

18/2/22 RNS: "We are very pleased to put in place a further, unsecured convertible loan facility with such a reputable institutional partner. This funding will provide us with the financial strength to make focussed added value acquisitions."

No new added value acquisitions. All spent on losses and Adams salary.

25/2/22 RNS: "Completion of purchase of second highwall miner

Following the announcement made on 18 January 2022, for a contract to purchase a Superior highwall miner and related highwall mining equipment, the Company is pleased to announce this purchase has now been completed following the final purchase price payment being made and the Board of Bens Creek expect that this machine will be deployed ahead of the initial scheduled timetable of the second quarter of 2022."

Nowhere near any deployment. Just $3m wasted.

14/3/22 RNS: "We are pleased with our delivery programme so far. We anticipate moving smoothly into delivery of clean coal and are on course to deliver fully on our commitments to Integrity"

Still miles of their commitments to Integrity.

6/6/22 RNS: "The Company is targeting to reach full production using both highwall miners by the end of the summer 2022."

Right now...only one HWMer and still half target.

27/6/22 RNS: "The Company expects to receive, during July 2022, a permit for the area that is to be mined by MHW using the second highwall miner.

Accordingly, the purchase by the Company of its own Superior highwall miner and related mining equipment, as announced on 25 February 2022, will in due course, once renovations have been completed, enable the Company to have a backup highwall miner to ensure production is not affected by either any planned or unforeseen downtime which results from any of the machines operated by MHW being inoperable."

New permit only received in September and the second HWMer not repaired.

25/7/22 RNS: "This investment and the efforts of the team on the ground in West Virginia, has enabled us to be in a position to meet our production targets and at a run rate of c. 40,000 clean tonnes per month."

Output still remains at only 18k tons a month with double shifts.

22/9/22 RNS: "The granting of the permit is for an initial five year period and will now allow Bens Creek to deploy a second highwall miner that is to be operated by the Company's highwall mining contractor. This will enable the Company to steadily increase its production of metallurgical coal from current levels as it seeks to achieve its monthly production targets, as previously announced."

Do you believe this? I am not so sure. I mean....what about all the other RNS promises? Funny.

[purchaseatthetop] 30/10/2022 18:17

Stocky. You need to look deeper. The accounts only show £10m of apparent debt but tens of millions have been taken off balance sheet as they are being liquidated.

Except that ownership of these debts were transferred to MBU Capital Ltd and then on 21/5/21 Mohammed Iqbal transferred ownership of MBU Capital Ltd from himself to MBU Capital Group Ltd. The debt holders of these tens of millions of debt will come after Mohammed as you cannot simply transfer ownership of the debt to avoid liability.

hTTps://find-and-update.company-information.service.gov.uk/company/08424988/filing-history
Click on the confirmation statement of 21/5/21. MBU Capital Ltd was the apex company of over £80m of default debt and remains so despite this transfer.

This is all about Mr Iqbal debts. Ignore anything else.

The accounts show current assets of £43m. But really they are worth nothing as the property had planning refused. However the liabilities are real. It is a rotten balance sheet only supported by BEN shares. Check going concern note 2.3.

[seagreen] 30/10/2022 11:13

Patt

You cannot fool all the people all the time

You never fool any of the people any of the time.

Stick to the truth and relax and enjoy an excellent Sunday Roast

Pass the horseradish

[stocky50] 30/10/2022 11:05

Patt - We have been through MBU accounts - They are far from bankrupt ? Your statements were factually incorrect ! In their account I demonstrated they have less than 10m of debt. And no where in their accounts does it say they are going to sell BC shares - pls clarify.

The Permit timing is not in Adam’s hands. Agree it was premature of him to give dates - but this was his expectation. Can’t blame him for the delay.

Agree the interims will be interesting - but I am not ‘banking’; on these. As I keep saying - this is a Startup company that is ramping up. If you look at the accounts of ANY start up company - they will not be good reading. Given the way you access a company - you would never invest in anything on a forward looking basis and so would miss out on all “growth” company’s.

I did ask previously - would like to see if there are other company’s that have generated millions in revenue in less than 12 months - after being shut for so long.

Met coal pricing has stabilised / is on the rise. This can only be a good thing.

[stocky50] 29/10/2022 12:10

At £1+ …. Global Met was $470. This then retraced to $240 - so stock went down. Plus delays to getting permit and infrastructure repairs - plus selling by margin traders. All this sent the stock into a spiral.

Don’t read that as a pump and dump ? Largest shareholders - have not sold. That’s a positive. Will not be surprised if they start buying soon.

Not sure why some are so impatient.

We will know soon enough.

[purchaseatthetop] 29/10/2022 08:22

That’s rather ironic Seagreen. If you did not post here endlessly I would have nobody to talk to.

[seagreen] 29/10/2022 08:07

Give it a rest Stick to ambulance driving