Bens Creek Share Discussion Threads

[purchaseatthetop] 06/3/2023 18:36

Warrior Met Coal has 1,400 employees and 253 of them are on the Warrior Met Coal LinkedIn site as employees.

Bens Creek has zero employees on its LinkedIn except for 5 management including 3 in London .Nil. Zip.

Where are the employees. I look for inconsistencies in the “story” and this is a huge issue. If there were real employees some of them, and Warrior suggest that maybe 15% of them, are on LinkedIn. Here we’re have nobody except management.

[seagreen] 06/3/2023 18:31

Pathetic post of the year so far.


purchaseatthetop
6 Mar '23 - 17:43 - 9078 of 9079
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Penstocks. I just cannot see all these staff that they employ. I have seen no recruitment and no staff on LinkedIn. Where are they?

[purchaseatthetop] 06/3/2023 17:43

Penstocks. I just cannot see all these staff that they employ. I have seen no recruitment and no staff on LinkedIn. Where are they?

[penstocks] 06/3/2023 15:47

seagreen, PATT mentioned the 2nd Ohio incident here, not me. I mentioned it on Tgm ;) The floods won't have helped in February, but all dry now.

PATT, Bens stopped contracting in November 2022. Bens use their own staff to create the benches and batter now.

Trains is big issue but let's see what Adam has to say about it in the podcast. If they can send 4 trains in January they can send 4 in March too.

[seagreen] 06/3/2023 15:23

Penstocks there are about 1000 derailments a year in the USA they get cleaned up its no big deal out there they have the equipment

[seagreen] 06/3/2023 15:21

Mystic Megs dad showing his forecasting skills ENET in 2021 now 7pish

purchaseatthetop
11 Nov '21 - 15:57 - 1722 of 15225
0 3 1
just bought at 54.45p

[purchaseatthetop] 06/3/2023 14:58

NS have had another major derailment in Springfield, Ohio.
Penstocks you have identified the exact problem. BEN do not control their own business. Megahighwall mine, contractors contour bench. NS control delivery.

[penstocks] 06/3/2023 14:51

31/1 the last date any trains were reported ;)
tbf BENS could bring in the 2nd HWM and be headed for 960KT/year if NS would commit to sending the trains each month. The lack of trains is why we are stuck at 20p.
Granted it is not BEN's fault. Send more trains and BEN will mine more instead of stockpiling what is coming out from 1xHWM and a CM.
Question is "how do Bens get NS to send more trains?" Hope they have an answer.

[purchaseatthetop] 06/3/2023 13:53

Most important claim…

BEN is overvalued at 100p and will be down at 30p. Claim made April 22.

Price today 20p.

[papillon] 06/3/2023 13:42

👍 🤣

[seagreen] 06/3/2023 13:36

Mr Benn next claims

Current odds at Paddy Power

1/2 I used to be an MP
4/5 ENET going back to 60p
6/4 I am fluent in French
7/2 I turned down Goldman Sachs
5/1 I used to drive a freight train

[papillon] 06/3/2023 11:43

free stock charts from uk.advfn.com


Not looking good.

[purchaseatthetop] 06/3/2023 10:14

Yes. All of those are correct. I was in corporate finance for EDF and arranged the purchase of West Burton power station and the move to NETA back around 2001.

[papillon] 06/3/2023 10:01

"Ohojim most readers realise that Patt is the Mr Benn of Ben's Creek and indeed of ADVFN. Be it from an accountant, a corporate finance executive, an MBA, an ambulance driver and now after a year of posting about coal suddenly a power station executive!"

🤣

[purchaseatthetop] 06/3/2023 07:47

Better get into ENET now. Another fabulous RNS today for their world beating tech now being rolled out. Much better than waiting for a yellow HWMer that never appears.

[seagreen] 06/3/2023 07:19

Ohojim most readers realise that Patt is the Mr Benn of Ben's Creek and indeed of ADVFN. Be it from an accountant, a corporate finance executive, an MBA, an ambulance driver and now after a year of posting about coal suddenly a power station executive!Hopefully Badgateway is or will soon be aware that Pinocchio Patt's pants are permanently on fire.Perhaps Mr Benn of ADVFN should put his fire helmet on and extinguish his lies.Certainly Badgateway seems to be giving Pinocchio a good fight and I have him about 4 rounds up so he does not need my help.

[purchaseatthetop] 05/3/2023 13:46

Bad gateway.
I did not say it was a disaster. I said that met b coal loses value to BEN at 2.5% to 3% of the stockpile each month it stands there. BTU depreciation. There is also risk of fire.
There are much better photos but I do not have them. Rest assured it is a 45 degree pile.
It is simply extra information that needs understanding. There is a cost to not shipping the coal.

[bad gateway] 05/3/2023 13:14

"Bad gateway. I really do not understand what relevance a power station has to the stockpile held at Bens Creek."

Yes you do PATT
You were making a big thing about BEN's piles losing BTU's being a disaster so I used the power station's storage of many hundreds of thousands of tonnes in storage in far larger piles to show it wasn't.
No one in the industry seems to worry as you do that the coal that they store on site ages and that single photo you showed is a tiny amount for the industry hardly likely to even weigh the 30,000 tonnes that they were apparently instructed to stockpile before the first train would arrive as you belatedly added to your post above.

[purchaseatthetop] 05/3/2023 06:31

czar24 May '22 - 10:01 - 4438 of 9058
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We have a pretty clear steer on dividends for this year, at least 10p which is a massive 12.5%, but what about next year? BEN could comfortably be paying 30p which would equate to a 37.5% yield. My ISA is full but I'm buying every week or so as funds permit. Anyone spotted any other super-yielders?

czar3 Mar '23 - 08:29 - 9018 of 9058
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Very clearly BEN is preparing to pay a dividend most likely in June. Even a 1p dividend gives them a yield of 5% for the part year, a full year dividend of 10p equates to a yield of 50%.

Long term lunacy I am afraid to say.

[purchaseatthetop] 05/3/2023 06:25

While we are at it, lets remember who identified this 15p debt conversion hidden away in the accounts. Yes, it was me:

purchaseatthetop18 May '22 - 17:27 - 4318 of 9057 Edit
0 6 1
There is a massive dilution coming. And here is why.

Look at the Interim Report 30/9/21:


Page 13 says:
Borrowings included above in current liabilities amounted to $2,257,848, including interest, and comprise of two short term bridging loans provided by MBU Capital Group Limited, the Company’s major shareholder, to facilitate the Subsidiaries to:
(i) Acquire the legal title to the reclamation cash bonds amounting to $1,258,520, held with the state of West Virginia, from the seller of Ben’s Creek Operations WV LLC and Ben’s Creek Land WV LLC; and
(ii) Undertake repairs required on the existing preparation plant, railroad and equipment along with working capital.
The above loans were provided to enable the Subsidiaries to continue operations prior to the initial public offering on 19 October 2021. The annual percentage rate of interest charged for both loans is 12% p.a. Both loans were repaid in full on 20 October 2021 from the net proceeds of the fundraise undertaken in conjunction with the initial public offering of shares in the Company

Page 17 says:
"On 19 October 2021 the Group issued 22,722,070 new ordinary shares in the capital of the Company at a price of 10p per share to a number of convertible loan note investors of MBU in settlement of funding provided to the Subsidiaries."

So, MBU got 22.7m shares for lending some money. Oddly enough a lot of it went on renewing and repairing the railway. Which is owned by MBU. So, MBU got 10p shares for not spending money on the railway.

But then I remembered that in the Proactive interview Adam Wilson had said that MBU had had to give a guarantee over the royalty stream for the owners of the mine. I had not seen that. So I went looking....

Page 14 says:
"Borrowings included above in non-current liabilities amounted to $3,259,451 and represents a longterm facility provided by MBU Capital Group Limited, the Company’s major shareholder, and is repayable no earlier than 30 June 2023. MBU Capital Group Limited has the option to convert its loan at a 50% premium to the price of 10p per share, being the price the shares were issued at the Group’s initial public offering on 13 October 2021, subject to MBU being able to hold a maximum of 68.0 per cent. of the Company’s share capital following conversion. The loan facility carries an annual interest rate of 7% p.a."

Lordy lord. It is what I said all along. You cannot have the CFO of both MBU and BEN being the same person. Raju has created $3.259m of debt against this facility by 30/9/21 by cross charging any costs or allocations he felt like doing so to create this debt. It is a "facility" and not a cash transfer to BEN.

Even worse, page 17 says:
"MBU, as a member of Ben’s Creek Carbon LLC until 22 September 2021, agreed a GBP £10,000,000 draw down facility with the Group. This facility commenced on 1 November 2020 and is repayable in full by 30th June 2023 or such earlier date as may be agreed between lender and borrower. The interest rate is 7% accruing monthly". Note that now the debt can be repaid or converted at 15p at any time, not no earlier than 30 June 2023.

So, by now this "debt" to MBU could be as much as £10m and adding interest. Without MBU spending a penny. This can be converted to shares at 15p so around another 70m shares will be created at some point to eliminate this non-existent debt. It is an accounting creation.

Lets use the example of the railtrack. BEN is spending the money to repair and renew it. But MBU own it. Eventually MBU will sell it to BEN for say $3m. That will be given to them in shares at 15p so if the shares are worth £1.50 then MBU will have a profit of $30m having spent zero and all at PI cost.

Actually it means that it is in the interest of the concert party to spend as much PI money as possible to maximise this "facility" to maximise MBU profits. It is terrible.

Anybody who wants to say thanks PATT for finding this hidden and twisted PI screwer then just go ahead. What an interesting company.

[purchaseatthetop] 05/3/2023 06:05

Bad gateway. I really do not understand what relevance a power station has to the stockpile held at Bens Creek.

My points were:

1) That having a huge pile of coal waiting for months was not a good thing because it lost both volume and BTUs from quality drop at 2.5% to 3% per month if piled with something like 45 degree sides. I have seen photos of the BEN stockpile and this is exactly what they have because they have limited storage capacity so have to pile it high:

I am sure there are better photos but somebody might post one. that illustrates more clearly.

The Edesa testing in Spain was done with five piles of 2,045 tons because clearly these piles had to be left alone for 270 days and no company would tie up hundreds of thousands of tons for that period. Also they needed to weigh each pile at the end as well as test its BTU value. However, their findings proves my point correct.

2) That having a huge pile of coal was dangerous because it self ignites if left alone for an extended period. I provided a tick list of things not to do. BEN fulfils every one of that list. The Edesa test proved that point as well with temperatures rocketing inside a month.

3) That it is dreadful for cashflow. Having 50,000 clean tons stockpiled (max capacity of the mine as disclosed by Adam once) means no more can be mined and one hell of a lot of working capital is tied up. BEN with its $38m cash burn to date cannot afford that.

To me it simply is another example of Adams incompetence. They could easily have $10m of sales value sitting there (50k*$200 per ton who knows as they never give any data) which they have already paid to mine. Why is it there? How many tons? Since when is the bottom layer been heating up? What trains recently to clear it? What trains coming in next weeks?Is new mining going on? etc etc

Even more incompetent was the 6/6/22 RNS:
"With the necessary buildup of Inventory (circa 30,000 tons of clean and 5,000 tons of ROM, equating to circa $12m of revenue), ahead of the first train arriving, the board of directors increased the conversion price on its pre agreed £10m facility with MBU for any subsequent drawdowns post the date of Admission to 60p from 15p per share, to reduce the potential dilution to shareholders, should the loan be converted rather than repaid."
Looks like that reducing potential dilution was trumped by greed. Always the way!

[bad gateway] 05/3/2023 01:10

PATT I only had the one link found by googling your claims of btu loss.
Researchgate gives piles of 2000-3000tonnes which doesn't take away from..

"When I started my career, it was common for power stations to manage 60- to 90-day piles, with some sites managing 120-day or larger piles. Over the last five years, I’ve witnessed a shrinking of coal stockpile sizes, with some sites moving toward 30-day or even 20-day piles."

nor

"How much coal does a power station burn per day?
Coal for Electricity Generation. In the United States, 52% of the electricity comes from coal generation. A typical coal fired power plant, like the one in this picture, heats water to 540 deg C to produce high pressure steam. To produce 109 kWh/year of power, the plant burns 14,000 tons of coal every day."


Even 20 days at the lowest rate I've found so far for US power station daily coal use is 180,000tonnes (9000T/D)
It would appear that the only one concerned with Bens piles is you and you have so far failed to show photographic evidence of the coal you state Ben is storing so we can see this 45 degree single pile of coal (worst case scenario) you're telling us they have?
Would also appreciate a link to the below claim preferably giving either the diameter or length and width of said pile for reference.
" 840,000 tons is a hundred meters deep."

Certainly hope you're not claiming they have 20 days of power station usage stored if you are I'm going to call you out as a ramper.


ohijim not sure if your post was directed to me but if so have to say don't recognize the terminology.