Bens Creek Now Profitable as CEO Discusses the Full Year Results #ben

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Adam Wilson, CEO of Ben's Creek, and Aron Binning, CFO discuss the successful restart of mining operations at Glen Allen. The year's results showed sales of 240,000 clean tonnes of coal up to March. However, a loss of $24 million was reported, but this was largely a paper loss due to prior gains and depreciations. The underlying loss was $8 million due to the spread over the sold coal tonnes. Production costs decreased and commodity prices increased from $191 to $238. Measures have been implemented to address operational risks, such as procuring additional mining equipment and shifting from contracting to owning and operating their own fleet. The company has transitioned to profitability post-year-end. The break-even price for their coal is detailed at around $138, explaining the cost structures. Despite depleting reserves, they remain consistent at 92 million tonnes. Both the reserve and resource keep increasing, and they expect this trend to continue.