American coal miner Bens Creek has announced plans to float on the Alternative Investment Market (AIM) of the London Stock Exchange this month.
The company – which owns a metallurgical coal mine, wash plant, and rail loading facility situated on a 10,000 acre plot that covers parts of West Virginia and Kentucky – plans to raise £7m as it lists, giving it a market value of £35m.
If successful, the company hopes to use the funds to return more of its mines to operation by the end of the fourth quarter 2021, for example the Lower Alma Lower Bench Mine which has been dormant since 2009. It also seeks to acquire more US coal mines in the future.
Bens Creek expects to gain admission to AIM on October 19 with shares priced at 10p.
The mine’s coal output forms a critical part of the steel production process. The company reports to have 17.2 million in-place tons and 2.34 million proven and probable recoverable coal reserves.