Bens Creek IPO 'on the wrong side of the energy transition'

Coal company successfully lists on AIM

Bens Creek Group, the owner of a metallurgical coal mine, successfully debuted on the UK’s AIM stock market yesterday (19 October), raising questions about the ESG credentials of the UK market.

The company successful raised £7m at a placing price of 10 pence per ordinary share, valuing the firm at £35m, and rose 5% on its first day of trading. Experts say only policy action can burst the carbon bubble This fundraise was specifically issued in order to finance the coal mining operations of the company, including "the refurbishment of the company's coal preparation plant and railroad" and "the acquisition of mining equipment". The company listed its key assets as 17.2m in-place tons of metallurgical coal resources, proven and probable recoverable coal reserves of 2.34m tons...