Regency Mines PLC Mining Equity Trust starts Virginia coal operation (6902W)
03 August 2018 - 1:44AM
UK Regulatory
TIDMRGM
RNS Number : 6902W
Regency Mines PLC
02 August 2018
Regency Mines Plc
("Regency" or "the Company")
Mining Equity Trust (MET), LLC starts Virginia Coal
Operations
2 August 2018
Further to the announcements of 6 June 2018 and 27 February
2018, Regency Mines Plc, the natural resource exploration and
development company with interests in hydrocarbons and base metals,
announces that it has been informed by Legacy Hill Resources Ltd
("LHR"), the 53% owner of Mining Equity Trust (MET), LLC ("MET"),
that as of 2 August 2018 MET has taken over the operation of the
metallurgical coal operations at Cedar Bluff, Southwest Virginia of
Omega Holdings, LLC and certain other companies. Cedar Bluff lies
in the Central Appalachian region in Virginia, USA, a centre of
high quality coal production. Metallurgical coal is an essential
ingredient in primary steel making for which there currently is no
substitute.
The Southwest Virginia coalfields produce a variety of coals
including steam, metallurgical, and industrial use coals. Steam and
metallurgical coal is generally shipped by rail and truck to power
plants and steel plants in the Eastern and Midwestern United
States. Higher value metallurgical coals are also transported by
rail to Hampton Roads, Virginia, the largest export terminal in the
US, where it is shipped to international customers.
Andrew Bell, Regency Chairman, comments: "As substantial
shareholders in MET we are delighted to see the rapid progress now
being made. We have considerable confidence that the specialist
coal management Legacy Hill have identified to run the Cedar Bluff
projects will deliver results, initially from highwall mining using
two leased Caterpillar HW300 highwall miners. Regency looks forward
to supporting the operations and expansion of MET in any way it
can."
Regency subscribed $2,000,000 at incorporation for 47% of
MET.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information contact:
Andrew Bell 0207 747 9960 Chairman Regency Mines Plc
Scott Kaintz 0207 747 9960 Executive Director Regency Mines
Plc
Roland Cornish/Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 020 7374 2212 Broker First Equity Limited
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END
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