Regency Mines PLC Sales and Revenue Forecasts at MET (6404Z)
04 September 2018 - 4:00PM
UK Regulatory
TIDMRGM
RNS Number : 6404Z
Regency Mines PLC
04 September 2018
Regency Mines Plc
("Regency" or "the Company")
Sales and Revenue Forecasts at MET
4 September 2018
Further to the announcement of 2 August 2018, Regency Mines Plc,
the natural resource exploration and development company with
interests in hydrocarbons and base metals, announces that its 47%
owned associate Mining Equity Trust (MET), LLC ("MET"), has
produced a sales and revenue forecast for September 2018 and for
the ten months to June 2019.
MET expects to sell 59,250 tons of coal for a total revenue of
$2,695,440 in September 2018. This sales level reflects that being
achieved on a daily basis in the latter part of August 2018. For
the ten month period to June 2019 MET expects to sell 692,196 tons
of coal for total revenues of $30,468,239.
MET produces metallurgical coal from its operations at Cedar
Bluff, Southwest Virginia. Cedar Bluff lies in the Central
Appalachian region in Virginia, USA, a centre of high quality coal
production. Metallurgical coal is, among other uses, 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: "MET has got off to a
good start, producing coal and establishing management and
reporting systems. That so much has been achieved in a holiday
month is a testament to the skills and dedication of the MET team
and of LHR. The forecasts for sales and revenues represent a strong
base case based on exhaustive analysis, and we look forward to
further progress as the business develops."
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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