Regency Mines PLC Sales and Revenues at MET (5411E)
19 October 2018 - 5:00PM
UK Regulatory
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RNS Number : 5411E
Regency Mines PLC
19 October 2018
Regency Mines Plc
("Regency" or "the Company")
Sales and Revenue at MET
19 October 2018
Further to the announcement of 4 September 2018, Regency Mines
Plc, the natural resource exploration and development company with
interests in hydrocarbons and base metals, announces September
production numbers for its 47% owned associate Mining Equity Trust
(MET), LLC ("MET").
MET sold 44,020 tons of coal in September and achieved total
revenues of $1,959,036, against levels forecast on August 2018 of
59,250 tons of coal for a total revenue of $2,695,440. This
forecast had reflected the level being achieved on a daily basis in
the latter part of August 2018. For the ten month period to June
2019 MET retains its expectation of 692,196 tons of coal sales for
total revenues of $30,468,239.
MET produces metallurgical coal from its operations at
Richlands, 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 faced some
maintenance and availability problems in September, and third party
sales still require to be built up to the planned levels. However
these issues have been promptly addressed and despite a planned 12
day downtime for one of the two high wall miners as it is moved to
a new location, we expect October and November sales to revert to
planned levels. Revenues per ton sold are improving and we expect
this trend to continue.
At the new location, we have the option to introduce a second
shift as demand builds. The new location also offers reduced
haulage costs to its key customers.
We also welcome the appointment of Jamie Ketron as President and
CEO of MET's operating subsidiary Omega Holdings, LLC. Her
experience as CFO at Omega and her business CV make her a highly
qualified appointment to the role.
The market for metallurgical coals continues strong."
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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