4 Sep 2018 07:00
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