Regency Mines confirms progress at Carbon Minerals Corp's (CMC) Rosa metallurgical coal mine (Rosa) in in the Warrior Coal Basin, Alabama. Regency owns 20% of CMC.
It also announced an agreement to invest $150,000 for a 20% shareholding of Vali Carbon Corporation (VCC), a new Delaware company set up to pursue metallurgical coal investments in the Appalachians.
- Progress continues on schedule at Rosa towards recommencing coal sales in Q1 2017;
- Contract washing of coal in the preparation plant will continue meanwhile;
- The auger drill is on site and a highwall miner has been sourced and is being delivered, which will enable increased production levels and increase volumes of mineable coal;
- New joint venture company Vali Carbon Corporation has been set up to develop metallurgical coal production at other sites in the Appalachians.
At 9:23am: (LON:RGM) Regency Mines PLC share price was 0p at 0.53p