19th Oct 2018 12:43
LONDON (Alliance News) - Regency Mines PLC said on Friday its 47%-owned associate Mining Equity Trust LLC saw production and revenue for September below expectations.
Mining Equity Trust sold 44,020 tonnes of coal in September, achieving revenue of USD2.0 million. This was below levels forecast in August of 59,250 tonnes sold for a revenue of USD2.7 million.
For the 10 month period to June 2019, Mining Equity retained its expectation of 692,196 tonnes of coal and revenue of USD30.5 million.
Mining Equity produces metallurgical coal from its operations at Richlands, Southest Virginia.
"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," said Regency Chairman Andrew Bell.
Shares in Regency Mines were up 8.6% at 0.38 pence on Friday.
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RGM.L