28th Nov 2018 12:10
LONDON (Alliance News) - Regency Mines PLC said Wednesday its investee company Mining Equity Trust LLC generated USD2.0 million in revenue for the month of October.
Regency owns a 47% stake in Mining Equity Trust which in October sold 43,530 tons of coal from its operations. This compares to September sales which amounted to USD2.0 million on 44,020 tons.
Furthermore, Regency said that one of the two highwall miners in South West Virginia, US, has now been relocated and reassembled at the Kilgore location, completing a "planned move", that "should increase both production levels and profitability".
"The other highwall miner is currently operating on a single shift as it completes mining of the reserve base at the Mudlick location. Once the current reserves have been exhausted at Mudlick, which is anticipated to occur in late 2018 or early 2019, the machine will be moved to one of two available sites," the company added.
Regency shares were trading up 1.7% at 0.33 pence each on Wednesday.
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