2nd Aug 2018 17:32
LONDON (Alliance News) - Regency Mines PLC late Thursday said minority-owned Mining Equity Trust LLC has taken over the metallurgical coal operations at Cedar Bluff, located in the US state of Virginia, from Omega Holdings LLC.
Regency holds a 47% stake of Mining Equity Trust. The remainder is held by majority-sharehodler Legacy Hill Resources Ltd.
Cedar Bluff is a centre of coal production, including steam, metallurgical, and industrial use coals. Metallurgical coal is an essential ingredient in primary steel making for which there currently is no substitute.
Shares in Regency Mines closed 9.7% higher on Thursday at 0.63 pence each.
"As substantial shareholders in Mining Equity Trust we are delighted to see the rapid progress now being made," said Chairman Andrew Bell.
"We have considerable confidence that the specialist coal management Legacy Hill have identified to run the Cedar Bluff projects will deliver results," added Bell.
Related Shares:
RGM.L