25th Jan 2019 10:00
LONDON (Alliance News) - Regency Mines PLC is looking forward to three years of coal production, the company said Friday, after a move to a new location in 2018.
Shares were 14% higher on Friday morning at 0.40 pence each.
Production at the Omega mine in the US state of Virginia continues, and output has improved following the disruption caused by moving the high wall mining machine to a new location, the company said.
"The key move of a high wall miner at the end of 2018 to a new location should provide three years of coal production and now enables increased output and operating efficiencies," Chair Andrew Bell said.
"Once the second mining machine is moved to its new location, we expect to see overall operations reaching a new level of turnover and profitability. Many other initiatives are under way to tune up performance and increase production, and we look to the future with confidence."
At the Mambare nickel and cobalt joint venture in Papua New Guinea, the focus in 2019 will be on new ground penetrating radar work to give more detail on the resource will also looking to extend the area.
Regency has submitted environmental permit documentation, and hopes to have this and other permitting sorted within six months so it can apply for a mining lease.
Its battery metal technology business Energy Storage Technologies Ltd has signed a pre-lease agreement, subject of financing, for a 49.5 megawatt facility in Knowsley, Merseyside. It is also in advanced talks over a second 9 megawatt site.
Further, sites worth 49.5 megawatts and 4.5 megawatts also are under negotiation.
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