24th Jul 2019 15:17
(Alliance News) - Regency Mines PLC on Wednesday said it has completed a strategic review and its interests in metallurgical coal and natural gas are to be held at non-core to be realised in the future.
Shares in Regency Mines were down 6.8% at 0.047 pence in afternoon trade.
The revised company will focus on its nickel and vanadium interests, as well as its UK energy storage business, while moving away from cal and natural gas.
The natural resource exploration firm, which has interests in energy storage, battery metals, and natural gas, announced the strategic review in April.
The company holds an 8.6% stake in Curzon Energy PLC and a 26% stake in Mining Equity Trust, which owns a metallurgical coal asset in the US. Regency Mines will still hold these as non-core assets, but will aim to exit its holding and cease investing in these as they are "not the best deployment of the company's available resources".
Regency Mines Chief Executive Scott Kaintz said: "Having spent several months putting together a strengthened board and management team and analysing the existing portfolio alongside considering external options, the board has come to the conclusion that a core business exists within Regency that can be developed.
"This core will consist of a combination of our existing mining interests coupled with the investment in energy storage space, offering investors potential exposure to the battery story and energy revolution from the raw materials in the ground to their ultimate deployment in the modern UK electricity grid."
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