Further to the announcements of 6 June 2018 and 27 February 2018, Regency Mines Plc, the natural resource exploration and development company with interests in hydrocarbons and base metals, announces that it has been informed by Legacy Hill Resources Ltd (“LHR”), the 53% owner of Mining Equity Trust (MET), LLC (“MET”) of 2 Au.
As of August 2018 MET has taken over the operation of the metallurgical coal operations at Cedar Bluff, Southwest Virginia of Omega Holdings, LLC and certain other companies. Cedar Bluff lies in the Central Appalachian region in Virginia, USA, a centre of high quality coal production. Metallurgical coal is an essential ingredient in primary steel making for which there currently is no substitute.
The Southwest Virginia coalfields produce a variety of coals including steam, metallurgical, and industrial use coals. Steam and metallurgical coal is generally shipped by rail and truck to power plants and steel plants in the Eastern and Midwestern United States. Higher value metallurgical coals are also transported by rail to Hampton Roads, Virginia, the largest export terminal in the US, where it is shipped to international customers.
Andrew Bell, Regency Chairman, comments: “As substantial shareholders in MET we are delighted to see the rapid progress now being made. We have considerable confidence that the specialist coal management Legacy Hill have identified to run the Cedar Bluff projects will deliver results, initially from highwall mining using two leased Caterpillar HW300 highwall miners. Regency looks forward to supporting the operations and expansion of MET in any way it can.”
Regency subscribed $2,000,000 at incorporation for 47% of MET.
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