Regency Mines to enter JV over US coal project
JOHANNESBURG (miningweekly.com) – Aim-listed Regency Mines has entered a memorandum of agreement with US-based First Coal, led by Stephen Moscicki, to jointly develop a 6 500-acre metallurgical coal property in Alabama, in the south-eastern US.
Under the terms of the agreement, Regency will conduct due diligence on the property in exchange for a 25% interest, while Moscicki will hold the remaining 75%.
The parties will cooperate on a basis of exclusivity while conducting due diligence and finalising detailed terms, and each party will meet its share of costs.
Regency chairperson Andrew Bell noted that the property had been represented as containing substantial metallurgical coal deposits in thick seams suitable for contour and highwall mining.
“We are sourcing detailed reports, which may include resource and reserve reports, and permitting information. This larger, but slightly earlier-stage, asset could be a valuable complement to our two existing coal projects and would build out our development pipeline,” he added.
Regency already owns two coal project in the Appalachian coal belt in the US, with one to start commercial operations soon and the other to start producing within the next three months.
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