Business
Final Results
Final Results.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 5666X Regency Mines PLC 20 December 2019 \n\nRegency Mines Plc\n(\"Regency Mines\" or the \"Company\")\n \nFinal Audited Results \nfor the Year Ended 30 June 2019 \n \n \n20 December 2019 \n \nA copy of the Company's Annual Report and Financial Statements for 2019, extracts from which are set out below, will be made available on the Company's website www.regency-mines.com shortly and at the Annual General Meeting to be held on 31 January 2020.\n \n \nChairman's Review\n \nOverview\n \nThe Company presents its Annual Report and Accounts for the year to 30 June 2019. \n \nThe Company was incorporated for the purpose of pursuing development of and investment in mineral exploration projects with a particular focus on base-metals. During the course of the year, the Board refocussed this historic strategy around three core projects, the Mambare nickel-cobalt project, the Dempster Vanadium project, and the Company's investment in Allied Energy Services. These three projects provide the Company with direct exposure to exciting opportunities in natural resources and battery metals, as well as in energy storage and distributed power. \n \nReview of the Year and Subsequent Events\n \nThe year to 30 June 2019 was a difficult and disappointing year for the Company, albeit with positive progress in a number of areas. Subject to shareholder approval on 23 December of the fundraising, debt restructuring, share consolidation and Board change proposals announced on 5 December, the Company expects to end 2019 with firm foundations and significantly brighter prospects for all stakeholders. \n \nMET Coal - the Company invested US$2m in a joint venture company, Mining Equity Trust, LLC (\"MET\"), in June 2017, funded principally by a loan of US$1.6m. On 2 August 2018, MET took over the metallurgical coal operations and assets of Omega Holdings, LLC and other companies in Virginia, U.S.A. Although coal production in Virginia commenced in the same month, the failure of the joint venture to agree and borrow the level of originally expected debt led to the project running short of funds and being unable to continue production. As a result, the entire value of the Company's investment has been written off.\n \nWhite Car ...