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MOA on New US Coal Project
MOA on New US Coal Project.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 6137Z Regency Mines PLC 16 March 2017 \n\nREGENCY MINES PLC\n(\"Regency\" or the \"Company\")\nMOA on New U.S. Coal Project\n \n16 March 2017 \n \nRegency Mines Plc announces a Memorandum of Agreement for a coal Joint Venture in Alabama, U.S.A. (\"MOA\").\nThe MOA establishes a joint venture, 25% Regency and 75% Mr Stephen Moscicki (\"SM\"), to conduct due diligence over a metallurgical coal property of approximately 6,500 acres in northeastern Alabama (the \"Property\") with a view to bringing it into early operation. \nSM has signed an agreement with the vendor of the Property and made an initial payment.\nThe parties will co-operate on a basis of exclusivity while conducting due diligence and finalising detailed terms, and each party will meet its share of costs.\nFurther announcements will be made as appropriate.\nAndrew Bell, Chairman of Regency Mines, comments: \"The Property has been represented as containing substantial metallurgical coal deposits in thick seams suitable for contour and highwall mining.\nWe are sourcing detailed reports, which may include resource and reserve reports, and permitting information. \nThis larger but slightly earlier stage asset could be a valuable complement to our two existing coal projects and would build out our development pipeline. \nMeanwhile our other coal project activities continue on track.\" \nBackground\nRegency is bringing into production metallurgical coal projects in the Appalachian coal belt in the Eastern United States. The Appalachians have long been one of the world's largest sources of coal, and some areas contain high quality metallurgical coals.\nRegency has two existing projects, one already operating and where commercial production is about to begin, and one where production is expected within three months.\nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.\n \n \n \n \n \nFor further information, please contact: \nAndrew Bell 0207 747 9960 Chairman Reg...