Regency Mines Plc, the natural resource exploration and development company with interests in hydrocarbons and battery metals, provides an update on operations.
Highlights:
- MET Coal production continues at Omega with improved production following operational disruptions during move to new location at end 2018
- Activity increasing at the Mambare JV in PNG with a significant GPR Program planned for 2019 pursuing the goal of a DSO operation and mining license
- ESTEQ continues to develop its investments with Allied Energy refocusing on the promising local grid and combined heat and power arenas
- Curzon Energy remains focused on its intention to participate in a multi-TCF gas opportunity in Texas to supplement its existing CBM project
- Regency’s 50% stake in the Dempster Vanadium project announced recently offers exploration upside in the battery metals space
Andrew Bell, Regency Chairman, comments: “The key move of a high wall miner at the end of 2018 to a new location should provide three years of coal production and now enables increased output and operating efficiencies. Once the second mining machine is moved to its new location we expect to see overall operations reaching a new level of turnover and profitability. Many other initiatives are under way to tune up performance and increase production, and we look to the future with confidence.
At Mambare, the hiatus that followed the failure of our former joint venture partner is now over and a new and committed partner has come forward out of the old structure, just in time for us to meet the challenges of recovering nickel and cobalt demand. The outlook for the Mambare joint venture is transformed by this and we and our partners are stepping up activity with some significant initiatives that we hope will lead to the grant of a mining lease and may lead to DSO production.
At ESTEQ, AES and vanadium explorer DVY we are increasing our battery metal footprint and developing what may this year become a significant and cash flow-generative business at AES.
At Curzon, we await developments.
Overall, great progress is being made and we thank shareholders for their support.”
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