Regency Mines PLC has revealed that it has signed a memorandum of agreement for a coal joint venture in Alabama, US.
Regency has announced it has taken a 25% stake in venture, and will jointly develop a metallurgical coal property of approximately 6500 acres.
The remaining 75% of the venture will be owned by Stephen Moscicki, who controls UK Carbon Resolutions Ltd and has previously partnered with Regency on coal investments in the Appalachians.
According to a Regency Mines correspondent, the property is expected to contain substantial metallurgical coal deposits in thick seams, suitable for controur and highwall mining.
Regency said an agreement and initial payment has already been made with the vendor of the property, and both joint venture parties will meet their share of the costs.
The acquisition adds to Regency’s portfolio of coal projects in the Applaachian coal belt, one which is due to begin operating soon and the other within the next few months.
Sources: Stock Market Wired
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