MiningMaven Podcast No 64 with Andrew Bell Chairman and CEO of Regency Mines (LON:RGM) #RGM
Andrew Bell, Chairman and CEO of Regency Mines (LON:RGM) joins us on today's Podcast to discuss the Company's latest market update confirming the completion of its acquisition of a significant shareholding in Carbon Minerals Corporation ("CMC") which has acquired the Rosa metallurgical coal mine (the "Rosa Mine") located in Alabama, United States of America in the Warrior Coal Basin. The Key Highlights are as follows:
· Regency announced on 25 November 2016 a conditional binding Heads of Terms to acquire for £250,000 a 20% shareholding in CMC which owns the Rosa Mine;
· The conditions including due diligence and the signing of a Shareholders' Agreement have been fulfilled and the transaction has completed;
· The Rosa Mine received in 2010 a NI 43-101 report prepared by McGehee Engineering Corporation stating that Phase 1 of the Rosa Mine project contained Proven Reserves of 453,000 tons of coal at an average 14,070 BTU/lb with 5.14% average moisture content and 4.45% average ash content;
· 4,800 tons of coal has been delivered by third parties and contract washing of coal in the preparation plant has begun this week;
· Auger mining from the Rosa Mine is scheduled to begin in February 2017.
The full details of the announcement can be seen here:
We hope you enjoy listening.
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This interview was recorded on Tuesday 10th January 2017.
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