Regency Mines reveals MET coal sales for September

Volumes were lower than recent forecasts but MET has maintained forecasts for the ten months to June 2019

MET sold 44,020 tons of coal for September

Regency Mines Plc (LON:RGM) updated investors on September production numbers for the AIM-quoted firm’s 47% owned Mining Equity Trust.

MET sold 44,020 tons of coal for the month, achieving $1.95mln of total revenues. The volumes came in below forecasts made in August, which were set at 59,250 tons for $2.69mln. It noted that the forecast had reflected the daily volumes at the end of August.

READ: Regency Mines plans revival through US coal consolidation

MET highlighted that it maintains its expectations, for the ten month period to June 2019, which envisage 692,196 tons of coal sales for $30.46mln of total revenues.

"MET faced some maintenance and availability problems in September, and third-party sales still require to be built up to the planned levels,” said Andrew Bell, Regency chairman.

“However these issues have been promptly addressed and despite a planned 12-day downtime for one of the two high wall miners as it is moved to a new location, we expect October and November sales to revert to planned levels.

“Revenues per ton sold are improving and we expect this trend to continue.”

Bell added: “At the new location, we have the option to introduce a second shift as demand builds. The new location also offers reduced haulage costs to its key customers.”

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