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Regency Mines "well positioned" for market recovery


Regency Mines (LON:RGM) said it wants to build on progress in 2014 and is well positioned for any recovery in the markets, as it posted its latest half year results  

"In 2014, we hope to see further progress as our Australian interests are actively explored and the gradual recovery in the nickel price impacts our considerable nickel investments, both through the exploration joint-venture at Mambare in Papua New Guinea, where we have a 162.5 million tonnes indicated and inferred resource, and through our investment in the DNi nickel treatment technology," it said in the statement.

In February this year, Regency's partner Direct Nickel (DNi) announced the successful outcome of its demonstration programme for the DNi process from the test plant in Perth, Australia.

Regency, which owns a 7% stake in DNi, said the process validation report proves the safety and simplicity of the DNi process.

The firm said the proving of this nickel technology could not have occurred at a more "opportune" time.  

"Among the advantages of this technology is the ability to install it in a scalable and modular way (reducing initial cost), and we believe that its environmental impact will be less than other alternatives, and the operating costs less."

Regency chairman Andrew Bell said: "Despite difficult markets in the second half of 2013, we made significant progress in our three principal areas of operation: in Sudan, with Direct Nickel and with the sale of base metal and gold tenements in Western Australia to Ram Resources

"The actions undertaken in 2013 have positioned Regency well for any recovery in markets. However, irrespective of the direction markets take, we will continue to build on the progress already made with our projects, as well as looking for further opportunities to add shareholder value."

The loss for the period to end December was £1,059,653 - a narrowing from the comparable figure in 2012, which was a loss of £2,998,622.

Quick facts: Regency Mines PLC

Price: 1.39 GBX

Market: LSE
Market Cap: £1.25 m

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