Regency Mines Plc entered a joint venture cooperation agreement with Legacy Hill Resources Ltd. to acquire and operate metallurgical coal projects in the U.S.

The company will own a 70% stake in the venture, with Legacy Hill to manage the day-to-day operations while holding the remaining 30%, according to the Feb. 27 release.

Regency will contribute up to A$2 million in cash to the joint venture and Legacy Hill will contribute A$1 million in cash, with equity contributions capped at A$3 million in cash.

Meanwhile, Regency and Legacy Hill, under a December 2017 memorandum of understanding, have completed due diligence on the acquisition of an 80% stake in the Rosa metallurgical coal mine and treatment plant in Alabama.