Paringa Resources is pleased to advise, further to its announcement on September 18, 2019, that it has granted a royalty over the Company's Buck Creek Mining Complex to SP2 Royalty Co, LLC are members) to raise US$9.0 million. Proceeds from the Royalty Financing have been received and will be used to fund Poplar Grove's mine ramp-up to positive cashflow. The Company has also executed an amendment to the Term Loan Facility [...]
Paringa Resources is pleased to present its quarterly report for the period ending Sept 30, 2019. Highlights during, and subsequent to, the quarter include: Coal sales Paringa delivered total coal shipments of 136 thousand tons during the September quarter, up from approximately 26Kt shipped during the June quarter. Commenced coal sales to its second customer and generated September quarter sales of approximately US$5.7 [...]
136Kt of coal shipped during the September quarter, up from the 26Kt in the June quarter September quarter sales revenue of approximately $5.7M, forecast to continue to increase with mine ramp up Unit 1 continues to ramp up and has achieved ~85% of nameplate Mains productivity in the #1 West Main through the second half of September Unit 2 has successfully been relocated to the #1 South Main, away from the geological [...]
Paringa has commenced shipping coal to its second customer OVEC-IKEC, with coal procured by AEP on behalf of OVEC-IKEC AEP is OVEC-IKEC's major shareholder and one of the largest electric energy companies in the U.S. with a market capitalisation of ~US$46 billion Paringa has also received regulatory approval to alter the underground cable bolting pattern required for roof control activities, reducing the amount of [...]
Paringa Resources is pleased to announce the appointment of Mr. Jim Middleton as Executive Advisor to Paringa Resources Board, with specific responsibility to provide guidance to the Company’s Poplar Grove coal mine in the United States, to assist in further developing safe, efficient, reliable and cost effective mine operations. Mr. Middleton is an experienced underground mining executive with a long and successful [...]
Significant increases in productivity rates are being achieved by the underground mine's first production unit A peak mining rate of 306 ft was cut in a single shift during the week of 10 June Additional productivity increases are expected in the coming weeks, with commissioning of the ventilation overcasts to allow both continuous mining machines to be operated concurrently Mining has progressed beyond the initial [...]
Paringa Resources Limited is pleased to provide a company presentation relating to its Buck Creek Complex located in the Illinois Coal Basin in western Kentucky.Paringa Resources Ltd. operates the low cost, high quality Poplar Grove Mine, part of the Buck Creek Complex located in the Illinois Coal Basin in western Kentucky. The Buck Creek Complex includes two fully permitted thermal coal mines: the operating Poplar Grove [...]
Paringa has achieved financial close for its US$56 million debt facility from Tribeca, and the first US$40 million tranche of the facility has been drawn Paringa's existing US$21.7 million debt facility with Macquarie Bank has been repaid in full The balance of funds will be deployed to accelerate expansion of the 3rd mining unit and provide additional working capital Paringa commenced mining at Poplar Grove in Q1 2019 [...]
Paringa Resources is pleased to present its quarterly report for the period ending March 31, 2019. Highlights during, and subsequent to, the quarter include: Coal sales The Company successfully produced washed coal and commenced barge operations at Poplar Grove. A maiden shipment was loaded into barges at Paringa's Ainsworth Dock on the Green River and delivered to cornerstone customer, Louisville Gas and Electric Company [...]
Maiden shipment of 1,500 tons of washed coal has been loaded onto barges operated by Paringa's cornerstone customer, LG&E and KU. This follows the successful delivery of first coal from the Poplar Grove operation to the Ainsworth Dock. Coal quality exceeded contract specifications, validating the CHPP ramp-up performance. Sales volumes will continue to ramp up in the coming weeks as additional mining equipment is [...]
Underground mining progressing well, with the coal face and roof support operations performing as expected. The mine development contractor has demobilised. Initial RoM coal volumes being brought to the surface are lower than forecast due to a new MSHA directive limiting operations to one loader. Consequently, the Company has decided to bring forward installation of the slope conveyor. Due to the installation of the slope [...]
US$56 million Term Loan Facility term sheet executed with Tribeca Global Resources Credit Pty Limited. The Term Loan Facility will be used to refinance Paringa's existing US$21.7 million debt facility, fund accelerated expansion of the 3rd mining unit and provide additional working capital. Based on long term committed contract prices and at a steady state production of ~2.8Mtpa, the Poplar Grove Mine is forecast to [...]
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