Paringa Resources Limited (“Paringa”) (ASX:PNL) is an emerging U.S. based energy provider developing the high margin, low capex Buck Creek Mining Complex located in the Illinois Coal Basin, one of the largest and lowest cost coal producing regions in the U.S.
The fully permitted Buck Creek Mining Complex is one of the last remaining large-scale undeveloped blocks of high quality coal with direct barge access to the Ohio River system that is not controlled by a major U.S. coal producer. The Ohio River system feeds domestic coal-fired power plants and coastal export coal terminals in the Gulf of Mexico.
Paringa recently completed a Bankable Feasibility Study which confirmed that the Buck Creek Mining Complex will be a very low capex and a high margin coal mine producing +6 million tons per annum. With forward sale agreements and environmental permits already in place, Paringa recently finalised its funding requirements, and commenced construction of its Poplar Grove Mine in August 2017, with production to commence by December 2018.
Coal handling & preparation plant