Paringa Resources Limited has...
Construction has begun at the Poplar Grove coal mine, with the first coal production targeted within the next 12 months.
Paringa Resources Limited has confirmed that it has now begun excavation and site development works at the Poplar Grove min 2.8 million tons per annum project.
The Polar Grove Mine is located immediately south of the company’s other fully permitted 3.8 Mtpa Cypress mine.
The decision to construct and develop the low capex and high return 2.8 mtpa project first, followed by the Cypress Mine once construction is complete.
The two mines are part of the larger Buck Creek Mining Complex located in the Illinois Coal Basin.
Following the completion of construction, Paringa looks to establish itself as “the next major illinois Basin coal producer.”
Paringa's Managing Director and CEO, Mr. Grant Quasha, said: "We are very excited to have now begun construction of the low capex and high return Poplar Grove Mine,”
"I believe this is going to be a very exciting 12-months ahead as we progress through the construction phase and towards first coal production, advance negotiations with utilities located within the Ohio River and South-East markets potentially leading to additional sales contracts, continue discussions with advisers for a potential listing on major US stock exchange and begin to roll-out our public relations and digital marketing campaign throughout North America."