March 2, 2017 - Paringa Resources Limited has announced that, following receipt of the final federal Surface Mining Control and Reclamation Act ("SMCRA") permit, the Company is now fully permitted to begin construction of the low capex Poplar Grove Mine. The permitted Poplar Grove Mine complements the previously permitted 3.8 Mtpa Cypress Mine which remains "shovel ready".
Paringa remains on track to update the final Bankable Feasibility Study ("BFS") for the development of a two coal seam operation mining the Western Kentucky WK No.11 ("WK No.11") seam and Western Kentucky No.9 seam ("WK No.9") at Poplar Grove, due for completion by the end of Q1 2017. Paringa is currently in discussions with financers to develop the low capex Poplar Grove Mine by mid-2017. Initial development of the Poplar Grove Mine will begin by exercising rights to acquire the mine site surface property, build electrical infrastructure and to begin mine site excavation activities.
Paringa's CEO, Mr. Todd Hannigan, said: "This is an outstanding effort by the Paringa team to permit the Poplar Grove Mine, adding to the permitted 3.8 Mtpa Cypress Mine. The ability to deliver on our permitting schedule is testament to the efforts of our highly qualified and experienced Paringa team. Importantly, we remain on track to deliver on all the commitments we made to our shareholders and we look forward to announcing the results of the updated BFS by Q1 2017, negotiate a competitive financing package and commence construction at Poplar Grove by mid-2017."
Positive Impact on Local Communities
Development of the Poplar Grove and Cypress Mines will provide many positive benefits to the local and state communities, which has a long history in thermal coal mining, including: