Construction starts at Paringa’s Poplar Grove mine
PERTH (miningweekly.com) – Construction of the Poplar Grove coal mine, in western Kentucky’s Illinois basin, has started, some 18 months after a decision to build was taken.
ASX-listed Paringa Resources said on Tuesday that first coal production from the 2.8-million-tonne-a-year mine was expected within 12 months.
“The Paringa team has done an impressive job in completing all technical studies, permitting and financing to begin construction of the Poplar Grove mine less than 18 months from the release of the scoping study results and announcing the decision to build the lower capex Poplar Grove mine first, followed by the permitted Cypress mine,” said Paringa MD and CEO Grant Quasha.
The project will cost some $44.7-million to develop, is expected to have a mine life of 25 years and will deliver average yearly earnings before interest, taxes, depreciation and amortisation of $67-million.
Poplar Grove is located immediately south of the Cypress mine (formerly called No. 1 mine), which is a proposed 3.8-million-tonne-a-year development in the Buck Creek complex.
“We are very excited to have now begun construction of the low capex and high return Poplar Grove mine, which has low construction and execution risk, given the mine’s location in the heartland of the western Kentucky coal industry,” said Quasha.
“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.”
Comments
Research Reports
Projects
Latest News
Showroom
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
