https://www.miningweekly.com

Paringa starts trading in the US

2nd October 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Coal developer Paringa Resources has been approved for listing on the Nasdaq Capital Market, with US trading starting under the ticker symbol PNRL.

Paringa on Tuesday said that the Nasdag listing did not include any capital raising, with the company’s cash reserves standing at $22.6-million at the end of June, and the company having recently drawn down the first $15-million tranche of a $21.7-million project loan facility with Macquarie Bank.

“Paringa offers investors participation in the strong, long-term cash flow from our Poplar Grove mine, which is now in the final stages of construction,” said interim CEO Todd Hannigan.

“Our Nasdaq listing aims to widen our shareholder base with more US-based investors and we expect this to occur progressively as we ramp up local production in 2019.”

The 2.8-million-tonne-a-year Poplar Grove thermal coal mine forms part of Paringa’s 40 000-acre Buck Creek complex, which also contains the 3.8-million-tonne-a-year Cypress mine, where construction is set to begin in 2019.

Paringa is hoping that the Poplar Grove mine will be cash flow positive by the second quarter of 2019, delivering earnings before interest, taxes, deprecation and amortisation of about A$41-million by 2020, when in full production.

Edited by Creamer Media Reporter

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Flameblock
Flameblock

FlameBlock is a proudly South African company that engineers, manufactures and supplies fire intumescent and retardant products to the fire...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:6.765 6.8s - 88pq - 2rq
Subscribe Now