PERTH (miningweekly.com) – Coal hopeful Paringa Resources has secured two new coal leases within its Buck Creek mining complex, in the US, bringing the total land-holding in the district to some 8 500 acres.
“Our successful leasing programme has significantly de-risked the development of the Buck Creek No 1 mine, and paved the way for a substantial expansion to the prefeasibility plan,” said Paringa CEO David Gay.
“We have an exciting six-month period ahead with the Joint Ore Reserves Committee coal resource estimate update, prefeasibility study results for Buck Creek No 1 and results from the Buck Creek No 2 mine’s technical study.”
The study on the Buck Creek No 1 mine would be completed during the March quarter, while the technical study for Buck Creek No 2 was due in the September quarter.
Cash flow from the proposed Buck Creek No 1 mine would assist with the development of Buck Creek No 2.
The continuation of the leasing programme would underpin ongoing technical studies at Buck Creek No 2, and would assess the potential third mine development.
“The Buck Creek mining complex is truly the last remaining large-scale, undeveloped coal deposit in the Illinois basin with direct barge access to the Ohio River market,” Gay said.