Paringa increases measured resource in US
PERTH (miningweekly.com) – Coal junior Paringa Resources has increased the measured and indicated resource at its Buck Creek mining complex, in the US, by 54%, to 211-million tonnes.
The company pointed out on Wednesday that the measured and indicated resource represented 98% of the total 216.5-million tonnes at the Buck Creek complex.
“The updated coal resource estimate confirms our Buck Creek No 1 mine as one of the largest predeveloped coal operations in the Western Kentucky region of the Illinois coal basin,” said Paringa CEO David Gay.
He noted that the updated estimate, along with the new strategic coal leases, have allowed Paringa to expand on its contiguous resource base that now extended to over 21 km, and would allow the company to increase the prefeasibility mine plan for Buck Creek No 1.
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.
A 2014 scoping study indicated that the Buck Creek No 1 mine could deliver 3.4-million tonnes a year of saleable coal, over a mine life of 16 years, and would require a capital investment of $76-million, along with a coal handling and process plant and barge load-out facility of $33-million, bringing the total capital cost to $109-million.
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