Paringa scoping shows Buck Creek promise
PERTH (miningweekly.com) – A scoping study by US-focused Paringa Resources has shown that its Buck Creek coal project, in Illinois, could deliver 3.4-million tonnes a year of saleable coal over a minimum 16-year mine life.
The project currently has a resource estimate of about 154-million tonnes of coal, which could support a production of 4.7-million tonnes a year run-of-mine coal production.
The scoping study found that the project 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.
Buck Creek was expected to generate, on average, cash flow of $88-million a year. The average yearly operating costs were estimated at $28/t.
“Results from the study show the potential to develop a highly attractive new mine, aiming to replicate the success of our peers in adjacent mines in the region,” said Paringa CEO David Gay.
He noted that with the scoping study complete, Paringa would now look to begin a prefeasibility study (PFS) on the Buck Creek project in the coming weeks. The PFS would likely be completed before the end of the year.
“We are in the enviable position that we have a highly advanced project with very strong fundamentals. The Buck Creek project has the potential to rapidly become a significant new production source in the highly sought after Illinois coal basin,” Gay added.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
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















