PERTH (miningweekly.com) – Junior Paringa Resources has acquired the rights to the surface property necessary to construct its Poplar Grove coal mine, previously known as the Buck Creek No 2 mine, in the US.
The surface rights secured represent a total of 318 acres controlled by local landowners, and complement the previously secured and permitted barge load-out facility and the Cypress mine site, previously known as the Buck Creek No 1 mine.
Permitting for the Poplar Grove mine is progressing as planned, and Paringa remains on track for mine construction to start in early 2017, and for production to begin in early 2018.
The proposed 1.8-million-tonne-a-year project is located immediately south of the proposed 3.8-million-tonne-a-year Cypress mine. Final capital expenditure for the Poplar Grove mine has been reduced to about $39-million, from the original $44-million, and significant reductions in the operating costs are also expected as the costs of labour, material, supplies and leased equipment continue to decline.
“Over the coming months, Paringa is looking forward to updating the market on the Poplar Grove mine’s design, infrastructure, operating cost estimate, leasing and permitting,” said CEO and president David Gay.
“General investor sentiment for US thermal coal continues to show signs of improving, providing an ideal environment to finalise financing discussions for the best undeveloped thermal coal project in the US.”
Edited by: Creamer Media Reporter
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