Paringa Resources (ASX:PNL) is now accelerating the development at its Poplar Grove coal mine in the USA’s Illinois Basin. Meanwhile, the company has now fixed the pricing and the timing of approximately 90% of its financing needs, reducing the risks going forward whilst keeping the project on track to sell its first coal from the No 9 coal seam in the third quarter of next year, followed by production from Seam 11 in the first quarter of 2020.
Building a mine is one thing. Selling the coal is equally important, and that’s why Paringa has now appointed Adam Anderson as its Vice President of Coal Sales and Marketing, a role which he has held at Armstrong Energy, one of the largest coal producers in Western Kentucky. He will be an integral part of the Paringa structure to make sure it is able to sell all its coal at a decent price.