Paringa launches PFS at US coal project
PERTH (miningweekly.com) – ASX-listed Paringa Resources has launched a prefeasibility study (PFS) on its Buck Creek coal project, in Kentucky, in the US.
“We are looking forward to rapidly progressing the PFS for the Buck Creek project, with the aim of starting mine construction in 2015,” Paringa CEO David Gay said.
A previously completed scoping study found that for a capital investment of some $109-million, including a coal handling and processing plant and a barge load-out facility, Buck Creek could deliver 3.4-million tonnes of coal a year, over a 16-year mine life.
Paringa was in May granted a mine permit to start construction of surface mine facilities at Buck Creek.
The project currently has a Joint Ore Reserves Committee-compliant resource of 154-million tonnes of thermal coal, of which more than 88% is classified as measured or indicated.
“We will continue to build on the existing resource base and initiate discussions with regional coal power plants, which we believe will value a significant new independent production source in the highly sought-after Illinois coal basin,” Gay added.
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