- 136Kt of coal shipped during the September quarter, up from the 26Kt in the June quarter
- September quarter sales revenue of approximately $5.7M (annualised run-rate of ~US$23M), forecast to continue to increase with mine ramp up
- Unit 1 continues to ramp up and has achieved ~85% of nameplate Mains productivity in the #1 West Main through the second half of September
- Unit 2 has successfully been relocated to the #1 South Main, away from the geological fault, which will allow the Unit to continue to ramp up production
- Recent industry consolidation in the Illinois Basin provides a strong environment for additional Paringa coal sales
NEW YORK, NY / ACCESSWIRE / October 7, 2019 / Paringa Resources Limited ("Paringa" or "Company") (NASDAQ:PNRL)(ASX:PNL, Financial) is pleased to provide an update on activities at the Poplar Grove mine in western Kentucky.
Coal sales
Paringa continued to ramp up shipping of coal to customers during the September quarter, with approximately 136Kt of product barged from the Company's dock on the Green River, up from approximately 26Kt shipped during the June quarter.
September quarter coal sales equate to revenues of approximately US$5.7M for the quarter (US$23M on an annualised basis). The Company expects a further increase in sales during the December quarter as the operations continue to ramp up.
Mining operations
