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Be the first with the news that moves the marketParinga Resources Limited has announced it has delivered its first shipment of 1,500 tonnes of coal from the Poplar Grove in Kentucky.
The maiden shipment was loaded into barges at Paringa’s Ainsworth Dock to the customer, Louisville Gas and Electric Company and Kentucky Utilities Company on April 26.
The coal is sold on a free-on-board (FOB) basis with the customers responsible for the transportation.
While in the US mineral rights are usually owned by the government Paringa leases the coal rights from each individual farmer or property owner where mineral rights have not been served from the property.
It has 300 smaller individual leases with an area totalling 41,000 acres.
The first week of April saw the successful installation and commission of the slope conveyor. This saw the mined material being transported from the mine to the transfer point however it has now been demobilised.
Managing Director of Paringa Egan Antill expects these sales to be extremely beneficial.
“Commencing sales from the Poplar Grove operation is a key milestone for the Company in becoming a significant coal producer in western Kentucky, USA. The Company remains focused on the successful ramp-up of operations towards nameplate capacity throughout 2019,” he said.
Sales are expected to increase in the following weeks as additional mining equipment is deployed with the second continuous miner being deployed.
The remainder sales book is sold out for the 2019 season and approximately 70 percent commitment for 2020 with leading power companies.
