Coal miner Paringa Resources has announced the completion of its maiden shipment of washed coal to its customers.
Paringa Resources (ASX:PNL) has announced the completion of its maiden shipment of washed coal to its customers.
As quoted from the press release:
Paringa Resources is pleased to advise that it has delivered first coal from the Poplar Grove operation in western Kentucky.
A maiden shipment of approximately 1,500 tons was loaded into barges at Paringa’s Ainsworth Dock on the Green River to cornerstone customer, Louisville Gas and Electric Company and Kentucky Utilities Company (“LG&E and KU”), part of the PPL Corporation (NYSE:PPL), on April 26, 2019.
Coal is sold by Paringa on a free-on-board (“FOB”) basis, with the company’s customers responsible for the transportation of coal. The loaded product underwent sampling and analysis at the Ainsworth Dock and exceeded key contract specifications.
Sales volumes are anticipated to increase in the coming weeks as additional mining equipment is deployed. The second continuous miner has now been deployed. Additionally, the slope conveyor has been successfully commissioned and is transporting run of mine (“RoM”) coal from the slope bottom.
Paringa’s Managing Director, Egan Antill, said: “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. We are very pleased to be working with local businesses and contributing significant direct and indirect employment opportunities in the region, and would like to thank LG&E and KU for their continued support as the company’s maiden customer.”