Paringa 4MCLEAN COUNTY, Ky. (6/13/19) — Paringa Resources yesterday released a digital presentation of its Buck Creek Complex in McLean County.

To view the presentation, click HERE.

Paringa Coal's Poplar Grove Mine delivered its first coal in April.

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, part of the PPL Corporation, April 26.

Coal is sold by Paringa on a free-on-board 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.

The company said in a news release that 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 coal from the slope bottom.

"Commencing sales from the Poplar Grove operation is a key milestone for the Company in becoming a significant coal producer in western Kentucky, USA,” said Paringa's Managing Director Egan Antil. “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."

The company released the following bullet points along with its announcement:

• Maiden shipment of 1,500 tons of washed coal has been loaded onto barges operated by Paringa's cornerstone customer, LG&E and KU.
• This follows the successful delivery of first coal from the Poplar Grove operation to the Ainsworth Dock.
• Coal quality exceeded contract specifications, validating the CHPP ramp-up performance.
• Sales volumes will continue to ramp up in the coming weeks as additional mining equipment is deployed.
• Paringa continues to build on a strong forward sales book and is sold out for 2019 and approximately 70 percent committed for 2020 with leading regional power utilities.
• Market conditions in the Illinois Basin remain strong, and the Company is actively engaged with both existing and new customers regarding further sales agreements.

Rita Dukes Smith
SurfKY News Director

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