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Paringa Resources September 2019 Quarterly Report

Coal News - Published on Tue, 05 Nov 2019

Image Source: apollogroup.com.au
Paringa Resources Limited has presented its quarterly report for the period ending September 30, 2019. Paringa delivered total coal shipments of 136 thousand tonnes during the September quarter, up from approximately 26Kt shipped during the June quarter. Commenced coal sales to its second customer and generated September quarter sales of approximately USD 5.7 million. Paringa expects a further increase in sales during the December quarter as the operations continue to ramp up.

Unit 1 continues to ramp up and 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.
Corporate

Executed a term sheet with Tribeca Global Resources Credit Pty Limited to grant a royalty to Tribeca to raise USD 9.0 million before costs, in addition to the USD10.0 million second tranche of the Company's Term Loan Facility

After quarter end, completed a 1 for 4 pro-rata institutional entitlement offer to raise approximately AUD 3.1 million and announced a new fully underwritten 1 for 5 pro-rata entitlement offer to raise approximately AUD 5.1 million.

Source :

Posted By : Rabi Wangkhem on Tue, 05 Nov 2019
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