Hannigan, who was CEO of Tinkler’s Aston Resources, will be joined at Paringa by one-time Aston colleague Thomas Todd, who was its chief financial officer.

In addition, Paringa will undertake a placement to Hannigan and Todd through their investment vehicle T2 Resources.

Hannigan and Todd led the growth of Aston Resources from a small private company into one of Australia's largest publicly listed coal ventures, Paringa CEO David Gay said.

“We are delighted with the appointment of Messrs Hannigan and Todd to the board, providing valuable experience in developing and financing world-class coal projects globally,” he said.

“Their involvement and investment in the company is testament to the quality of the Buck Creek project and our plans to become a significant new source of production in the growing Illinois Basin.”

As Aston CEO, Hannigan progressed the Maules Creek project and oversaw upgrades to the project's resources and reserves, completion of all technical and design work for the definitive feasibility study, negotiation of two major project stake sales and joint venture agreements, securement of port and rail access, and progression of planning approvals to final stages.

Hannigan has worked in the international mining and resources sector for over 18 years with Aston Resources, Xstrata Coal, Hanson PLC, BHP Billiton and MIM.

Aston raised $855 million in debt and $1.1 billion in equity funding to acquire and fully fund the Maules Creek coal project through to first coal production.

In 2011, it merged with Whitehaven Resources in a $5 billion deal.

Paringa will continue to rapidly complete the remaining technical studies for the Buck Creek project with the aim of starting construction in 2015, Gay said.

The Buck Creek Project is in the Western Kentucky region of the Illinois Coal Basin, one of the most prolific coal producing regions in the US.

Paringa controls over 26,000 gross acres of coal leases within a 72,000ac area of interest.

Buck Creek has a JORC coal resource estimate of 154 million tons of high-quality thermal coal with over 88% in the measured and indicated categories.

The Buck Creek project is one of the few remaining contiguous high-quality thermal coal projects within the WK No.9 Seam not controlled by one of the major USA coal companies. It offers one of the highest-quality, highest-heating value products in the Illinois Coal Basin.