Scoping Study results demonstrate the No.2 Mine will be a high margin 1.8 million tonne per annum mine with low capex of only $US44 million due to favourable geology and shallow depth of coal seam from surface at the proposed No.2 Mine site, the company said.
“A short construction period of 12 months together with streamlined and proven permitting process should allow the No.2 Mine to start construction by Q2 2017 and production by mid-2018.
“The Buck Creek complex will ultimately become a strategic 5.6Mtpa supplier of high quality coal into the growing Eastern US power market.”
Paringa said it would expedite remaining technical studies at the No.2 Mine, continue debt financing discussions and contract additional coal sales throughout 2016.
