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New US-based CEO & MD appointed at Paringa

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World Coal,

Paringa Resources Limited has appointed Egan J. Antill as Chief Executive Officer and Managing Director, effective from 12 December 2018.

Antill studied Engineering at the University of Queensland and early in his career worked for Mount Isa Mines Ltd and Caterpillar of Australia Ltd. He then completed an MBA at Yale University and spent the next 20 years in investment banking on Wall Street in New York including Managing Director, Merrill Lynch & Co., New York, where he raised capital for and provided strategic advice to global Metals and Mining companies, and prior to that with Credit Suisse First Boston, New York in the Mergers & Acquisitions department.

Antill’s background in mining and capital markets will complement the proven operating team that Paringa has established at its Poplar Grove mine. The operating team based at site in Kentucky has in excess of 50 years of coal mining experience in the US. With first coal expected in the coming weeks, Antill’s focus will be on delivering the mine ramp-up and unlocking shareholder value. Consistent with this, Antill’s equity performance rights will be linked to coal production milestones.

“We are very pleased to have Egan lead Paringa as Chief Executive Officer,” commented Ian Middlemas, Paringa’s Chairman. “Egan’s technical background and extensive knowledge of financial markets and the metals and mining industry will be critical to driving production at the current sites, in identifying other growth opportunities and unlocking shareholder value. Paringa’s business is US-focused and it is appropriate that we have a US-based executive driving its business and strategy.”

The company’s incoming CEO and Managing Director, Antill, said: “This is an exciting time for Paringa because we are in the early stages of a high growth production ramp-up on the low end of the cost curve. At the same time, fundamentals for the thermal coal market are strong, few new coal mines are being developed, stockpiles are low and the export markets have been good. Commencement of mining at the Poplar Grove mine is expected in the coming weeks, I am delighted to join Paringa and leverage my experience to build shareholder value.”

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