Paringa Resources has completed its acquisition of Hartshorne Coal Mining, which has export thermal and coking coal projects in the US.
Paringa announced its intention to takeover Hartshorne on September 3, 2013. Hartshorne was founded with the purpose of securing premium coal assets in the US near to existing infrastructure for supply to domestic and export markets.
Hartshorne’s projects include Buck Creek, an advanced thermal coal project located in the Illinois Basin in Kentucky, as well as the Arkoma Coking Project in the Arkoma Basin in Arkansas.
Buck Creek is one of the last remaining thermal coal projects within the Illinois Basin that is not controlled by a major coal producer, covering an area of over 31 000 acres.
The Arkoma Coking Project maintains a first mover advantage in an underdeveloped low volatile bituminous coking coal region with lease holdings covering 14 000 acres.
According to a statement from Paringa Resources, the company is “excited by these Projects in the USA and looks forward to making further announcements in regards to the Projects over the coming weeks”.
Adapted from press release by Katie Woodward
Read the article online at: https://www.worldcoal.com/coal/16102013/australia_paringa_resources_completes_hartshorne_coal_takeover_136/