Paringa Resources Ltd has appointed highly regarded US-based banking and coal executive, Grant Quasha, as Managing Director and CEO of the company, effective from 19 June 2017.
Todd Hannigan will move to Deputy Chairman and will remain actively engaged in the direction of the company. Tom Todd will move to a Non-Executive Director role and Taso Arima will step down from his Non-Executive Director position.
Quasha's previous role was the Chief Commercial Officer of Bowie Resource Partners, LLC (Bowie), the largest producer of Western bituminous coal in the US, where he was responsible for corporate strategy, business development, sales, marketing, and logistics.
He has extensive experience in the US natural resource sector, having previously been the North American Manager of Corporate and Structured Finance at Trafigura AG and before that an investment banker in JPMorgan's New York Mining and Metals division.
Quasha is based in Kentucky and will lead Paringa's highly experienced construction and operational team. In addition, he will focus on securing additional coal sales contracts and increasing the market awareness of Paringa with US-based retail and institutional investors as the Company evolves from an emerging coal developer to the Illinois Basin's next mid-tier coal producer.
Quasha, said: "I am very excited to join Paringa which has two outstanding coal assets that can be developed to generate robust, reliable cash flows for shareholders. Paringa's high quality asset base, excellent team and strong balance sheet all drove my pursuit of this opportunity.”
"With construction ready to start next month and the project fully funded, the Poplar Grove Mine is set to become a new stalwart in the dynamic Illinois Basin market. With known geology, technically straightforward mine development and low capital costs, the Poplar Grove Mine will provide a high-quality product and strategic supplier diversification for the region's customers,” he added.
Paringa's new Deputy Chairman (elect), Todd Hannigan, said: "Grant is an outstanding executive and I look forward to working closely with him to execute our plan to build Paringa into a highly successful US coal company. He has a unique combination of capital markets, coal sales and marketing and operational experience, and the timing makes sense to transition to a US-based CEO as we begin construction and to lead Paringa into our next phase. Grant was very successful in leading Bowie's domestic and export coal sales market penetration and we look forward to him replicating this success with Paringa. In addition, on behalf of the Paringa Board, I would like to thank Taso for his valuable services to the company."
Read the article online at: https://www.worldcoal.com/mining/13062017/paringa-appoints-experienced-us-based-banking-and-coal-executive-as-md-ceo/