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Paringa's Hartshorne initiates financial outlook, operational performance review

Paringa Resources Ltd. said Jan. 8 that its subsidiary Hartshorne Mining Group LLC retained FTI Consulting Inc. to review Hartshorne's near-term financial outlook and operational performance, which includes an assessment of additional financing required for operations.

Paringa said that its priority is to explore all opportunities to maximize the value of its subsidiary and the Poplar Grove coal mine in Kentucky, either through additional funding to finance the continuation of operations at the project, or by a potential trade sale.

The company noted that it has been focusing on ramping up mining operations at Poplar Grove, and drilling is underway for near-term production.

Hartshorne, upon consultation with Tribeca Global Resources Credit Pty. Ltd., decided to defer payment of the Dec. 31, 2019, quarterly interest and fees required under its term loan facility, totaling about US$1.5 million. The deferral triggered a default under the term loan facility, giving Tribeca the right to demand immediate full payment.

Paringa's securities will remain suspended from trading until further announcements on the said matters are made.