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Paringa Resources (PNL) - Construction Underway

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Paringa Resources (PNL) has commenced construction at Poplar Grove, the first mine to be developed at the Buck Creek Thermal Coal Complex. Excavation of the boxcut is underway in preparation of the slope (decline) construction to access the WK No. 9 coal seam. First washed coal production is expected Q3 CY18. All major contracts have been signed on a fixed price basis which should mitigate price and timing overruns. The Company has achieved ~US$1.2m cost saving on the development capex to date. Argonaut maintains a BUY recommendation with a $1.66 target price.

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