Paringa Resources (PNL) has supplied an operation update for its Poplar Grove Mine in Western Kentucky, US. The mine has attained a key permit to extend cut depths from 20ft to 40ft depths for the Unit 1 continuous miners. This has had an immediate impact on production with this unit exceeding the designed 560 mined ft per shift. In addition, permits have been attained to increase haul weights on trucks that run between the Coal Handling and Preparation Plant (CHPP) and the barge loadout. This will decrease trucking costs and further improved productivity. BUY recommendation maintained with a revised target price of $0.29/sh (from $0.58/sh).
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