Paringa Appoints U.S. Based CEO & MD
December 11 2018 - 8:30AM
Paringa Resources Limited (“Paringa” or
“Company”) (NASDAQ: PNRL, ASX: PNL) is pleased to announce
that it has appointed Egan J. Antill as Chief Executive Officer
& Managing Director, effective from December 12, 2018.
Mr. Antill studied Engineering at the University
of Queensland and early in his career worked for Mount Isa Mines
Ltd and Caterpillar of Australia Ltd. He then completed an MBA at
Yale University and spent the next 20 years in investment banking
on Wall Street in New York including Managing Director, Merrill
Lynch & Co., New York, where he raised capital for and provided
strategic advice to global Metals and Mining companies, and prior
to that with Credit Suisse First Boston, New York in the Mergers
& Acquisitions department.
Mr. Antill’s background in mining and capital
markets will complement the proven operating team that Paringa has
established at its Poplar Grove mine. The operating team based at
site in Kentucky has in excess of 50 years of coal mining
experience in the U.S. With first coal expected in the coming
weeks, Mr. Antill’s focus will be on delivering the mine ramp-up
and unlocking shareholder value. Consistent with this, Mr. Antill’s
equity performance rights will be linked to coal production
milestones.
“We are very pleased to have Egan lead Paringa
as Chief Executive Officer,” commented Mr. Ian Middlemas,
Paringa’s Chairman. “Egan’s technical background and extensive
knowledge of financial markets and the metals and mining industry
will be critical to driving production at the current sites, in
identifying other growth opportunities and unlocking shareholder
value. Paringa’s business is U.S.-focused and it is appropriate
that we have a U.S.-based executive driving its business and
strategy.”
The Company’s incoming CEO & Managing Director, Mr. Egan
Antill, said: “This is an exciting time for Paringa because we are
in the early stages of a high-growth production ramp-up on the low
end of the cost curve. At the same time fundamentals for the
thermal coal market are strong, few new coal mines are being
developed, stockpiles are low and the export markets have been
good. Commencement of mining at the Poplar Grove mine is expected
in the coming weeks, I am delighted to join Paringa and leverage my
experience to build shareholder value.”
For further information, contact:
Egan
Antill |
Dominic
Allen |
CEO & Managing
Director (elect) |
VP, Finance |
T: +1 917 693 3051 |
T: +1 646 288 2047 |
Forward Looking Statements
This report may include forward-looking
statements. These forward-looking statements are based on Paringa’s
expectations and beliefs concerning future events. Forward looking
statements are necessarily subject to risks, uncertainties and
other factors, many of which are outside the control of Paringa,
which could cause actual results to differ materially from such
statements. Paringa makes no undertaking to subsequently update or
revise the forward-looking statements made in this announcement, to
reflect the circumstances or events after the date of that
announcement.
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