07/01/2014 - 10:51

Paringa Resources reshuffles board

07/01/2014 - 10:51
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Subiaco-based Paringa Resources has tasked a new leadership team with guiding the company, with founding directors David Griffiths and David Chapman stepping down from their respective roles as chairman and managing director.

Subiaco-based Paringa Resources has tasked a new leadership team with guiding the company, with founding directors David Griffiths and David Chapman stepping down from their respective roles as chairman and managing director.

Mr Griffiths will remain a non-executive director of the company while Mr Chapman will take on the role of executive director.

Prominent company director Ian Middlemas has been appointed chairman with immediate effect, having joined the Paringa board as a non-executive director in October last year.

Mr Middlemas is chairman of a number of ASX-listed companies in the resources sector, including Papillon Resources, Prairie Downs Metals, Equatorial Resources and Berkeley Resources.

He was previously chairman of Mantra Resources and Coalspur Mines and also spent 10 years as senior group executive at Normandy Mining.

United States-based David Gay has meanwhile been promoted to chief executive, having led the group's US operations since early 2013.

His 35 years of experience in developing coal projects in the US included a stint as vice president, mergers and acquisitions and business development at major coal producer Alpha Natural Resources.

Mr Gay will receive a salary of $US240,000 per annum and was granted 1.5 million incentive stock options and 2.5 million performance rights. 

Paringa has recently turned its attention to developing the Buck Creek coal project in the Western Kentucky region of the United States, which it acquired in October with the purchase of US-based Hartshorne Coal Mining.

The project contains a JORC coal resource estimate of about 140 million tonnes of high-quality thermal coal with more than 88 per cent in the measured and indicated categories.

Paringa shares were 7.3 per cent higher at 22 cents at 10:55am WST.

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