Prairie Mining In “Strong Position” To Advance Polish Coal Projects

Prairie Mining Ltd on Monday said it is continuing to progress its coking coal projects in Poland, with its Debiensko project now “development ready” and a feasibility study underway for the Jan Karski mine.

Prairie said at Debiensko it is preparing an in-fill drill program, a re-engineered mine plan to produce a feasibility study, and advancing discussions with regional steel markers and coke producers for future sales and offtake.

“Following the extremely positive scoping study results at Debiensko, we have accelerated our development plans with the commencement of limited demolition works on site and shallow geotechnical drilling for foundation design to continue over the coming months,” said Chief Executive Ben Stoikovich.

At Jan Karski, the company’s partner China Coal has made “significant progress” on the bankable feasibility study for the site and discussions have been held with Chinese financing institutions.

Prairie said it will now focus on finance discussions, getting local planning consents and land agreements, and formally lodging a mining concession application.

“At Jan Karski, enhanced coal quality analysis from our recently drilled core borehole demonstrated the potential to produce high value ultra-low ash semi-soft coking coal which would attract a premium to benchmark from Europe’s steel makers,” said Stoikovich.

The company said at the end of the quarter it had cash reserves of AUD16.8 million, and with support from cornerstone investor CD Capital, it is in a “strong financial position”.

Shares in Praire Mining were down 5.7% at 29.25 pence Monday.

Source: iii.co.