background_fid.jpg
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations

No Buyers for Paringa Owned Coal Mine in Western Kentucky

UndergroundMiningPoplarGrove.jpg
paringaresources.com
/

No qualified buyers have been identified yet for an Australian-owned coal mine in western Kentucky that’s up for sale. 

The round of bidding by qualified buyers closed earlier this month in the sale of  Hartshorne Mining, the U.S. company operating the Poplar Grove mine in McLean County that filed for bankruptcy in February.

Hartshorne is a wholly-owned subsidiary of Paringa Resources, based in Perth, Australia.  

Hartshorne’s major lender, Tribeca Global Natural Resources, and its agent for the sale, reports that there were no qualified buyers for the mine, equipment and other assets.

The Tribeca report says that “significant headwinds have both directly and indirectly impacted the sales process.”

Those “headwinds” include the COVID-19 pandemic that shut down domestic and international travel and kept potential bidders from site tours in Kentucky.

Another obstacle is described as the “near overnight reduction in coal demand by 30 to 50 percent due to widespread shutdowns across the economy.

Tribeca’s conclusion is that “there is some market interest in Paringa assets, but it may take some time for any such interest to be formalized.”

Rhonda Miller joined WKU Public Radio in 2015. She has worked as Gulf Coast reporter for Mississippi Public Broadcasting, where she won Associated Press, Edward R. Murrow and Green Eyeshade awards for stories on dead sea turtles, health and legal issues arising from the 2010 BP oil spill and homeless veterans.
Related Content