Who says coal is dead?

Big resources fund Tribeca doesn’t seem to think so, having agreed to loan junior thermal coal explorer Paringa Resources (ASX:PNL) $US56m ($79.8m).

Paringa told investors today it had cemented a deal with Tribeca Global Natural Resources Credit Funds that will allow it to refinance existing debt and fund accelerated expansion at its Poplar Grove operations.

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The news sent shares up 10 per cent on Friday morning to 16.5c.

Tribeca is a well-known fund that is in the process of ramping up its investments in the resources space.

It invests globally in energy, traditional metals and “bulks” — like iron ore — services and “soft commodities”.

All up that’s an $8.5 trillion “investment universe”, co-portfolio manager Craig Evans told Stockhead late last year.

Tribeca has around $1 billion invested currently, but only about 30 per cent of its portfolio is made up of small caps and just 7.5 per cent of the investments are in ASX-listed companies.

The fund has a maximum limit of 70 stocks in its portfolio at any one time.

Tribeca launched a new investment fund that listed on the ASX in October last year and raised $157.5 million in its IPO.


Here’s what’s happening in other bulk news today:

Phosphate producer CI Resources (ASX:CII) says softness in South East Asia markets, coupled with a maintenance shutdown in January and February, has had an impact on its sales. CI Resources warned investors this would impact its profitability in the current half year. The company is continuing to pursue other opportunities both on and off Christmas Island.

Gindalbie Metals (ASX:GBG) chairman Keith Jones reckons shareholders are looking forward to receiving a “significant cash premium” from the takeover of the company by its Chinese joint venture partner Ansteel. The goal for Gindalbie is to offload its Karara iron ore project but spin out its South Australian copper project into a new company called Coda Minerals. Jones said Gindalbie was of the view that Karara would never be a money-maker for the company or its shareholders.