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Tuesday, 14 August 12
SAKARI SIGNS HEADS OF AGREEMENT TO ACQUIRE SIX COAL CONCESSIONS IN INDONESIA
COALspot.com - Sakari has signed a Heads of Agreement (HOA) to acquire a 100% interest in up to six IUPs, covering an area of over 29,000 hectares, located some 30km to the north of Sakari’s Jembayan Mine in East Kalimantan.
According to statement posted on company’s website, under the HOA, Sakari will undertake an exploration programme and due diligence review and, if the results from these activities prove satisfactory to Sakari, the acquisition will proceed to completion.
Drilling of the properties will start in August 2012 with preliminary results expected towards the end of the year.
Sakari has paid an initial, refundable cash deposit of US$2 million. If the transaction moves to completion, Sakari will pay an additional US$2 million in cash plus an equity component, which will be determined by reference to the results from the drilling programme and the number of IUPs to be acquired.
The total equity consideration is capped at US$60 million in value, should Sakari decide to acquire an interest in all the IUPs.
The statement further said that, the HOA is between PT Separi Energy, a subsidiary of Sakari Resources Limited, and Rudy Ong Chandra and Hairil Hasmy (Sellers). Under the HOA Separi Energy may acquire 100% of the shares in all or any of PT Sepiak Jaya Kaltim, PT Cahaya Bara Kaltim, PT Bunga Jadi Lestari and PT Anugerah Pancaran Bulan, the companies which own the exploration IUP’s.
The book value, net tangible asset value and open market value of the companies have not yet been determined and they have not yet commenced business.
About Sakari:
Sakari (SGX: SAR) is a coal company with a focus on supplying thermal coal to major power utilities and industrial users in Asia. Production from Indonesia in 2011 was 10.7Mt, making it one of the country’s largest thermal coal exporters.
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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
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- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
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- CIMB Investment Bank - Malaysia
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- Sarangani Energy Corporation, Philippines
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- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
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- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
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- Antam Resourcindo - Indonesia
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- Australian Commodity Traders Exchange
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- Bhatia International Limited - India
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- Toyota Tsusho Corporation, Japan
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- GN Power Mariveles Coal Plant, Philippines
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- The Treasury - Australian Government
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- Economic Council, Georgia
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- Merrill Lynch Commodities Europe
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- International Coal Ventures Pvt Ltd - India
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- Alfred C Toepfer International GmbH - Germany
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- Minerals Council of Australia
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- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
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- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
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- Meralco Power Generation, Philippines
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- Deloitte Consulting - India
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- Medco Energi Mining Internasional
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- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
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- Indian Energy Exchange, India
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- Videocon Industries ltd - India
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- Kideco Jaya Agung - Indonesia
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- Wood Mackenzie - Singapore
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- Africa Commodities Group - South Africa
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- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
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