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Friday, 14 May 10
KANGAROO RESOURCES TO ACQUIRE INDONESIAN COAL PROJECTS - PROACTIVE INVESTORS
 Proactive Investors reported that, Kangaroo Resources (ASX: KRL) is preparing to complete the acquisition of its five outstanding Indonesian coal projects, including the high quality Kubah Indah Coking Coal Project, after successfully concluding due diligence.
KRL announced the acquisition of the projects in November 2009, significantly expanding its existing coal portfolio in East Kalimantan, Indonesia.
The completion of due diligence clears the way for drilling to commence at Kubah Indah, where the company has an exploration target ranging from 100-140 million tonnes of coking coal for this project.
In a statement the company said this drilling program will be conducted in parallel with the ongoing ramp-up of production at KRL’s other Indonesian operations (which are subject to contract).
KRL Managing Director Mark O’Keeffe said the completion of due diligence on Kubah Indah and the other projects within the portfolio was another positive step forward for the company as it ramps up production in Indonesia.
“The completion of due diligence was high on our list of priorities and, as expected, the projects were found to be technically and legally sound,” he said.
“Kubah Indah in particular will become a very important project for us and, in combination with the Mamahak Project, will form the backbone of our coking coal production profile in the future."
“We will now move quickly towards the commencement of an initial exploration programme at Kubah Indah, and over the coming months we expect to be able to delineate a significant JORC resource,” added Mr O’Keeffe.
The consideration for these five acquisitions, comprising 300 million Kangaroo shares, will be issued to the project vendors upon receipt of shareholder approval.
KRL has advised that 17.5 million shares have been brought back into the company as a result of this renegotiation.
In June 2009, KRL announced an agreement relating to the acquisition of the high quality thermal coal projects Mitra Barya Karsa (MBK) and Bara Pratama (BP) which have both been subject to necessary due diligence.
The company’s economic interest in both the MBK and BP Projects will, on completion of the acquisition, be increased to 100%.
Both of these projects are considered to be highly prospective, high-quality thermal coal projects which KRL will be aiming to take into production in the medium term.
To date the prioritization of the coking coal production, particularly at the Mamahak Project, has delayed progress at MBK and BP, but KRL is still aiming to conduct the necessary work to bring these two thermal coal projects into production.
KRL also recently secured an initial export sales contract with a large Chinese energy company, Guandong Yudean Farnon Investment Co. Ltd (Yudean Farnon).
The sales contract involves the provision of three trial shipments containing a total of 150,000 tonnes of coal over a two-month period. Upon successful completion of these shipments, KRL expects to extend this agreement to cover additional tonnages of coal.
Pricing for the contract is linked by formula to the Chinese Coal Index and based on indicative levels, shows very healthy margins for the blended coal to be sold.
Source: Proactive Investors
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Wednesday, 02 June 10
PLN TO DEVOUR 133 PERCENT MORE COAL IN NEXT FIVE YEARS
The Jakarta globe reported that, State electricity company PT Perusahaan Listrik Negara will more than double the amount of coal it uses over the ne ...
Tuesday, 01 June 10
LANCO INFRATECH PLANS POWER PROJECTS IN COASTAL REGIONS
My digital reported that, Hyderabad-based Lanco Infratech will set up power projects in coastal regions based on imported coal. The company is ...
Monday, 31 May 10
NEWCASTLE WEEKLY EXPORTS RISE; SHIP QUEUE SHORTENS
Business week reported that, Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel used in powe ...
Saturday, 29 May 10
FREIGHT MARKET SEEMS TO BE STABILIZING - CAPT. REDDY
COALspot.com: The week was clearly for Cape which went up by almost 21 pct . The BDI was up only by 6 pct.
The other sectors were under pressure ...
Friday, 28 May 10
BERAU COAL GROUP SEEKS US$ 700 M LOAN
PT Bukit Mutiara has decided to revise down its bond issue from US$600 million to US$400 million. In total, it is seeking US$700 million of debt, co ...
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- Krishnapatnam Port Company Ltd. - India
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- Interocean Group of Companies - India
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- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
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- Planning Commission, India
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- Toyota Tsusho Corporation, Japan
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- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
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- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
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- Cement Manufacturers Association - India
- Parliament of New Zealand
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- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
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- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
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- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
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- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
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- Petron Corporation, Philippines
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
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- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
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- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
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- Electricity Generating Authority of Thailand
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- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
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- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
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- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
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- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
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- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
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- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
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- McConnell Dowell - Australia
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- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
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- Medco Energi Mining Internasional
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- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
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- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- The University of Queensland
- Thiess Contractors Indonesia
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- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
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- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
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- White Energy Company Limited
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
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- ICICI Bank Limited - India
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