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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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Thursday, 27 May 10
DRY BULK RATES REACH 2010 HIGHS, BUT FUTURE REMAINS UNCERTAIN
This week is proving to be a milestone for the dry bulk market, as the Baltic Dry Index has propelled itself at never before seen levels for 2010. Y ...
Wednesday, 26 May 10
ADANI GROUP EYES AFRICA FOR COAL MINING PROJECTS
India Info Line reported that, After acquiring coal mines for importing Indonesian coal to run its thermal power plants in the country, the Adani Gr ...
Wednesday, 26 May 10
DRY BULK MARKET SHOOTS UP, CLOSES IN ON POST-CRISIS ERA HIGHS
In an opposite trend than that of the previous week, the Baltic Dry Index (BDI), a benchmark for tracking costs to haul commodities at sea, shot up ...
Wednesday, 26 May 10
BUMI TO CUT UP TO USD 1 BILLION DEBT IN 12 MONTHS
Press Release : PT Bumi Resources Tbk. announced yesterday that it has revived its intent to issue non preemptive shares and added this to the agend ...
Tuesday, 25 May 10
COAL PRODUCTION MAY REACH 320 MILLION TONS THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miners expect to produce as much as 320 million tons of coal this year, an increase of nearly 7 perc ...
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- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- The University of Queensland
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Planning Commission, India
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