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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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Saturday, 22 May 10
INDUSTRY QUESTIONS STEAM COAL PRICE ANOMALY
Five South Korean utilities have secured a deal for 3.13 million tonnes of Australian thermal coal with a calorific value of 6,080kcal/kg for delive ...
Wednesday, 19 May 10
DRY BULK FREIGHT RATES' RALLY MAY BE SET TO END
The Baltic Dry Index (BDI) has rallied these past couple of weeks, almost touching the 4,000 point mark. But this positive development for dry bulk ...
Wednesday, 19 May 10
NEWCASTLE WEEKLY EXPORTS RISE; SHIP QUEUE LENGTHENS
Coal shipments from Australia's Newcastle port, the world's biggest export harbor for the fuel used in power stations, rose 2.9 percent last week ...
Tuesday, 18 May 10
THE BDI HIT A FIVE-MONTH HIGH AT THE CLOSE OF LAST WEEK
According to BRS, One of the oldest ship broker, at 3,929 points, the BDI hit a five-month high at the close of last week. The Capesize four time ch ...
Tuesday, 18 May 10
COAL TRADER CHINA QINFA TO BUY TWO BULK CARRIERS FOR 69 MLN USD
China Qinfa Group, a leading non-State-owned coal trader on China's mainland, said Sunday it had signed shipbuilding contracts to pay 69 million U. ...
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- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
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- Sical Logistics Limited - India
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- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
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- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
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- Directorate General of MIneral and Coal - Indonesia
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
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- Metalloyd Limited - United Kingdom
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- Merrill Lynch Commodities Europe
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- Lanco Infratech Ltd - India
- Planning Commission, India
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- Cigading International Bulk Terminal - Indonesia
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- Global Coal Blending Company Limited - Australia
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- SMG Consultants - Indonesia
- PTC India Limited - India
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- Indian Energy Exchange, India
- Economic Council, Georgia
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- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
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- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
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- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
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- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
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- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
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- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
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- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
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- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
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- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
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- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
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- Sojitz Corporation - Japan
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- Ministry of Transport, Egypt
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- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
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- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
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- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
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- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
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