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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, 18 February 10
COAL MINERS FACE SHUTDOWN OVER RECLAMATION FUNDING
Three coal mining companies may be forced to temporarily stop operations this year if they fail to provide funding for a site-reclamation program.
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Thursday, 18 February 10
DECOUPLING FROM OIL PRICES ON STRONG GLOBAL ENERGY DEMAND
A recent coal market conference in Singapore focused on two main issues –— the demand for coal as a source of energy, and coal pricing.& ...
Thursday, 18 February 10
INDONESIA TO INVITE BIDS FOR $1.5 BLN COAL RAILWAY IN MAY
Indonesia plans to invite investors to bid for contracts to build a $1.5 billion coal railway line in Central Kalimantan, a planning ministry offici ...
Thursday, 18 February 10
INDONESIA ZONING RULE THREATENS MINING - INDUSTRY
Reuters reported that, confusion over a new Indonesian land use regulation could halt the operations of some mining firms, providing a new threat to ...
Wednesday, 17 February 10
LAND OVERLAPPING UNAVOIDABLE
Land overlapping issues in the mining industry is unavoidable due to the availability of mineral, coal, and oil resources which are often located be ...
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- Toyota Tsusho Corporation, Japan
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- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
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- Eastern Energy - Thailand
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- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
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- Petron Corporation, Philippines
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- Parliament of New Zealand
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- Planning Commission, India
- Indian Oil Corporation Limited
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- Merrill Lynch Commodities Europe
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- Directorate General of MIneral and Coal - Indonesia
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- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
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- Ministry of Mines - Canada
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- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
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- South Luzon Thermal Energy Corporation
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- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
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- Sakthi Sugars Limited - India
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- Africa Commodities Group - South Africa
- Australian Coal Association
- Wood Mackenzie - Singapore
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- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Economic Council, Georgia
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- The University of Queensland
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- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
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- CNBM International Corporation - China
- Bangladesh Power Developement Board
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
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- Bukit Makmur.PT - Indonesia
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- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
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- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
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- Indian Energy Exchange, India
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