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Friday, 20 August 10
OVERSEAS AND GENERAL SUBSIDIARY INKS US$52M JONGKANG COAL SALES CONTRACT - PROACTIVE INVESTORS
 Proactive Investors reported that, overseas and General (ASX: OGL) has reported that its Indonesian majority owned subsidiary, PT OGL Indotrade, has entered into a binding offer for the sale of its premium quality Jongkang coal with a Chinese power utility.
This is a final step prior to executing a sales contract for the supply of 50,000 tonnes per month commencing September 2010 at an FOB vessel price of U$80 per tonne for 6,300 cal/kg GCV coal.
Jack Tan, chairman, said the coal sales will provide OGL Indotrade with a revenue stream of $52 million per annum and has the capacity to transform OGL into a successful coal player.
Bonuses and penalties exist for any variation of coal quality. Following the successful delivery of a 40,000 tonne trial cargo, the contract will have a 12-month term.
The Jongkang Coal Mine is located near Tenggarong in East Kalimantan, Indonesia. The lease is a 94-hectare IUP Exploitation with all permits in order for immediate mine operations.
Jongkang’s 25,000 tonnes per month product will be complemented by the purchase of coal from a neighbouring supplier, to allow the company to sell 50,000 tonnes per month from September 2010.
The resultant operation will provide the company with revenues of U$4.0 million per month or U$52 million per annum.
Jongkang coal is a premium product with adb GCV 6950 cal/g, 2% ash and 0.7% sulphur. It will be blended down to GCV 6300 to meet the required Chinese specifications, commanding a strong sales price.
OGL's joint venture arrangement in Indonesia is with Malaysian owned group, Golden Focus Group Limited (Hong Kong) and their Indonesian entity, PT Indotrade Resources, which is a successful coal miner in Indonesia producing around 2mtpa of export grade steaming coal from East Kalimantan to China and Korea.
PT OGL Indotrade Resources has rights to mine and sell coal from the Rahmat, Jongkang, Pagar and Jambi coal tenements.
OGL aims to become a medium sized producer of metallurgical and steaming coal in Australia and Indonesia, both major coal producing nations.
Source: Proactive Investors
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Wednesday, 01 September 10
JAKARTA TO HOST MAJOR INTERNATIONAL MINING EVENT
COALspot.com: (Press Release) In October 2010, the Indonesian Mining Association (IMA) and the Indonesian Coal Mining Association (APBI) will host t ...
Tuesday, 31 August 10
CIL MAY SET UP POWER PLANT TO UTILIZE EXCESS COAL
The Economic Times reported that, the world's largest coal producer Coal India Ltd (CIL) said it may consider setting up power plants in the countr ...
Tuesday, 31 August 10
NALCO SEEKS STAKES IN INDONESIAN COAL MINES
Economic Times reported that, National Aluminium Co. Ltd said on Tuesday it wants to buy stakes in Indonesian coal mines to secure supplies fo ...
Tuesday, 31 August 10
CAPESIZE RATES ON VOLATILE MOVEMENT
With Monday a holiday for London’s stockmarket (Bank Holiday), the dry bulk market took a breather before presenting ship owners and charterer ...
Monday, 30 August 10
MUNDRA PORT BEGINS OPERATIONS AT NEW TERMINAL IN GUJARAT
Economic Times reported that, Adani group firm Mundra Port has commenced operations at its 20-million tonnes port at Dahej in Gujarat, the company s ...
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- Directorate General of MIneral and Coal - Indonesia
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- Coal and Oil Company - UAE
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- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
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- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
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- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Deloitte Consulting - India
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- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
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- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
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- India Bulls Power Limited - India
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- Sindya Power Generating Company Private Ltd
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- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
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- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Romanian Commodities Exchange
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- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
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- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
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- Trasteel International SA, Italy
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- TNB Fuel Sdn Bhd - Malaysia
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- Chamber of Mines of South Africa
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- McConnell Dowell - Australia
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- Global Coal Blending Company Limited - Australia
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- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
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- The Treasury - Australian Government
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