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Saturday, 22 January 11
POSSIBLE COAL EXPORT RESTRICTIONS ON INDONESIA UNLIKELY TO AFFECT CHURCHILL MINING - PROACTIVE INVESTORS
Proactive Investors reported that, Churchill Mining moved to reassure investors after a fall in its share price, stating that from talks with the authorities in Indonesia, it believes that any potential coal export restrictions may not affect it because of its supply arrangements with Indonesia’s state power provider PLN.
The statement was in response to today’s 8 percent decline in Churchill’s share price, apparently triggered by press speculation about the government’s possible plans to introduce export restrictions on certain grades of coal.
On Thursday, reports surfaced that Indonesia is preparing to place a ban on the export of low quality coal with an energy value of below 5,600 kilocalories per kilogram. The government wants producers to upgrade the coal to a higher energy value product in an effort to increase the country’s export revenue.
“From discussion with the relevant authorities, Churchill believes that any export restrictions will not apply to all producers and expects that further details may clarify that any export restrictions may not apply to Churchill because of the coal supply arrangement in place with the PLN,” said Churchill.
Churchill has created an Indonesian advisory board, which is participating in the ongoing discussions, that “guarantees access to all levels of industry and government” and it has negotiated an off-take deal with the state electricity company.
The company pledged to update the market “when appropriate”.
Churchill also reiterated that it is working with Indonesian state power provider PLN, expecting to meet all of its obligations to supply the domestic market via this relationship.
Back in December, Churchill acquired the land to be used as the site of the future port facility for the shipment of coal from the East Kutai project in Indonesia.Churchill has hired Credit Suisse to find a “big brother with deep pockets” to fund the development of the mine, which has a net present value of US$1.8 billion.
However, Churchill is keeping all of its options open and is still looking at possibly running East Kutai as a stand-alone project funded by equity and debt.
In September the company passed a major milestone when the eagerly awaited feasibility study confirmed East Kutai as a world class deposit with a JORC resource of 2.73 billion tonnes.
Source: Proactive Investors
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Tuesday, 21 December 10
CIL TOLD TO SCOUT MINES ABROAD TO BRIDGE COAL DEFICIT - ECONOMIC TIMES
Economic Times reported that, The government asked state-owned CIL to look for acquiring assets abroad to meet the domestic shortfall of coal.
&q ...
Tuesday, 21 December 10
SHIPPING INDUSTRY RECOVERING, BUT STILL HAMPERED BY OVERSUPPLY OF VESSELS AND DEPRESSED FREIGHT RATES - UNCTAD / HELLENIC SHIPPING
International seaborne trade contracted by 4.5 per cent in 2009, reports UNCTAD´s Review of Maritime Transport 2010 . That decline put seaborn ...
Sunday, 19 December 10
SPOT SUPRAMAX VESSELS WERE FIXED AROUND US$ 13,000 PER DAY FOR TRIP VIA INDONESIA TO INDIA - VISTAAR
COALspot.com - The freight market continued to be soft with the BDI down by 96 points and closed at 1,999 points, touching below 2,000 points on Fri ...
Friday, 17 December 10
THE PANAMAX MARKET HAS EXPERIENCED A SOFTER TENDENCY THIS WEEK - FEARNBULK
Handy
Monotonous Atlantic markets with little fresh enquiry in Black Sea/Med/Continent. Large Supras are achieving usd 21/22k for TA rounds - 2/3 ...
Friday, 17 December 10
NALCO SHORTLISTS COAL FIRMS FOR INDONESIA PROJECT - BUSINESS-STANDARD
Business-Standard reported that, State-owned NALCO today said it has shortlisted two firms for supply of coal for its Rs 18,000-crore (US$ 3,953,003 ...
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- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
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- Directorate General of MIneral and Coal - Indonesia
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- Antam Resourcindo - Indonesia
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- Medco Energi Mining Internasional
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- White Energy Company Limited
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- Economic Council, Georgia
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- Siam City Cement - Thailand
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- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
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- IHS Mccloskey Coal Group - USA
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- LBH Netherlands Bv - Netherlands
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- Samtan Co., Ltd - South Korea
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- GMR Energy Limited - India
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- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
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- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
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- Baramulti Group, Indonesia
- Indian Energy Exchange, India
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- Attock Cement Pakistan Limited
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- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
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- Indian Oil Corporation Limited
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- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
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- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
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- Independent Power Producers Association of India
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- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
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- India Bulls Power Limited - India
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- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
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- The State Trading Corporation of India Ltd
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- Toyota Tsusho Corporation, Japan
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