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Monday, 21 February 11
CHURCHILL MINING RECEIVES SIGNIFICANT INTEREST, PROPOSALS TO DEVELOP EAST KUTAI COAL PROJECT - PROACTIVE INVESTORS
 Proactive Investors reported that, Churchill Mining has received a number of specific proposals to fund and develop its massive East Kutai coal project in Indonesia and that the interest in East Kutai is significant.
Some of these would allow Churchill to take full control of the project.
Initial proposals have ranged from an emphasis on direct entry into the project at the local Indonesian company level through to procuring a large stake in the company.
Certain potential investment partners have also proposed that the mining and infrastructure elements of the EKCP should be separated to be dealt with and funded on a separate basis.
In addition to that, a number of investors have expressed interest in either buying out the 25% of the project held by Churchill’s Indonesian partners or providing funding to Churchill to complete this action itself and bring the project under the company's sole control.
In all cases, prospective partners have been required to address their ability to fund the capital required to develop the project.
Churchill is currently examining three specific proposals from Indonesia, India and the Middle East, in which the acquisition of Ridlatama's 25% holding in the EKCP is an integral component.
The due diligence process being conducted by various potential investor partners is at different stages of completion.
Last month, Churchill confirmed that it was “discussing a variety of options to take the project forward” in response to media reports that it was in talks with several Indian power companies to sell the Indonesian coal project.
Northland Capital, Churchill’s nominated advisor (NOMAD) on the AIM market, confirmed that Churchill plans to sell and it is negotiating with Indian companies.
In September last year, the company and Ridlatama initiated an administrative review to further protect the legal standing of the four mining licenses which constitute East Kutai.
The review will address ongoing irregular actions and misrepresentations by third parties in Indonesia in respect to the mining licences for the East Kutai coal project.
Churchill reported that last Thursday, the regional administrative tribunal indicated that the results of this process in respect of the licenses held by the EKCP will be announced by mid-March 2011.
East Kutai is a world-class thermal coal deposit. It has a 961 million tonne JORC mining reserve and 2.73 billion tonnes of JORC resources. The sheer scale of the project is reflected by the US$1.2 billion (direct capital costs) needed to build the mine.
Once operational the proposed open pit would produce 30 million tonnes of high grade thermal coal each year, for an initial 25-year life. It would generate cashflow of US$500 million each year.
Churchill hired corporate heavyweight Credit Suisse back in April 2010 to complete a strategic review and help it evaluate the various options for East Kutai’s project financing.
Source: Proactive Investors (by Sergei Balashov)
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Tuesday, 22 February 11
SUPRAMAX MARKET IS IMPROVING IN THE PACIFIC
BRS - A 10% rise in the BDI this week, mostly on the back of Panamax rates and improvements in the Supramax market in the Pacific. For the Capes, ra ...
Monday, 21 February 11
ABOLISH 5% DUTY ON COAL IMPORTS: SHINDE
Indian Express reported that, with acute coal shortage of domestic coal threatening to destabilise its power generation plans, the power ministry ha ...
Saturday, 19 February 11
THE FREIGHT MARKET EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The market was quite firm this week with freight rates in South east asia and India/Feast almost up by 30 pct.
However towards end ...
Thursday, 17 February 11
COAL-GEN EUROPE 2011 REAFFIRMS THE IMPORTANCE OF COAL
Press Release: The third COAL-GEN Europe conference and exhibition, kicked off on Tuesday 15 February, with leading experts, professionals and compa ...
Thursday, 17 February 11
UNCERTAINTY AND VOLATILITY - FEARNBULK
Handy
Recovering market as evidenced by the solid USD 16k/day achieved by a handymax from Continent to east Med with scrap. More short period requ ...
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- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
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