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Monday, 05 March 12
SOUTHGOBI ANNOUNCES AGREEMENT TO SELL ITS THERMAL COAL TSAGAAN TOLGOI DEPOSIT FOR US$ 30 MILLION
SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) announced today an agreement to sell its thermal coal property, the Tsagaan Tolgoi Deposit to Modun Resources Limited (ASX: MOU) (“Modun”), according to the company's press release.
SouthGobi intends to facilitate the sale of Tsagaan Tolgoi through the transfer of a wholly-owned subsidiary holding one mining license (15041A) and one exploration license (7262X) pertaining to that deposit.
Under the transaction, SouthGobi expects to receive US$30 million of total consideration, comprising US$7.5 million up-front in cash, US$12.5 million up-front in Modun shares and deferred consideration of an additional US$10.0 million also payable in Modun shares. As a result, SouthGobi will have a significant shareholding in Modun and it will have the right to nominate one director to the board of Modun subject to SouthGobi holding an equity interest in excess of 14.9%. The transaction is subject to certain terms and conditions and is expected to be completed by June 1, 2012.
SouthGobi believes this transaction is positive for three key reasons:
(i) Tsagaan Tolgoi Deposit has become non-core due to the location being approximately 400 kilometres to the east of the Company’s core coking coal resources;
(ii) Modun has agreed to accelerate the development of Tsagaan Tolgoi into a mining operation, which will create employment and further the development of Mongolia; and
(iii) SouthGobi will, through its significant shareholding in Modun, continue to have exposure to Tsagaan Tolgoi and will also gain exposure to Modun’s other attractive projects in Mongolia.
“This sale will allow SouthGobi to focus on further developing our Ovoot Khural basin holdings, including our flagship Ovoot Tolgoi Complex and the nearby Soumber Deposit, while retaining an indirect exposure to Tsagaan Tolgoi through our shareholding in Modun,” said Alexander Molyneux, President and CEO.
“We also believe that Modun is well placed to be able to bring Tsagaan Tolgoi into production in a timely manner.” Macquarie Capital (Hong Kong) Limited acted as SouthGobi’s financial adviser on the transaction.
About SouthGobi Resources
SouthGobi Resources is focused on exploration and development of its Permian-age metallurgical and thermal coal deposits in Mongolia’s South Gobi Region. The company’s flagship coal mine, Ovoot Tolgoi, is producing and selling coal to customers in China. The company plans to supply a wide range of coal products to markets in Asia.
About Modun Resources
ASX-listed Modun Resources is developing the 100%-owned Nuurst Project in central Mongolia. Nuurst is a thermal coal project, which encompasses a 34.5 square kilometre licence area. In late 2011, Modun Resources announced a maiden 489 million tonnes JORC compliant resource at Nuurst (417 million tonnes of Indicated resources and 72 million tonnes of Inferred resources). The Nuurst Project is located 120 kilometres south of Mongolia’s capital Ulaanbaatar and six kilometres from existing rail infrastructures.
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Friday, 01 June 12
COKAL ACCEPTED ON THE CLEAN AND CLEAR LIST FOR ITS BORNEO BARA PRIMA AND BUMI BARITO MINERAL PROJECTS
- Borneo Bara Prima (BBP) Project confirmed on the Clean and Clear List 9th May 2012
- Bumi Barito Mineral (BBM) Project confirmed on the Clean and ...
Friday, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 ye ...
Thursday, 31 May 12
DRY BULK MARKET UNABLE TO FIND NEW SUPPORT TO REACH HIGHER LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been unable to find new support and recover to higher levels during these past few days. As a result, the Baltic Dry Index ( ...
Wednesday, 30 May 12
ORPHEUS RAISES $2.24M TO ADVANCE INDONESIAN COAL PRODUCTION ASSETS
• $2.24 million raised from a placement to new and existing institutional and sophisticated investors from Australia and overseas
• Funds ...
Wednesday, 30 May 12
ARPENI SECURES TRANSSHIPMENT CONTRACT FROM BARUNA DIRGA
Insider Stories reported that, shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL) has secured a 1-year coal transhipment contract of 4 millio ...
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- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Planning Commission, India
- Australian Coal Association
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
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