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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, 06 April 12
DRY BULK MARKET SWIFT TO HALT FALL ON RENEWED DEMAND FOR CAPESIZES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk managed to put a stop to the recent falls, which came as a result of a lacklustre demand for smaller vessel sizes. Although this trend ...
Thursday, 05 April 12
COAL EXPORT TAX: MATTER OF CONCERN FOR INDIA - SUNIL K KUMBHAT
COALspot.com - Since the issuance of Indonesian Mining law in 2009, miners have increased their activities in exploring , ex ...
Thursday, 05 April 12
AKR COAL FIRST EXPORT SHIPMENT OF COAL SEABORNE
PT Anugrah Karya Raya (AKR Coal) subsidiary of PT AKR Corporindo Tbk., Indonesia’s leading integrated supply chain solutions provider and larg ...
Thursday, 05 April 12
DRY BULK MARKET STALLS AS TREND IS REVERSED - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has halted its month-long rally, with the BDI (Baltic Dry Index) retreating yesterday for a second consecutive session. Industry ...
Wednesday, 04 April 12
OIL MAY JUMP TO $150PB IF IRAN ATTACKED: EXPERT - KUNA / HELLENIC SHIPPING
Prices of oil will not drop below level of $100 per barrel and may jump to $150 pb in the coming two months, according to the prominent Kuwaiti expe ...
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- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
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- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
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- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
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- Orica Australia Pty. Ltd.
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- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
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- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
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- Thiess Contractors Indonesia
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- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
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- Planning Commission, India
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- Kohat Cement Company Ltd. - Pakistan
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- Globalindo Alam Lestari - Indonesia
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- Chamber of Mines of South Africa
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- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
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- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
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- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
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- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
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- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
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- Georgia Ports Authority, United States
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- Posco Energy - South Korea
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
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- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
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- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
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- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
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- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
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- GVK Power & Infra Limited - India
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- Kumho Petrochemical, South Korea
- Parliament of New Zealand
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- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
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- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
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- Goldman Sachs - Singapore
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- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
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- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
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- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
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- South Luzon Thermal Energy Corporation
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- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
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