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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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Wednesday, 07 March 12
ASSESS ASIAS POTENTIAL, DEVELOPMENTS AND APPETITE FOR SHALE AT SHALE GAS SUMMIT
Press Release - Assess Asia’s Potential, Developments and Appetite for Shale at Shale Gas Summit on 23-24 Apr, 2012 in Beijing
China is rep ...
Wednesday, 07 March 12
3RD MOZAMBIQUE COAL CONFERENCE
3rd Mozambique Coal Conference
2-4 July 2012 | Joaquim Chissano International Conference Centre , Maputo, Mozambique
http://www.immevents.com/mo ...
Wednesday, 07 March 12
DRY BULK MARKET KEEPS UP TIMID REBOUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its rising momentum yesterday, rising for the eighth straight session, on the back of renewed demand for smaller bulk c ...
Wednesday, 07 March 12
BUKIT ASAM EYES 39% RISE IN COAL SALES - INSIDER STORIES
Insider Stories reported that, PT Bukit Asam Tbk is scouting a 39% increase in coal sales volume to 18.66 million tons this year from last year with ...
Wednesday, 07 March 12
PETROSEA SEALS US$188 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, coal mining contractor PT Petrosea Tbk has secured a US$188 million additional contract from its affiliated firm PT S ...
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- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Planning Commission, India
- The Treasury - Australian Government
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