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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, 10 February 12
TONNAGE KEEPS ON COMING - DREWRY
Drewry Maritime Research’s latest edition of its Dry Bulk Forecaster pulls no punches in its assessment of a market that looks certain to cont ...
Friday, 10 February 12
GIVE PERMIT POWERS TO GOVERNORS: MINERS - THE JAKARTA POST
The Jakarta Post reported that, following clashes between mining companies and local residents, the Indonesian Mining Association (IMA) wants to tra ...
Thursday, 09 February 12
AUSTRALIA'S EPIC TO ACQUIRE 15,500 HA COAL EXPLORATION LICENCES IN EAST KALIMANTAN, INDONESIA
COALspot.com - Epic Resources Limited to acquire two coal concessions in Kutai Barat regency, East Kalimantan, Indonesia.
According to company's ...
Thursday, 09 February 12
RESOURCE ALAM BUYS 28,521HA CONCESSIONS - INSIDER STORIES
Insider Stories reported that, PT Resource Alam Indonesia Tbk (KKGI), owned by Adijanto family, today announced acquisition of 75% interest in PT Ka ...
Tuesday, 07 February 12
DRY BULK MARKET FINALLY STOPS DECLINE, POSTS FIRST RISE IN MORE THAN A MONTH - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After falling to near record lows, not seen since the mid-80s the dry bulk market has finally stopped its path to "hell", with the industr ...
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- Ministry of Mines - Canada
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- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
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- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
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- Madhucon Powers Ltd - India
- The University of Queensland
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- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
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- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
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- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
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- Petrochimia International Co. Ltd.- Taiwan
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- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
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- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
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- Parliament of New Zealand
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- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
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- Orica Australia Pty. Ltd.
- Australian Coal Association
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- Goldman Sachs - Singapore
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- PowerSource Philippines DevCo
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- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
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- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
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- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
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- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
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- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
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