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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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Saturday, 04 February 12
SUPRAMAX DELIVERY SOUTH CHINA FOR TRIPS VIA INDONESIA WERE REPORTED AROUND $ 6,000 PER DAY - VISTAAR
COALspot.com - The markets continued to soften which dropped by almost 11 pct and BDI closing at 647 points.
The drop in BDI was mainly due to dr ...
Thursday, 02 February 12
NO RELIEF YET FOR DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Although at the start of 2012 nobody can claim that the global seaborne trade has suddenly come to a halt, quite the contrary, it seems that the dry ...
Wednesday, 01 February 12
KRISHNAPATNAM PORT - GOING DEEP TO SOAR HIGH
COALspot.com - Krishnapatnam Port now rightfully claims as the deepest draft port in India, as it has started accepting vessels with maximum permiss ...
Wednesday, 01 February 12
IN JAMBI, MOST MINING COMPANIES LACK 'CLEAR-AND-CLEAN' PERMITS - JP
More than three-quarters of the 386 mining companies in Jambi lack “clear-and-clean” certifications from the government, according to an ...
Wednesday, 01 February 12
2% OF IBPS TOTAL CONCESSION AREA CONTAINS TOTAL COAL RESOURCE OF 56.1 MILLION TON
COALspot.com - PT. Britmindo, a mine consulting firm, has finalized PT. Insani Bara Perkasa (IBP) first JORC (Joint Ore Reserves Committee) res ...
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- Lanco Infratech Ltd - India
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- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
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- Latin American Coal - Colombia
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- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
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- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
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- Planning Commission, India
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- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- The Treasury - Australian Government
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- Neyveli Lignite Corporation Ltd, - India
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- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Economic Council, Georgia
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- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
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- Power Finance Corporation Ltd., India
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- Bangladesh Power Developement Board
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- GAC Shipping (India) Pvt Ltd
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- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Parliament of New Zealand
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- Banpu Public Company Limited - Thailand
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- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
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- Sical Logistics Limited - India
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- Attock Cement Pakistan Limited
- Australian Coal Association
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- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
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- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
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- Agrawal Coal Company - India
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- Global Business Power Corporation, Philippines
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- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
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- The University of Queensland
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
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- Orica Australia Pty. Ltd.
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- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
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- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
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- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
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- IEA Clean Coal Centre - UK
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- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
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- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
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- Ministry of Transport, Egypt
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- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
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