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Tuesday, 14 August 12
SAKARI SIGNS HEADS OF AGREEMENT TO ACQUIRE SIX COAL CONCESSIONS IN INDONESIA
 COALspot.com - Sakari has signed a Heads of Agreement (HOA) to acquire a 100% interest in up to six IUPs, covering an area of over 29,000 hectares, located some 30km to the north of Sakari’s Jembayan Mine in East Kalimantan.
According to statement posted on company’s website, under the HOA, Sakari will undertake an exploration programme and due diligence review and, if the results from these activities prove satisfactory to Sakari, the acquisition will proceed to completion.
Drilling of the properties will start in August 2012 with preliminary results expected towards the end of the year.
Sakari has paid an initial, refundable cash deposit of US$2 million. If the transaction moves to completion, Sakari will pay an additional US$2 million in cash plus an equity component, which will be determined by reference to the results from the drilling programme and the number of IUPs to be acquired.
The total equity consideration is capped at US$60 million in value, should Sakari decide to acquire an interest in all the IUPs.
The statement further said that, the HOA is between PT Separi Energy, a subsidiary of Sakari Resources Limited, and Rudy Ong Chandra and Hairil Hasmy (Sellers). Under the HOA Separi Energy may acquire 100% of the shares in all or any of PT Sepiak Jaya Kaltim, PT Cahaya Bara Kaltim, PT Bunga Jadi Lestari and PT Anugerah Pancaran Bulan, the companies which own the exploration IUP’s.
The book value, net tangible asset value and open market value of the companies have not yet been determined and they have not yet commenced business.
About Sakari:
Sakari (SGX: SAR) is a coal company with a focus on supplying thermal coal to major power utilities and industrial users in Asia. Production from Indonesia in 2011 was 10.7Mt, making it one of the country’s largest thermal coal exporters.
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Saturday, 30 June 12
THE FREIGHT RATES ARE EXPECTED TO BE STEADY TO FIRM NEXT WEEK - VISTAAR SINGAPORE
COALspot.com – The BDI was up by 2.66 pct (up by 26 points) closing at 1,004 points crossing the 1000 point barrier this week.
The c ...
Friday, 29 June 12
INDONESIAN PRODUCERS ARE PLANNING TO CUT PRODUCTION IF COAL PRICES FALL FURTHER
COALspot.com: Indonesia, the world largest multi grade coal exporter, shipped 31.54* million tons of coal in May 2012, compared to 31.86* mill ...
Friday, 29 June 12
DRY BULK SHIP OWNERS DOING THEIR MATHS BEFORE PLACING NEWBUILDING ORDERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With oversupply having plagued the dry bulk shipping fleet since the end of 2011, it’s become ever so evident that placing a newbuilding order ...
Thursday, 28 June 12
DRY BULK MARKET HIGHER ON CAPESIZE OPTIMISM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched a bit higher yesterday, as the BDI (Baltic Dry Index) ended up by 0.71% to 988 points. Most ship types were up, with the ...
Wednesday, 27 June 12
DIRECTORATE GENERAL OF MINERAL AND COAL OF INDONESIA INTRODUCES ON-LINE SYSTEM FOR MINING PRODUCTS EXPORT APPROVAL
COALspot.com - Directorate General of Mineral and Coal of Indonesia has released "Clear and Clean" certificate for another 33 coal miners ...
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