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Friday, 01 February 13
ORPHEUS SELLS B26 COAL PROJECTS FOR US$ 2 MILLION TO FOCUS ON SOUTH KALIMANTAN
 COALspot.com - Orpheus Energy Limited (ASX: OEG) has announced that it has sold its 51 percent equity stake in the East Kalimantan coal projects, Block 2 and Block 6 (B26), back to the company’s Joint Venture partner, PT Mega Coal, for US$2m.
According to company’s ASX release, the sale price represents a ~17 percent profit margin to Orpheus when taking into account the acquisition and development costs of the projects paid by the company to date.
The sale proceeds will significantly strengthen Orpheus’s balance sheet as it moves towards achieving positive cash flow from existing production operations at the Kintap ADK mine. This allows the company’s operational team to more efficiently develop its long-term target area of South Kalimantan in Indonesia.
- B26 project sold at a ~17% profit to JV partner, PT Mega Coal
- Sale significantly strengthens balance sheet
- Enables focus on South Kalimantan projects and
- Strong cash position of over $3m upon receiving funds – well funded to assess acquisition opportunities
The South Kalimantan development program includes increasing production at the Kintap ADK mine, bringing proximal projects into production in the near term, and developing independent infrastructure t o support t he company’s mining operations. Additionally, Orpheus’s geological team will no w be focused on identifying a large exploration target in the South Kalimantan area for resource definition and mining development.
Under the terms of the binding Heads of Agreement, the US$2m payment will be made to Orpheus by 8 March 2013.
Executive Chairman Wayne Mitchell commented: “Orpheus is delighted to have completed the B26 sale as it enables our technical team to focus on our South Kalimantan assets which have the potential for increasing our production profile. Our mining activities at South Kalimantan are much simpler given low strip ratios, thicker seams and good access to critical infrastructure.
“ Additionally, to have sold B26 at a significant profit bolsters our existing cash reserves and provides us with the working capital to more quickly execute on our stated objective of bringing a large coal resource project into the portfolio.
“ Orpheus continues to work with its partner PT Mega Coal to assess further opportunities to deliver value from its existing assets and identify larger projects with suitable exploration targets and a clear path to development.”
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Friday, 15 February 13
2ND ANNUAL INDONESIA MINING 2013 CONFERENCE
Bringing Indonesia's Mining Stakeholders Together Towards Improving Mining Investment Climate & Operations
Following the success of th ...
Friday, 15 February 13
SCRAPPING TO RISE AS BULKER OWNERS SUFFER - DREWRY MARITIME RESEARCH
Drewry's latest Dry Bulk Forecaster report suggests that cash-strapped shipowners will scrap younger and younger ships this year as the dry bulk ma ...
Thursday, 14 February 13
HANDY: ATLANTIC "STABLE"; PACIFIC "QUIET" - FEARNLEYS
Handy
The Atlantic remain stable with rates for FH from USG around USD 18k. The Pacific remains quiet due to Chinese New Year holidays. Rates were ...
Thursday, 14 February 13
BIMCO FORECASTS MOSTLY HIGHER DRY BULK RATES FOR THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Higher steel demand is expected to keep dry bulk rates elevated during the next six weeks, according to the latest BIMCO forecast. The Organization ...
Wednesday, 13 February 13
6TH ANNUAL CBM CONFERENCE
The 6th Annual CBM conference which will be held in Singapore on 18-21 June 201 offers comprehensive insights into leading CBM projects in the Asia- ...
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- Ministry of Finance - Indonesia
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- Indonesian Coal Mining Association
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- The State Trading Corporation of India Ltd
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- Toyota Tsusho Corporation, Japan
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- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
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- PowerSource Philippines DevCo
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
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- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
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- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
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- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Planning Commission, India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
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- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Energy Link Ltd, New Zealand
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- Wilmar Investment Holdings
- Indian Oil Corporation Limited
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- Timah Investasi Mineral - Indoneisa
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- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
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- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
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