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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, 08 February 13
NORTH P&I CLUB WARNS OF LIQUEFACTION RISK FOR BAUXITE CARGOES
The ‘A’ rated 170 million GT North P&I club has warned shipowners carrying bauxite aluminium ore cargoes that they have the potentia ...
Thursday, 07 February 13
CHINA NDRC APPROVED 10 BILLION YUAN POWER GENERATION PROJECTS
NDRC of China currently announced that some of power grid and power station in Jiangxu, Sichuan and Anhui Province would be newly constructed or ext ...
Thursday, 07 February 13
CAPESIZE : MORE ACTIVE WEEK IN THE PACIFIC - FEARNLEYS AS
Handy
The Atlantic market remained stable with no significant movement in rates. Rates from USG to FEast were around USD 18k and Black Sea to Feast ...
Thursday, 07 February 13
WEAK STEEL MARKET MEANS IRON ORE RALLY LIKELY TO END SOON - FITCH
The sharp rebound in iron ore prices over the last couple of months will hurt margins at non-integrated steel producers in the first quarter of 2013 ...
Tuesday, 05 February 13
THE SHIPPING SECTOR IS " NAVIGATING IN STORMY WATERS" - PWC
The vulnerabilities of the global economy have been exposed and have more than played their part in making 2011 one of the worst years of shipping i ...
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- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Parliament of New Zealand
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
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