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Thursday, 04 July 13
ASX LISTED QBL TO ACQUIRE INTERESTS IN MOZAMBIQUE COAL EXPLORATION LICENSES
 - QBL to acquire interests in two Mozambique exploration licences prospective for coal
- Licenses located in the highly prospective Zambezi basin, close to majors such as Vale, Rio Tinto and ENRC
- Licenses encompass 206km of which 200km is underlain with Lower Karoo sediments, the main coal bearing formation in Mozambique
- Potential for large deposits of coking and thermal coal
- Experienced African coal team with strong in-country presence as partners
Queensland Bauxite Limited (QBL) has announced that it has signed a binding term sheet with Australian unlisted public company, Regius Coal Mining Limited (Regius Coal) in relation to the acquisition by QBL of an initial 35% interest in a Regius Coal subsidiary holding interests in two Mozambique exploration licenses considered to be prospective for coal (Mozambique Tenement Interests), located in the Zambezi coal basin in Tete province (the Transaction) with a further option to earn up to 51% of the Regius Coal subsidiary.
According to a note from QBL, upon completion of the Transaction, QBL and Regius Coal, as joint venture partners, intend to progress coal exploration activities over Licenses 4070L and 4169L.
Terms of the Acquisition
Under the binding term sheet, Regius Coal will incorporate an Australian proprietary company as a special purpose subsidiary of Regius Coal (Regius Coal SPV) to ho ld all o f Regius Co al’s legal, beneficial and economic interest in the relevant entity that holds 100% of Licences 4169L and 4070L.
QBL will:
(a) subscribe for that number of fully paid ordinary shares equal to 35% of the issued share capital of the Regius Coal SPV for US$750,000 (this amount of US$750,000 is to be used by the Regius Coal SPV to pay amounts owing to secure the initial 20% interest in License 4169L) (Initial SPV Acquisition) ; and
(b) for a period of 18 months after completion of the initial subscription, have the right (but not the obligation) to subscribe for a further 16% of the issued share capital in the Regius Coal SPV (up to 51% in Regius Coal SPV) for an aggregate amount of US$1.2 million in one or more tranches, with the percentage interest which QBL acquires in Regius SPV being adjusted proportionately.
The Transaction remains conditional on:
-Regius Coal completing the restructure of its holdings in the Regius Coal SPV Portfolio, so that the interest in the licences, the subject of that portfolio, are legally and beneficially owned by the Regius Coal SPV.
-The agreements between Regius Coal and the other third parties who are equity holders in the Regius Coal SPV Portfolio (as detailed in the Appendix) be amended as is necessary and/or desirable to give effect to the Transaction, provided always that those amendments are no less favourable to the Regius Coal SPV.
-None of the warranties provided by Regius Coal becoming materially false, misleading or incorrect.
Upon completion of the initial subscription,
-QBL will have the right to appoint a director to the board of the Regius Coal SPV. If at any time QBL holds a majority interest in Regius Coal SPV, it will be entitled to appoint a majority of directors of Regius Coal SPV.
-Regius Coal has also agreed to grant to QBL a first right of refusal in respect of any debt or equity financing of a member of the Regius Coal group and any investment, participation, acquisition, disposal or other dealing by Regius Coal or a member of the Regius Coal group in respect of any coal licence or other coal exploration tenement in which any member of the Regius Coal group has an interest.
About the Regius Coal Portfolio
Regius Coal is an unlisted Australian coal exploration company, focused on acquiring and exploring coal projects in Mozambique. Regius Coal currently holds an 80% interest in License 4070L and the right to acquire up to an 85% interest in License 4169L (the Regius Coal SPV Portfolio), as well as interests in other Mozambique exploration licences. Neither Regius Coal or its shareholders are related parties of the Company.
The Regius Coal SPV Portfolio of exploration licences are located in an area of the Tete province that is considered to have excellent hard coking coal and thermal coal potential. The Tete coal fields of Mozambique have proven to be the next frontier for large scale coking and thermal coal projects with multinational companies like Rio Tinto, Vale, Anglo American, Tata and others having already invested billions of dollars in exploration and development.
In partnering with Regius Coal to explore Licenses 4070L and 4169L, QBL will have the benefit of Regius Coal’s team that has significant African coal experience, a strong in-country presence and a unique set of financial, geological and project management skills that will be required to drive the required exploration program.
About the Zambezi Basin and Mozambique
The Mozambican coal region, in which the Regius Coal SPV Portfolio is situated, is considered to be one of the largest underdeveloped coal basins in the world. As a result of the strong prospectivity of the region and large-scale discoveries, most major coal areas in the Tete province have been allocated for exploration to various local and international companies.
Discovered coal deposits held by other companies in the Mozambique basins total in the order of 22 billion tonnes (based on publicly disclosed reports of inferred, indicated and measured mineral resources of high and low grade thermal coal and metallurgical coking coal) with companies having publicly proposed plans for collective production of circa 55 million tonnes per annum by around 2025.
According to company’s press release, the attractiveness of the Zambezi Coal Basin is due largely to a number of key factors:
-Large Scale of Coal Deposits: 22 billion tonnes of coal has already been discovered with exploration activity still at an early stage and further resources to be proven in coming years;
-Presence of Hard Coking Coal: Typical Zambezi Basin Coking Coal - CSR 64, CSN#9, Vol: 25%, 10.5% ash. Low Alkali & Aluminium in Ash - favourable for steel producers;
-High Value Secondary Product: large quantities of export quality thermal coal of 6,000kcal to add to profitability of mines in Mozambique;
-Low Cost of Mining: Strip ratios in the Zambezi Coal Basin are very low and overall mining costs are expected to be substantially less than its peers in Australia and Canada, making the margins more favorable in exporting both coking and thermal coal;
-Access to Asian Markets: Mozambique has excellent export routes (through new and existing ports) to the rapidly growing Indian and Chinese coal markets.
Source: Company's Press Release
Company’s disclaimer clauses apply
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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Holcim Trading Pte Ltd - Singapore
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- SN Aboitiz Power Inc, Philippines
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- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
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- Trasteel International SA, Italy
- Bangladesh Power Developement Board
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- Goldman Sachs - Singapore
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- Borneo Indobara - Indonesia
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- Coal and Oil Company - UAE
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- Globalindo Alam Lestari - Indonesia
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- Neyveli Lignite Corporation Ltd, - India
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- Planning Commission, India
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
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- Medco Energi Mining Internasional
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- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
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- Chamber of Mines of South Africa
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- Bulk Trading Sa - Switzerland
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- London Commodity Brokers - England
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- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
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- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
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- Indogreen Group - Indonesia
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- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
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- Sinarmas Energy and Mining - Indonesia
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- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
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- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
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- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
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- Ministry of Transport, Egypt
- MS Steel International - UAE
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
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- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
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- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
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- Coalindo Energy - Indonesia
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