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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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Monday, 24 June 24
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- Chamber of Mines of South Africa
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- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
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- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
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- Medco Energi Mining Internasional
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- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
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- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
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- Essar Steel Hazira Ltd - India
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- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
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- Thai Mozambique Logistica
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- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
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- Kepco SPC Power Corporation, Philippines
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- Interocean Group of Companies - India
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- Xindia Steels Limited - India
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- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- The University of Queensland
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Bangladesh Power Developement Board
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- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
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- Binh Thuan Hamico - Vietnam
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- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
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- Indonesian Coal Mining Association
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- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
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- Cigading International Bulk Terminal - Indonesia
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- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
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- Economic Council, Georgia
- Goldman Sachs - Singapore
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
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- Minerals Council of Australia
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- Energy Link Ltd, New Zealand
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- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
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- GMR Energy Limited - India
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- Planning Commission, India
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- Dalmia Cement Bharat India
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