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