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Saturday, 08 August 09
SULTAN MINING SIGNS P8-BILLION, 10-YEAR COAL-SUPPLY CONTRACT WITH KEPCO POWER CORP.
COAL developer Sultan Mining and Energy Development Corp. (SMEDC) reported on Thursday that its subsidiary MG Mining and Energy Corp. signed an P8-billion supply contract with Kepco-SPC Power Corp. (KSPC).
Under the contract, MG Mining will deliver 320,000 tons of coal to KSPC’s 200-megawatt base-load power plant in Naga, Cebu, once it begins commercial operations sometime next year.
“We are very pleased to have signed this contract as a Filipino corporation, since this will help in easing the country’s dependence on imported energy sources, as well as help in conserving foreign-currency reserves,” Rufino Bomasang, SMEDC vice chairman and senior adviser, said.
He added that the agreement with KSPC is in line with the government’s thrust of promoting energy independence.
Michael Morales, SMEDC vice president for marketing, said KSPC has approved the quality of the coal after having met their specification.
Morales added that the contract is based on the delivery of coal with a burning quality of 4,300 kilocalories per kilo upon delivery.
However, he noted that MG Mining’s coal actually has higher calorific value than the KSPC requirement in the contract, as reflected in its ongoing coal deliveries to its existing customers since 2007.
MG Mining will initially be sourcing the coal from its mine in Bislig, Surigao del Sur, but also plans to offer, for KSPC’s approval, coal from the much-bigger Daguma coal reserves in Sultan Kudarat and South Cotabato once the mine there comes into full production next year.
With the specifications of coal required by the supply contract to KSPC, Morales said MG Mining is confident that even the Daguma coal will meet the requirement.
Bomasang said the Department of Energy has already granted the approval for the development and production of coal in the Daguma deposit.
Independent validation of the coal reserves indicates that the Bislig mine contains about 62 million tons of coal resources and about 30 million metric tons (MT) of minable reserves, while the company reported that Daguma has already blocked coal resources of 426 million tons.
Initial exploration and drilling have also blocked 55 million metric tons of minable reserves in 526 hectares of the 7,000-hectare coal property.
MG Mining said it expects to identify more minable reserves as it does more detailed work in the rest of the Daguma deposit.
The KSPC contract, according to MG Mining, only requires between 3.2 million MT to 6.4 million MT of minable reserve to complete the coal deliveries, over the 10-year period.
Morales said planning, preparation and development of the mines for the supply of coal to KSPC will begin this month, noting that this will entail additional investments to boost production. In 2008 the Bislig run-of-mine production rose to 200,000 tons of coal.
SMEDC said it still intends to pursue its shelved plans to undertake an initial public offering when market conditions have improved and its supply contract with KSPC will ensure that the public will then be looking at a company with a more solid revenue stream.
“The company will continue to update its registration and information statements with regulators to include positive developments such as this one, in preparation for its eventual public listing,” SMEDC said.
Source:Business Mirror
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Wednesday, 05 August 09
PEOPLE'S MINING SHOULD BE REGULATED UNDER RPP MINERBA
The Indonesian Institute of Science (LIPI) has called on the government to include a specific provision for people’s mining in the draft govern ...
Tuesday, 04 August 09
SRI LANKA IS LOOKING FOR 650,000 TON OF COAL NEXT YEAR FOR ITS FIRST 900 MW POWER PLANT.
COALspot.com ( Sri Lanka) : Lanka Coal Company Limited was issued a tender on 23 July 2009 to purchase 650,000 +/- 20% MT Bituminous Coal per a ...
Monday, 03 August 09
ONE YEAR CHARTER RATES FOR SUPRAMAX WAS AT AROUND USD 18,500 - VISTAAR SINGAPORE
COALspot.com (Singapore) : The freight market was flat this week with hardly any change in the BDI.The cape was up by about 4 pct and closed at 5,38 ...
Saturday, 01 August 09
APGENCO SAYS BOUGHT 500,000T MALAYSIAN COAL
The Malaysian Insider reported that, Indian state utility Andhra Pradesh Power Generation Corporation Ltd (Apgenco) has bought 500,000 tonnes of Mal ...
Thursday, 30 July 09
KOMIPO OFFERED 3 MILLION MT IN TENDER, TEN TIMES OVERSUBSCRIBED
Korea Midland has received offers for 3 million mt of bituminous steam coal in its latest tender despite the power utility seeking only 300,000 mt, ...
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- Bhatia International Limited - India
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- LBH Netherlands Bv - Netherlands
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- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- The University of Queensland
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
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- Posco Energy - South Korea
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- Economic Council, Georgia
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- Alfred C Toepfer International GmbH - Germany
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- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
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- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
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- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
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- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
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- Bhoruka Overseas - Indonesia
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- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
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- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
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- CIMB Investment Bank - Malaysia
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- Baramulti Group, Indonesia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
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- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
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- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
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- Madhucon Powers Ltd - India
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- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
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- Cement Manufacturers Association - India
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- Iligan Light & Power Inc, Philippines
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- Parliament of New Zealand
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- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
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- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
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- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
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- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
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- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
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- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
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