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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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Friday, 24 July 09
INDIA TAKES 9 MILLION TONNES S. AFRICAN COAL JAN - JUNE
Reuters reported that, India accounted for nearly 9 million tonnes of South Africa's January-June exports of around 28 million tonnes, industry sour ...
Thursday, 23 July 09
KOMIPO LAUNCHES TWO COAL TENDERS
Korea Midland Power on Wednesday launched two tenders to procure bituminous or semi-anthracite coal for August to September delivery. Bids close on J ...
Thursday, 23 July 09
GUANGDONG BUYERS SET TO IMPORT 2.3 MILLION MT FROM VIETNAM - MEDIA
Several coal-consuming companies in China’s Guangdong Province, headed by Guangdong Yudean Group (Guangdong Power Generation Group), have inke ...
Thursday, 23 July 09
KEPCO BUYS 1.5% STAKE IN ADARO ENERGY FOR US$ 56.5M
WSJ reported that, state-run utility Korea Electric Power Corp., or Kepco, Thursday said it has acquired a 1.5% stake in Indonesian coal miner, PT A ...
Thursday, 23 July 09
INDONESIA COAL-PRICES CLIMB TO $80, INDIAN DEMAND SLOWS
Reuters reported that, prices of power-station coal in Australia, a benchmark for Asia, jumped to nearly $80 a tonne this week, while Indonesi ...
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- Coal and Oil Company - UAE
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- Savvy Resources Ltd - HongKong
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- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
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- Straits Asia Resources Limited - Singapore
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- Australian Coal Association
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- Heidelberg Cement - Germany
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- Star Paper Mills Limited - India
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- Economic Council, Georgia
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- Karbindo Abesyapradhi - Indoneisa
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- GMR Energy Limited - India
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- Directorate Of Revenue Intelligence - India
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- Rashtriya Ispat Nigam Limited - India
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- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
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- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
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- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Ministry of Transport, Egypt
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- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
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- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
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- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
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- Neyveli Lignite Corporation Ltd, - India
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- Australian Commodity Traders Exchange
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- Petrochimia International Co. Ltd.- Taiwan
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- Independent Power Producers Association of India
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- Samtan Co., Ltd - South Korea
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- OPG Power Generation Pvt Ltd - India
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- Holcim Trading Pte Ltd - Singapore
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- Merrill Lynch Commodities Europe
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- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- The University of Queensland
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- MS Steel International - UAE
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
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- Kohat Cement Company Ltd. - Pakistan
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