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Sunday, 01 November 09
ADAVALE RESOURCES MAKES COAL ACQUISITIONS IN INDONESIA
 Adavale Resources Limited has entered into an agreement to acquire the rights to two thermal coal projects Tapan and Jambi in Sumatra Indonesia, held by United Energy and Resources.
Under the agreement, Adavale will fund an initial exploration program to seek to upgrade the existing 15 million tonne inferred coal resource at the Tapan project to a Measured Coal Resource of 5 million tonnes.
The expected costs of this initial program will be an upfront payment of USD 110,000 and subject to a review of due diligence up to a further USD 650,000.
On completion of proving up a 5 million tonnes resource and Adavale being satisfied with the development to that date, Adavale will provide up to a further USD 3.4 million to develop and gain all necessary approvals to take the project through to the mining stage.
Mr Richard Poole chairman of Adavale Resources said that “Whilst recognizing the substantial opportunities for successful mining development in Indonesia, Adavale is aware of the potential risks and have been working hard to reduce these as much as possible. We are developing the projects in stages.”
The works program to seek to prove up a Measured Coal Resource will commence during the first week of November. The program will focus on proving up a Measured Coal Resource and will include mine planning in order to ensure an efficient and economically viable mining operation for the Tapan Project can be developed. First production at Tapan is being targeted for the second quarter of 2010.
The company is expected to development Jambi after Tapan. Preliminary drilling and trenching has identified an inferred coal resource in excess of 20 million tonnes at Jambi.
Adavale has acquired ‘United’s’ rights to a MOU over four coal concessions within the Jambi Province. Adavale’s initial target is within an Exploration Licence of 10,000 hectare located close to the provincial capital of Jambi.
Source: Steel Guru
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Tuesday, 22 December 09
CHINA CONTRACTED COAL PRICE FOR 2010 SEES SLIGHT INCREASE
A number of coal and power enterprises have concluded their annual power-coal supply contracts for 2010, and the contracted coal price saw slight in ...
Tuesday, 22 December 09
NEWCASTLE COAL SHIP QUEUE LONGEST IN TWO YEARS AS EXPORTS SLOW
Bloomberg reported that, the queue of coal ships waiting at Australia’s Newcastle port, the world’s biggest export harbor for the fuel, ...
Monday, 21 December 09
INDONESIA HAS EXPORTED AROUND 195.303 MILLION TONS OF COAL TILL END OF NOVEMBER 2009
COALspot.com (Indonesia): China has been the largest single buyer of Indonesian coal in November 2009, by taking 28.69% of total exported quan ...
Monday, 21 December 09
RUSSIAN COAL MINER SUEK EYES '10 LONDON IPO
* Company valued at around $8-$9 bln - banking source
* IPO could take place in H1 - source
* May list 25 pct of share capital - report
Reuters ...
Monday, 21 December 09
IGCC OUTLOOK CHINA 2010 TO BE HELD IN APRIL 2010 IN SHANGHAI
COALspot.com (China): Press Release - Aiming at unveiling the growth area of IGCC polygeneration, IGCC Outlook China 2010 is planned to be hel ...
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