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Friday, 04 December 09
KALIMANTAN GOLD AGREES TO SELL IBP COAL CONCESSION
 COALspot.com ( Press Release): Kalimantan Gold Corporation Limited ("KLG" or the "Company"), which undertook drilling and had an option at the IBP coal concession in East Kalimantan (the "Coal Project"), is pleased to announce that it has successfully negotiated an agreement to sell the IBP coal concession on behalf of the shareholders of PT Indobara Pratama ("IBP"). Daun Consulting Limited ("DCL") a Singapore-based business and finance company which has acted as agent for a Coal Investment Entity (the "Buyer"), have agreed to terms with the shareholders of IBP which are subject to the payment by the Buyer of a US$ 1 million escrow deposit, successfully completing three months due diligence and the conclusion of an IBP/DCL Share Purchase Agreement (the "SPA").
In consideration of KLG's work, the IBP selling shareholders will pay KLG US$1.37 million as to US$1 million upon completion of the SPA (projected to take place in April 2010) with the balance payable within 12 months of the first payment. In addition, KLG would be entitled to a production royalty of US$ 0.40 per tonne of coal produced from the Coal Project.
KLG will assist DCL in its due diligence, negotiations of off-take arrangements and planning mine development for which DCL will pay KLG fees of US$4.766 million, payable as to US$0.5 million upon satisfactory intermediate due diligence reporting after six weeks from due diligence commencement (projected to commence by early January 2010); a further US$2.2 million payable upon DCL signing the SPA; and US$2.066 million upon the commencement of mining of coal from the Coal Project. In addition DCL will pay KLG a production royalty of US$ 0.10 per tonne of coal produced from the Coal Project.
Commenting on the arrangement, Rahman Connelly CEO, said "Subject to completion by the parties, KLG will receive total cash payments of US$6.136 million and production royalties of US $0.50 per tonne. Given DCL's intention to commence mining during the second half of 2010, scaling up to production of 10 million tonnes annually, the most significant benefit to KLG will be the royalties of US$ 0.50 per tonne."
KLG's Coal Division is sourcing new coal areas to upgrade through drilling, with the objective of earning a share of the sale proceeds (as with IBP) or to earn an equity interest in the project.
The Coal Project
The Coal Project is already permitted for production and has the potential to be an open-cut coal mine. KLG completed a 4600m drilling program on the concession that indicates a potential deposit of 270 MTs of between 4,894 and 5,376 kcal/kg coal (air dried basis), with low ash and low sulfur content.
About Daun Consulting Limited (DCL) Singapore
DCL is a Business/Finance Consultancy, headed by Bryan Yap, former Citibank and Deutsche Bank Executive. DCL is the organizer of a Coal Investment Entity targeting US$200 million investment, owning a portfolio of coal mines with 300-500 million ton reserves and producing 15-20 million ton/year in Indonesia. DCL targets strategic investors/coal consumers/ power plants; mine owners and financial investors in High Yielding Asset Backed investments. Further information may be obtained through coal@daunconsulting.com.
About Kalimantan Gold
Kalimantan Gold is a junior exploration company listed on both the TSX Venture Exchange in Canada and on the London AIM market. The Company is active in Indonesia where it has three areas of interest: the Jelai epithermal gold prospect in East Kalimantan; coal opportunities, also in East Kalimantan and a Contract of Work in Central Kalimantan with multiple porphyry copper and gold prospects.
Source: www.kalimantan.com
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Saturday, 07 November 09
THE STEAM COAL MOVEMENT FROM INDONESIA TO INDIA REMAINED QUITE STRONG - CAPT. REDDY
COALspot.com (Singapore): The BDI continued rising this week and was up by 290 points up by almost 9 pct and the index closed at 3,393 points.
B ...
Friday, 06 November 09
COAL INDIA ABANDONS PLAN TO BUY ASSET IN AUSTRALIA
Coal India’s efforts to acquire a mid-sized virgin thermal coal block from a private party in Australia have drawn a blank.
The effort was ...
Friday, 06 November 09
NEW ASSETS WILL INCREASE COKING AND THERMAL COAL PRODUCTION
Coal and metals processing company Coal of Africa Limited (CoAL) aims to produce 10-million tons a year of coking coal and two-million tons a year o ...
Friday, 06 November 09
NTPC TO APPOINT MERCHANT BANKER FOR S AFRICA COAL MINE
State-run power producer NTPC, which is eyeing coal mines in South Africa to meet the gap in domestic fuel supply, will appoint a merchant banker ne ...
Thursday, 05 November 09
MERCATOR LINES AIMS TO BECOME A $5 BILLION COMPANY
Mercator Lines, India’s second largest private sector shipping line, plans to invest and expand, riding India’s next wave of growth, the ...
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- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Directorate Of Revenue Intelligence - India
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- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
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- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
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- The State Trading Corporation of India Ltd
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- Binh Thuan Hamico - Vietnam
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- Gujarat Electricity Regulatory Commission - India
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- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Singapore Mercantile Exchange
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- Maheswari Brothers Coal Limited - India
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- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
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- Parliament of New Zealand
- Renaissance Capital - South Africa
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- Metalloyd Limited - United Kingdom
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- Lanco Infratech Ltd - India
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- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
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- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
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- Electricity Authority, New Zealand
- Economic Council, Georgia
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- European Bulk Services B.V. - Netherlands
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- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
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- Australian Commodity Traders Exchange
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- Bhoruka Overseas - Indonesia
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- SMC Global Power, Philippines
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- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
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- Indian Energy Exchange, India
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- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Eastern Coal Council - USA
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- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
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- Price Waterhouse Coopers - Russia
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