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Wednesday, 10 February 10
KANGAROO RESOURCES COMMENCES MINING AT MAMAHAK COKING COAL PROJECT
 International coal producer Kangaroo Resources has kicked off mining at its second Indonesian coal operation, the Mamahak Coking Coal Project in East Kalimantan - just six weeks after acquiring an 85% interest in the project.
The operational team has now completed the removal of overburden and exposed up to 15,000 tonnes of fresh coal for mining. Mining of this material is now underway.
The coal seams lie near-surface resulting in a lower strip ratio and corresponding lower operational costs. All coal will ultimately be transported to the stockpile facility at the port loading terminal for barging down the Mahakam River.
Kangaroo is targeting initial production of up to 30,000 tonnes of coal per month from Mamahak. The commencement of mining at Mamahak represents a great achievement for the Company and is well ahead of schedule.
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"We are very pleased to add the Mamahak Coal Mine to the Company’s portfolio, with significant infrastructure on-site available to immediately begin ramping up to more substantial volumes" - Mr O’Keeffe
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KRL acquired the Mamahak Project as part of a portfolio of Indonesian mining interests purchased from TSX-listed company South Gobi Energy Resources in December 2009. The project includes a JORC compliant resource of 10.22Mt of coking coal, extensive infrastructure capable of supporting up to 1.5Mtpa coal production, and a large 30,000 tonne coking coal stockpile ready for immediate shipping.
The previous operators estimated up to 30,000 tonnes of coal within the operating Mining Block, however the Company’s evaluation of this SW Block has identified significant additional potential tonnage, with an estimated target of up to 270,000 to 600,000 tonnes.
Kangaroo Managing Director Mark O'Keefe said the company was now very optimistic of defining and increasing the coal inventory in the SW Block and also within the four additional Mining Blocks within the concession by conducting the necessary further detailed works.
"Initial production of up to 30,000 tonnes of coal per month will provide the Company with an immediate net cash income stream moving forward," Mr O'Keefe said.
"The Company’s strategy is to reinvest this cash to further develop Mamahak as well as other projects in its portfolio to achieve its ultimate objective of becoming a +10Mtpa international coal producer."
In addition to the commencement of mining operations, Kangaroo is commencing the transportation of the 30,000 tonne coking coal stockpile to the Balikpapan Coal Terminal.
The Company is currently negotiating the sale of this coal to a third party with a view to establishing a strategic long term relationship for the Company.
Mr O’Keeffe said the speed with which the company had been able to turn around Mamahak into an operational coal mine was testament to its Indonesian partners.
"We are very pleased to add the Mamahak Coal Mine to the Company’s portfolio, with significant infrastructure on-site available to immediately begin ramping up to more substantial volumes," he said.
“This diversifies our product mix and strengthens the cash flows now being generated from our coal operations in Indonesia. This will help to support our overall corporate and strategic objective of becoming a substantial international coal producer."
Source: Proactive Investors
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Saturday, 06 February 10
COAL MINISTRY SEEKS CUT IN IMPORT DUTY
The coal ministry wants the finance ministry to reduce the 5.1% import duty on thermal coal and continue with the existing zero import duty on cokin ...
Friday, 05 February 10
IN 2010, CHINA COAL OUTPUT TO REACH AROUND 3.3BLN T
It is expected that China's coal production in 2010 will reach around 3.3bln tons. It is predicted that in the first quarter of 2010, the tight coa ...
Thursday, 04 February 10
INDIA REMAINS FIRM - FEARNRESEARCH
CHARTERING - DRY BULK
Handy
The BSI has continued it´s downward movement for 2 weeks now.Nevertheless activity in the atlantic remains bu ...
Thursday, 04 February 10
INFRASTRUCTURE DEVELOPMENT & INFRASTRUCTURE ASIA 2010
ASIA-PACIFIC MINISTERIAL CONFERENCE ON PUBLIC-PRIVATE PARTNERSHIPS FOR INFRASTRUCTURE DEVELOPMENT & INFRASTRUCTURE ASIA 2010
IPFA TO JOIN INF ...
Thursday, 04 February 10
INDIA`S APPETITE FOR COAL EXPECTED TO RISE SHARPLY
Coal powers more than half of India's electricity plants and demand for the commodity is expected to rise sharply as the third-largest Asian econom ...
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