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Thursday, 29 April 10
KANGAROO RESOURCES INKS KEY COAL EXPORT CONTRACT WITH YUDEAN FARNON - PROACTIVE INVESTORS
 Proactive Investors reprted that, Kangaroo Resources has secured an initial export sales contract for coal from the company’s operating coal projects located in East Kalimantan, Indonesia.
The agreement, which has been signed with a large Chinese energy company, Guandong Yudean Farnon Investment Co. Ltd (Yudean Farnon), involves the provision of three trial shipments containing a total of 150,000 tonnes of coal over a two-month period.
Upon successful completion of these shipments, KRL intends to extend this agreement to cover additional tonnages of coal.
The company said the price negotiated for the coal is very competitive and is based on a formula reflecting fluctuation of the Chinese Coal Index.
This represents significantly better value than pricing taken from the local Indonesian market and will provide KRL with a valuable income stream as it continues to ramp-up production from its Indonesian coal portfolio.
Importantly, the agreement is non-exclusive, with KRL able to consider other off-take partners. With this in mind, the company is continuing in its discussions with other potential partners to further promote the company’s long-term strategic objectives.
KRL Managing Director Mark O’Keeffe said the signing of the export sales contract was a milestone event for the company which would provide valuable revenue as well as an entry to the Chinese export market.
“This initial sales contract with Yudean Farnon provides a strong foundation from which we can continue to ramp up the mining and export of coal from our operations in Kalimantan in Indonesia."
“We are also very pleased to be associated with an organization of the size and prestige of Yudean Farnon, which gives us an important foothold in the dominant Chinese market."
“We are confident that this deal will be very successful and we look forward to a long and mutually beneficial relationship with Yudean Farnon,” he added.
Yudean Farnon Managing Director Mr Chen stated “Kangaroo Resources Ltd represents a dynamic young company that has significant coal assets in Indonesia."
"Yudean Farnon is delighted to start a relationship with KRL and it hopes that the partnership will continue to grow as KRL builds its production ramp up,” Chen said.
KRL has focussed over the past Quarter on taking the Mamahak Coal Project into production in anticipation of delivering into an export coal sales agreement.
To date, the company has added over 20,000 tonnes of fresh coking coal to the run-of-mine (ROM) stockpile at Mamahak, in addition to the ~30,000 tonnes of coal inherited in the acquisition of this project.
An additional 15,000-20,000 tonnes of coal has been exposed at Mamahak and is ready to be mined and added to the stockpile.
This coal represents the bulk of the Mamahak coal product that will be required for the initial sales contract to Yudean and KRL is currently in the process of transporting the coal from stockpile down the Mamahak River to the Balikpapan Coal Terminal for export.
Source: Proactive Investors
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Saturday, 22 May 10
INDUSTRY QUESTIONS STEAM COAL PRICE ANOMALY
Five South Korean utilities have secured a deal for 3.13 million tonnes of Australian thermal coal with a calorific value of 6,080kcal/kg for delive ...
Wednesday, 19 May 10
DRY BULK FREIGHT RATES' RALLY MAY BE SET TO END
The Baltic Dry Index (BDI) has rallied these past couple of weeks, almost touching the 4,000 point mark. But this positive development for dry bulk ...
Wednesday, 19 May 10
NEWCASTLE WEEKLY EXPORTS RISE; SHIP QUEUE LENGTHENS
Coal shipments from Australia's Newcastle port, the world's biggest export harbor for the fuel used in power stations, rose 2.9 percent last week ...
Tuesday, 18 May 10
THE BDI HIT A FIVE-MONTH HIGH AT THE CLOSE OF LAST WEEK
According to BRS, One of the oldest ship broker, at 3,929 points, the BDI hit a five-month high at the close of last week. The Capesize four time ch ...
Tuesday, 18 May 10
COAL TRADER CHINA QINFA TO BUY TWO BULK CARRIERS FOR 69 MLN USD
China Qinfa Group, a leading non-State-owned coal trader on China's mainland, said Sunday it had signed shipbuilding contracts to pay 69 million U. ...
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- Parry Sugars Refinery, India
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- Economic Council, Georgia
- Tata Chemicals Ltd - India
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- Minerals Council of Australia
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- Indian Energy Exchange, India
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- Chamber of Mines of South Africa
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- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
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- Sojitz Corporation - Japan
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- Intertek Mineral Services - Indonesia
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- Therma Luzon, Inc, Philippines
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- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
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- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
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- Mjunction Services Limited - India
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- Global Business Power Corporation, Philippines
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- Indo Tambangraya Megah - Indonesia
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- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
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- Medco Energi Mining Internasional
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- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
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- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
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- London Commodity Brokers - England
- The University of Queensland
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- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
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- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
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- India Bulls Power Limited - India
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- Chettinad Cement Corporation Ltd - India
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- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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