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Monday, 21 February 11
CHURCHILL MINING RECEIVES SIGNIFICANT INTEREST, PROPOSALS TO DEVELOP EAST KUTAI COAL PROJECT - PROACTIVE INVESTORS
 Proactive Investors reported that, Churchill Mining has received a number of specific proposals to fund and develop its massive East Kutai coal project in Indonesia and that the interest in East Kutai is significant.
Some of these would allow Churchill to take full control of the project.
Initial proposals have ranged from an emphasis on direct entry into the project at the local Indonesian company level through to procuring a large stake in the company.
Certain potential investment partners have also proposed that the mining and infrastructure elements of the EKCP should be separated to be dealt with and funded on a separate basis.
In addition to that, a number of investors have expressed interest in either buying out the 25% of the project held by Churchill’s Indonesian partners or providing funding to Churchill to complete this action itself and bring the project under the company's sole control.
In all cases, prospective partners have been required to address their ability to fund the capital required to develop the project.
Churchill is currently examining three specific proposals from Indonesia, India and the Middle East, in which the acquisition of Ridlatama's 25% holding in the EKCP is an integral component.
The due diligence process being conducted by various potential investor partners is at different stages of completion.
Last month, Churchill confirmed that it was “discussing a variety of options to take the project forward” in response to media reports that it was in talks with several Indian power companies to sell the Indonesian coal project.
Northland Capital, Churchill’s nominated advisor (NOMAD) on the AIM market, confirmed that Churchill plans to sell and it is negotiating with Indian companies.
In September last year, the company and Ridlatama initiated an administrative review to further protect the legal standing of the four mining licenses which constitute East Kutai.
The review will address ongoing irregular actions and misrepresentations by third parties in Indonesia in respect to the mining licences for the East Kutai coal project.
Churchill reported that last Thursday, the regional administrative tribunal indicated that the results of this process in respect of the licenses held by the EKCP will be announced by mid-March 2011.
East Kutai is a world-class thermal coal deposit. It has a 961 million tonne JORC mining reserve and 2.73 billion tonnes of JORC resources. The sheer scale of the project is reflected by the US$1.2 billion (direct capital costs) needed to build the mine.
Once operational the proposed open pit would produce 30 million tonnes of high grade thermal coal each year, for an initial 25-year life. It would generate cashflow of US$500 million each year.
Churchill hired corporate heavyweight Credit Suisse back in April 2010 to complete a strategic review and help it evaluate the various options for East Kutai’s project financing.
Source: Proactive Investors (by Sergei Balashov)
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Monday, 14 March 11
IRON ORE TRADING WORLD EUROPE 2011
Press Release - Strategy and opportunity for miners, steelmakers, end users and the financial community.
The iron ore spot market is growing at a ...
Sunday, 13 March 11
COAL NO LONGER A CHEAP ENERGY SOURCE - THE SUNDAY LEADER
The Sunday Leader reported that, the addition of power generated through coal power to the country’s national grid was initially expected to r ...
Sunday, 13 March 11
THE FREIGHT MARKET SEEMS WILL BE FIRM FOR MARCH AND APRIL - VISTAAR
COALspot.com - The freight market continued to rise with the BDI crossing 1500 points and the cape size index up by 32 pct and all other segments al ...
Friday, 11 March 11
THE HANDY MARKET IS QUITE VOLATILE
Handy
Lacklustre week as the USG is the only bright light with high volumes of petcoke/coal into the Med (paying mid 20´s bss aps USG). Litt ...
Thursday, 10 March 11
DRY BULK MARKET SHOWING SIGNS OF STRONGER RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market jumped by 3.37% yesterday, with the industry’s benchmark, the Baltic Dry Index (BDI), moving up to 1,472 points, levels no ...
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- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
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- Tamil Nadu electricity Board
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- Lanco Infratech Ltd - India
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- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
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- IHS Mccloskey Coal Group - USA
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- Economic Council, Georgia
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- Holcim Trading Pte Ltd - Singapore
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- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
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- Karbindo Abesyapradhi - Indoneisa
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- Medco Energi Mining Internasional
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- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
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- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
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- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
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- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
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- The University of Queensland
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- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
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- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
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- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
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- Central Electricity Authority - India
- Deloitte Consulting - India
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- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
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- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Indogreen Group - Indonesia
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- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Minerals Council of Australia
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- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
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- The State Trading Corporation of India Ltd
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- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
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- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
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