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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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Sunday, 06 March 11
THE S6 ROUTE MAY CONTINUE TO BE FIRM - VISTAAR
COALspot.com - The freight market was firm this week with all indices up. The BDI , Cape Index and Panamax index was up by almost 9 pct where as Sup ...
Friday, 04 March 11
IRON ORE FROM INDIA HAS BEEN QUIET
Handy
Activity has been gradually rising in the Atlantic but it is mostly confined to the USG market. Short period basis redelivery Atlantic has b ...
Thursday, 03 March 11
TNPL INDIA LOOKING FOR 160,000 MT OF NON-COKING COAL
COALspot.com - Tamil Nadu Newsprint and Papers Ltd. is seeking to import 160,000 plus minus 5 percent metric tons of non-coking coal with Gross Calo ...
Wednesday, 02 March 11
MIXED FORTUNES FOR DRY BULK OWNERS THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Although the dry bulk market has been on the positive side this week, things still look quite uncertain in the near term, with most owners puzzled a ...
Wednesday, 02 March 11
INDIA, 2ND LARGEST IMPORTER OF INDONESIAN COAL IN 2010
COALspot.com: Indonesia, the world largest coal exporter, shipped 24.68 million tons of coal in January 2011, which was 1.19 percent higher Y-o- ...
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- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
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- The University of Queensland
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- Indonesian Coal Mining Association
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- Videocon Industries ltd - India
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- White Energy Company Limited
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- Global Coal Blending Company Limited - Australia
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- Chamber of Mines of South Africa
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- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
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- Coal and Oil Company - UAE
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- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
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- Parliament of New Zealand
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- Larsen & Toubro Limited - India
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- GAC Shipping (India) Pvt Ltd
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- Singapore Mercantile Exchange
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- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
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- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
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- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
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- Savvy Resources Ltd - HongKong
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- Mercator Lines Limited - India
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- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
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- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Trasteel International SA, Italy
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