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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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- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- The University of Queensland
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Australian Coal Association
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
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