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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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Thursday, 24 February 11
DRY BULK MARKET KEEPS LOSING GROUND, CAPESIZES SUFFERING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market lost further ground yesterday, as the industry’s benchmark, the Baltic Dry Index was rapidly falling, ending the session d ...
Thursday, 24 February 11
SUPRAS ARE FIXED AT CLOSE TO 10K FOR TRIPS VIA INDONESIA TO INDIA WITH COAL - FEARNBULK
Handy
After a short lived surge in rates the Atlantic market has flattened out due to too many spot vessels. The USGulf has cooled down somewhat f ...
Wednesday, 23 February 11
LIMITED AVAILABILITY OF COAL COULD TRIP MEGA POWER PLANT - THE ECONOMIC TIMES
The Economic Times, an Indian leading news paper reported that, an acute shortage of domestic coal is threatening to destabilize new power generatio ...
Wednesday, 23 February 11
DRY BULK MARKET BACK ON RETREAT MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The two week rise of dry bulk freight rates seems to have come to a halt this week, with the industry’s benchmark, the Baltic Dry Index (BDI) lo ...
Wednesday, 23 February 11
INDONESIA NEEDS TO REVISE EXPORT BAN ON 5600 GAD COAL EXPORT - INDUSTRY
COALspot.com - The Indonesian government may be forced to revise its 2014 timeline for the proposed ban on all low quality coal exports, Patrick Han ...
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- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
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