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