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