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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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Tuesday, 22 February 11
SUPRAMAX MARKET IS IMPROVING IN THE PACIFIC
BRS - A 10% rise in the BDI this week, mostly on the back of Panamax rates and improvements in the Supramax market in the Pacific. For the Capes, ra ...
Monday, 21 February 11
ABOLISH 5% DUTY ON COAL IMPORTS: SHINDE
Indian Express reported that, with acute coal shortage of domestic coal threatening to destabilise its power generation plans, the power ministry ha ...
Saturday, 19 February 11
THE FREIGHT MARKET EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The market was quite firm this week with freight rates in South east asia and India/Feast almost up by 30 pct.
However towards end ...
Thursday, 17 February 11
COAL-GEN EUROPE 2011 REAFFIRMS THE IMPORTANCE OF COAL
Press Release: The third COAL-GEN Europe conference and exhibition, kicked off on Tuesday 15 February, with leading experts, professionals and compa ...
Thursday, 17 February 11
UNCERTAINTY AND VOLATILITY - FEARNBULK
Handy
Recovering market as evidenced by the solid USD 16k/day achieved by a handymax from Continent to east Med with scrap. More short period requ ...
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- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Sical Logistics Limited - India
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- PTC India Limited - India
- Planning Commission, India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
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