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