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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, 15 February 11
INDONESIAN COAL FOR HARYANA THERMAL PLANTS - PUNJAB NEWS LINE
To tide over the recurring coal shortage at thermal plants Haryana Power Generation Corporation Limited (HPGCL) has gone for Malaysian coal for its ...
Tuesday, 15 February 11
TONNAGE OVERSUPPLY TO CHOKE FREIGHT RATES IN THE COMING MONTHS SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In a new report assessing the dry bulk market, BIMCO’s analysis suggests that freight rates for Capesize vessels are likely to remain depresse ...
Sunday, 13 February 11
COAL MARKETS 2011 TO HIGHLIGHT INDONESIAN COAL AND NEW SOURCES OF COAL SUPPLY
“Over 300 senior decision-makers from coal mining, power and trading companies expected to congregate in Singapore”
Press Release - K ...
Sunday, 13 February 11
YEAR OF RABBIT PUSHING FREIGHT MARKET UP
COALspot.com – “The market finally moved up with firmness in all sectors with some positive signs of markets recovering”, said Cap ...
Friday, 11 February 11
DRY BULK MARKET HEATING UP ON FRESH CARGO DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market is on a high this week, with owners of smaller vessels turning their attention towards the spot market, in order to take advanta ...
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- Wilmar Investment Holdings
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- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
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- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
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- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
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- Pipit Mutiara Jaya. PT, Indonesia
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- India Bulls Power Limited - India
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- PNOC Exploration Corporation - Philippines
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- Minerals Council of Australia
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- Australian Coal Association
- PowerSource Philippines DevCo
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- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
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- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
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- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- ICICI Bank Limited - India
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- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
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- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
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- Sindya Power Generating Company Private Ltd
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- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
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- Semirara Mining Corp, Philippines
- The University of Queensland
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- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
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- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
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- Electricity Authority, New Zealand
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- Ministry of Finance - Indonesia
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- TNB Fuel Sdn Bhd - Malaysia
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- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
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- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
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