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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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Saturday, 15 January 11
MAKE SACRIFICES TO SAVE PLN, INDONESIA GOVT BEGS MINERS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Darwin Zahedi Saleh, Indonesia's minister of energy and mineral resources, on Friday appealed to local coal compan ...
Saturday, 15 January 11
RISING PRICES, GOVERNMENT DECREE LEAVE PLN AT LOGGERHEADS WITH COAL FIRMS - THE JAKARTA GLOBE
The Jakarta Globe reported that, As coal prices continue to increase, state utility Perusahaan Listrik Negara faces problems in securing enough coal ...
Thursday, 13 January 11
SURGING COAL PRICES UNDERMINE PLN'S EFFICIENCY PROGRAM - THE JAKARTA POST
The Jakarta Post reported that, The soaring global coal prices are undermining state electricity company PT PLN's pledge to improve its operational ...
Thursday, 13 January 11
SPML INFRA TO DOUBLE INDONESIA COAL MINE OUTPUT IN TWO YEARS - DNA INDIA
DNA India reported that, Kolkata-based infrastructure company SPML Infra, formerly Subhash Projects & Marketing Ltd, will in two years nearly do ...
Thursday, 13 January 11
DRY BULK RATES HIT NEW MULTI-MONTH LOWS ON AUSTRALIAS FLOODS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Floods in Australia’s Queensland has seriously disrupted coal shipments and together with a flood of vessels has pushed freight rates for dry ...
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- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
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