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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$500 million each year.
Churchill hired corporate heavyweight Credit Suisse back in April 2010 to complete a strategic review and help it evaluate the various options for East Kutai’s project financing.
Source: Proactive Investors (by Sergei Balashov)
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Wednesday, 12 January 11
BULKER DELIVERIES WEIGHING IN ON FREIGHT RATES KEEPING SENTIMENT ON A NEGATIVE MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A flurry of new buildings still hitting the water has caught up for good with the freight market, with capesizes unable to weather the storm. With r ...
Tuesday, 11 January 11
SUPRAMAX TRIP VIA INDONESIA TO INDIA US$ 8,000 PER DAY
Despite continued growth in the bulk trades, the delivery of new vessels is beginning to take its toll. The BDI continued its decline, finishing las ...
Tuesday, 11 January 11
DRY BULK MARKET REACHES NEW LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s benchmark index, the Baltic Dry Index (BDI) lost further ground in the beginning of the week, following the trend of the ...
Monday, 10 January 11
MINING INVESTMENT TARGET TOO LOW - TEMPO INTERACTIVE
TEMPO Interactive reported that, the Indonesian Mining Association’s executive director, Priyo Pribadi, believes the government’s invest ...
Monday, 10 January 11
COAL MONGOLIA IS INVITING YOU TO THE INTERNATIONAL COAL SECTOR INVESTORS CONFERENCE
COALspot.com - (Press Release) - The Coal Mongolian Conference will take place at Chinggis Hotel, in Ulaanbaatar on 24-25, Feb 2011. The coal bonanz ...
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- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Anglo American - United Kingdom
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Parliament of New Zealand
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- The University of Queensland
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
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