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Monday, 05 March 12
SOUTHGOBI ANNOUNCES AGREEMENT TO SELL ITS THERMAL COAL TSAGAAN TOLGOI DEPOSIT FOR US$ 30 MILLION
SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) announced today an agreement to sell its thermal coal property, the Tsagaan Tolgoi Deposit to Modun Resources Limited (ASX: MOU) (“Modun”), according to the company's press release.
SouthGobi intends to facilitate the sale of Tsagaan Tolgoi through the transfer of a wholly-owned subsidiary holding one mining license (15041A) and one exploration license (7262X) pertaining to that deposit.
Under the transaction, SouthGobi expects to receive US$30 million of total consideration, comprising US$7.5 million up-front in cash, US$12.5 million up-front in Modun shares and deferred consideration of an additional US$10.0 million also payable in Modun shares. As a result, SouthGobi will have a significant shareholding in Modun and it will have the right to nominate one director to the board of Modun subject to SouthGobi holding an equity interest in excess of 14.9%. The transaction is subject to certain terms and conditions and is expected to be completed by June 1, 2012.
SouthGobi believes this transaction is positive for three key reasons:
(i) Tsagaan Tolgoi Deposit has become non-core due to the location being approximately 400 kilometres to the east of the Company’s core coking coal resources;
(ii) Modun has agreed to accelerate the development of Tsagaan Tolgoi into a mining operation, which will create employment and further the development of Mongolia; and
(iii) SouthGobi will, through its significant shareholding in Modun, continue to have exposure to Tsagaan Tolgoi and will also gain exposure to Modun’s other attractive projects in Mongolia.
“This sale will allow SouthGobi to focus on further developing our Ovoot Khural basin holdings, including our flagship Ovoot Tolgoi Complex and the nearby Soumber Deposit, while retaining an indirect exposure to Tsagaan Tolgoi through our shareholding in Modun,” said Alexander Molyneux, President and CEO.
“We also believe that Modun is well placed to be able to bring Tsagaan Tolgoi into production in a timely manner.” Macquarie Capital (Hong Kong) Limited acted as SouthGobi’s financial adviser on the transaction.
About SouthGobi Resources
SouthGobi Resources is focused on exploration and development of its Permian-age metallurgical and thermal coal deposits in Mongolia’s South Gobi Region. The company’s flagship coal mine, Ovoot Tolgoi, is producing and selling coal to customers in China. The company plans to supply a wide range of coal products to markets in Asia.
About Modun Resources
ASX-listed Modun Resources is developing the 100%-owned Nuurst Project in central Mongolia. Nuurst is a thermal coal project, which encompasses a 34.5 square kilometre licence area. In late 2011, Modun Resources announced a maiden 489 million tonnes JORC compliant resource at Nuurst (417 million tonnes of Indicated resources and 72 million tonnes of Inferred resources). The Nuurst Project is located 120 kilometres south of Mongolia’s capital Ulaanbaatar and six kilometres from existing rail infrastructures.
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Wednesday, 07 March 12
ASSESS ASIAS POTENTIAL, DEVELOPMENTS AND APPETITE FOR SHALE AT SHALE GAS SUMMIT
Press Release - Assess Asia’s Potential, Developments and Appetite for Shale at Shale Gas Summit on 23-24 Apr, 2012 in Beijing
China is rep ...
Wednesday, 07 March 12
3RD MOZAMBIQUE COAL CONFERENCE
3rd Mozambique Coal Conference
2-4 July 2012 | Joaquim Chissano International Conference Centre , Maputo, Mozambique
http://www.immevents.com/mo ...
Wednesday, 07 March 12
DRY BULK MARKET KEEPS UP TIMID REBOUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept its rising momentum yesterday, rising for the eighth straight session, on the back of renewed demand for smaller bulk c ...
Wednesday, 07 March 12
BUKIT ASAM EYES 39% RISE IN COAL SALES - INSIDER STORIES
Insider Stories reported that, PT Bukit Asam Tbk is scouting a 39% increase in coal sales volume to 18.66 million tons this year from last year with ...
Wednesday, 07 March 12
PETROSEA SEALS US$188 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, coal mining contractor PT Petrosea Tbk has secured a US$188 million additional contract from its affiliated firm PT S ...
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- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- White Energy Company Limited
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- The University of Queensland
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Australian Coal Association
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
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