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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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Thursday, 01 March 12
INDO-INDIA, LARGE ECO SUPRA CAN FETCH CLOSE TO USD 9K DOP N.CHINA - FEARNLEYS AS
Handy
The Atlantic Handysize market did not see any signs for recovery this week. It is still a major lack of spot cargoes and an oversupply of pro ...
Wednesday, 29 February 12
69 MINERS AGREE TO RENEGOTIATE CONTRACTS - THE JAKARTA POST
The Jakarta Post, one of the leading English news papaer in Indonesia reported that, as many as 60 coal contracts-of-work (PKP2B) and nine non-coal ...
Wednesday, 29 February 12
PUTTING COAL GASIFICATION TO WORK
Clifford Reese of the SSOE Group looks at practical solutions for district energy leaders who wish to implement clean coal technology.
Coal fuels ...
Monday, 27 February 12
COAL MINING PROFITS TOO HIGH, SAYS GOVT - TEMPO INTERACTIVE
Tempo Interactive reported that, Energy and Mineral Resources Deputy Minister of Indonesia Widjajono Partowidagdo has criticized coal-mining compani ...
Monday, 27 February 12
INDONESIAN COAL EXPORTS TO CHINA DROPS 39.76 PERCENT IN JANUARY 2012
COALspot.com: Indonesia, the world largest coal exporter, shipped 28.21* mln mt of coal in January 2012, slightly lower than its December 2011 ...
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- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- The University of Queensland
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Planning Commission, India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
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