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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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Saturday, 04 February 12
SUPRAMAX DELIVERY SOUTH CHINA FOR TRIPS VIA INDONESIA WERE REPORTED AROUND $ 6,000 PER DAY - VISTAAR
COALspot.com - The markets continued to soften which dropped by almost 11 pct and BDI closing at 647 points.
The drop in BDI was mainly due to dr ...
Thursday, 02 February 12
NO RELIEF YET FOR DRY BULK SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Although at the start of 2012 nobody can claim that the global seaborne trade has suddenly come to a halt, quite the contrary, it seems that the dry ...
Wednesday, 01 February 12
KRISHNAPATNAM PORT - GOING DEEP TO SOAR HIGH
COALspot.com - Krishnapatnam Port now rightfully claims as the deepest draft port in India, as it has started accepting vessels with maximum permiss ...
Wednesday, 01 February 12
IN JAMBI, MOST MINING COMPANIES LACK 'CLEAR-AND-CLEAN' PERMITS - JP
More than three-quarters of the 386 mining companies in Jambi lack “clear-and-clean” certifications from the government, according to an ...
Wednesday, 01 February 12
2% OF IBPS TOTAL CONCESSION AREA CONTAINS TOTAL COAL RESOURCE OF 56.1 MILLION TON
COALspot.com - PT. Britmindo, a mine consulting firm, has finalized PT. Insani Bara Perkasa (IBP) first JORC (Joint Ore Reserves Committee) res ...
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- Economic Council, Georgia
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- Ministry of Transport, Egypt
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- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
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- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
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- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
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- Billiton Holdings Pty Ltd - Australia
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- Goldman Sachs - Singapore
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- Kohat Cement Company Ltd. - Pakistan
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- ICICI Bank Limited - India
- Minerals Council of Australia
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- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
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- Ministry of Finance - Indonesia
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- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
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- Sarangani Energy Corporation, Philippines
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- Ambuja Cements Ltd - India
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- Mintek Dendrill Indonesia
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- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement PLC, Thailand
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- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
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- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
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- The University of Queensland
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
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- Australian Commodity Traders Exchange
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- Alfred C Toepfer International GmbH - Germany
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- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
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