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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, 26 January 12
ABM INVESTAMA SEALS US$100 MIO CONTRACT - INSIDER STORIES
Insider Stories reported that, PT Reswara Minergi Hartama, a subsidary of PT ABM Investama Tbk (ABMM), has sealed a 2 million tons of coal export co ...
Thursday, 26 January 12
DRY BULK MARKETS DOWNFALL KNOWS NO LIMITS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s demise seems to have no visible end, as China’s Lunar Year Holidays continue this week, thus leaving demand with n ...
Wednesday, 25 January 12
CLEAN AND CLEAR MINING PERMITS TO BE COMPLETED END OF 2012 - BISNIS.COM
Bisnis.com reported that, the government plans to announce 700 mining permits with "clean and clear" status without overlapping on other p ...
Tuesday, 24 January 12
ANOTHER SEVERE DROP IN THE CAPESIZE - BRS
The lunar year celebrations and the high number of new building deliveries (more than 35 Capes so far in January as owners push 2011 deliveries into ...
Tuesday, 24 January 12
BUKIT ASAM FY11 NET PROFIT SURGES 50% - INSIDER STORIES
Insider Stories reported that, the state-controlled PT Bukit Asam Tbk (PTBA) estimated to book Rp3 trillion (approximately US$ 335,570,469) net prof ...
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- Central Java Power - Indonesia
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- Economic Council, Georgia
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- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
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- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
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- Banpu Public Company Limited - Thailand
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- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
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- GN Power Mariveles Coal Plant, Philippines
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- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
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- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
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- Directorate General of MIneral and Coal - Indonesia
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- MS Steel International - UAE
- Latin American Coal - Colombia
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- SMG Consultants - Indonesia
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- Independent Power Producers Association of India
- The University of Queensland
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- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- London Commodity Brokers - England
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- VISA Power Limited - India
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- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Australian Coal Association
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
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- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
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- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
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- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
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- Eastern Energy - Thailand
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- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
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- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
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