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Tuesday, 14 August 12
SAKARI SIGNS HEADS OF AGREEMENT TO ACQUIRE SIX COAL CONCESSIONS IN INDONESIA
 COALspot.com - Sakari has signed a Heads of Agreement (HOA) to acquire a 100% interest in up to six IUPs, covering an area of over 29,000 hectares, located some 30km to the north of Sakari’s Jembayan Mine in East Kalimantan.
According to statement posted on company’s website, under the HOA, Sakari will undertake an exploration programme and due diligence review and, if the results from these activities prove satisfactory to Sakari, the acquisition will proceed to completion.
Drilling of the properties will start in August 2012 with preliminary results expected towards the end of the year.
Sakari has paid an initial, refundable cash deposit of US$2 million. If the transaction moves to completion, Sakari will pay an additional US$2 million in cash plus an equity component, which will be determined by reference to the results from the drilling programme and the number of IUPs to be acquired.
The total equity consideration is capped at US$60 million in value, should Sakari decide to acquire an interest in all the IUPs.
The statement further said that, the HOA is between PT Separi Energy, a subsidiary of Sakari Resources Limited, and Rudy Ong Chandra and Hairil Hasmy (Sellers). Under the HOA Separi Energy may acquire 100% of the shares in all or any of PT Sepiak Jaya Kaltim, PT Cahaya Bara Kaltim, PT Bunga Jadi Lestari and PT Anugerah Pancaran Bulan, the companies which own the exploration IUP’s.
The book value, net tangible asset value and open market value of the companies have not yet been determined and they have not yet commenced business.
About Sakari:
Sakari (SGX: SAR) is a coal company with a focus on supplying thermal coal to major power utilities and industrial users in Asia. Production from Indonesia in 2011 was 10.7Mt, making it one of the country’s largest thermal coal exporters.
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Friday, 28 September 12
DRY BULK SECOND HAND VESSELS ON HIGH DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the demise of the dry bulk market and the collapse of freight rates since the beginning of 2012, on the back of record breaking newbuilding ...
Thursday, 27 September 12
MINING RE-COMMENCES AT ORPHEUS' B2 EAST KALIMANTAN COAL PROJECT
- B2 project overburden removal completed and coal exposed
- Coal getting has commenced with target production of 30,000tpm
- Orpheus to re ...
Thursday, 27 September 12
HANDY: THE PACIFIC MARKET IS GETTING WEAKER WITH UPCOMING GOLDEN WEEK HOLIDAYS - FEARNLEYS AS
Handy
Yet another week with rates softening in all trades. Especially owners with ships open Continent struggle to find employment paying decent mo ...
Thursday, 27 September 12
DRY BULK MARKET LOSES STEAM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The rise of the BDI (Baltic Dry Index), the dry bulk industry’s benchmark during the course of the previous week, proved to be short-lived, as ...
Wednesday, 26 September 12
NEWBUILDING ORDERING ACTIVITY REMAINS SUBDUED ON GLOBAL MARKET UNCERTAINTY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Newbuilding ordering activity has been on the down side during the past few weeks, a trend also noticeable during the course of the past few days, a ...
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