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Tuesday, 04 September 12
ORPHEUS SECURES ADDITIONAL SIGNIFICANT KINTAP COAL PROJECT IN SOUTH KALIMANTAN
 COALspot.com - Indonesian coal producer, Orpheus Energy (ASX:OEG) has announced that it has secured a 50% equity ownership in an additional tenement with a coal production license in the South Kalimantan province of Indonesia under its JV agreement with strategic alliance partner PT Mega Coal International.
According to Orpheus Energy's announcement, it has secured a 50% equity ownership in an additional tenement with a coal production Licence in South Kalimantan Province – Tanah Laut Regent Decree No. 545/06/IUP.OP/DPE/2011 - under its joint venture agreement with strategic alliance partner PT Mega Coal International (“Mega”). All legal due diligence has been successfully completed.
- Heads of Agreement (“HOA”) signed with PT Citra Bara Prima (“CBP”) over a ~195 hectare coal production project in South Kalimantan
- Located adjacent to one of PT Arutmin’s major operating coal mines and approximately 10km from Orpheus’ Kintap ADK project
- Exploration target of 2Mt – 4.5Mt with a drilling program planned to commence by end September to establish a JORC resource
- Mining planned to commence by end October using nearby existing infrastructure.
The CBP tenement covers an area of approximately 195 hectares, and has been previously mined and drilled. Orpheus’ technical team has conducted desktop analysis on earlier exploration results, identifying a minimum of two coal seams varying in thickness from 4 to 12 metres, near surface.
Orpheus currently has an exploration target of 2.0Mt to 4.5Mt and has planned a 12 hole drilling program, each to a total depth of 100m, to delineate a JORC resource, expected to commence by end September 2012.
The CBP project is located approximately 10km south-west of Orpheus’ ADK project and is close to the river side barge loading facility at SKJM, located less than 5km away.
During the upcoming CBP drilling program, Orpheus will be developing its preliminary mine plan so that the project can rapidly move into production, planned to be by end October 2012. At this stage, it is anticipated that the CBP project will be mined at a rate of 50,000tpm, when in steady-state production.
According to companies press release, the HOA provides that Orpheus pays a purchase price of US$ 0.50 per tonne of JORC black coal resource. This is payable to PT Mega Coal in the following structure:
Stage 1: ~US$200,000 as a deposit prior to the establishment of a JORC resource;
Stage 2: On completion of Orpheus’ successful drilling program generating a JORC resource, Orpheus will pay Mega US$0.50 per tonne in cash, scrip or combination of both, at Orpheus’ election.
Executive Chairman Wayne Mitchell said, “The CBP transaction is very important for Orpheus as it is the next step in our strategy of bringing additional Kintap area satellite mines into production. CBP already has a production license, which means we can quickly start mining and exporting coal. In addition to our coal already coming out of ADK, Orpheus will soon be mining 100,000tpm from the South Kalimantan area.”
Orpheus and Mega Coal will now move to execute a Joint Venture Agreement over the CBP project.
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Saturday, 08 September 12
INDO INDIA ROUTE FREIGHT FOR SUPRAMAX REMAINS STRONG - CAPT. REDDY
COALspot.com - The freight market overall remained weak and except for cape index all other sectors were down. The biggest drop was in the Panamax s ...
Saturday, 08 September 12
RIO TINTO COMPLETES ACQUISITION OF BHP BILLITON'S INTERESTS IN RICHARDS BAY MINERALS
Rio Tinto has doubled its holding in Richards Bay Minerals (RBM) following the completion of its acquisition of BHP Billiton’s entire inte ...
Friday, 07 September 12
HBA GAINS $ 1.56 PER MT IN SEPTEMBER
COALspot.com - The Indonesian government’s declared coal reference price has gained US$ 1.56 per MT M-o-M. This is the first gain ...
Thursday, 06 September 12
SOME ANCHORED PANAMAX VESSELS WAITING FOR CARGOS TO COME
Handy
According to Fearnleys weekly report, in the smaller segments Fearnleys sees little to no changes since last week. There are still entering s ...
Thursday, 06 September 12
DRY BULK CARRIERS STILL IN HIGH DEMAND AMONG SHIP OWNERS, BUT NEWBUILDING ACTIVITY SLIDES IN AUGUST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The slide of the dry bulk market this year hasn't abated ship owners' appetite for dry bulk carriers, as evidenced by the steady interest expresse ...
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- Kobexindo Tractors - Indoneisa
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- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
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- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
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- Rio Tinto Coal - Australia
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- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
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- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
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- Global Coal Blending Company Limited - Australia
- Australian Coal Association
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- Coal and Oil Company - UAE
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- Medco Energi Mining Internasional
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- Merrill Lynch Commodities Europe
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- Petron Corporation, Philippines
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- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
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- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
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- Simpson Spence & Young - Indonesia
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- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
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- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
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- South Luzon Thermal Energy Corporation
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- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
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- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
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- Sical Logistics Limited - India
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- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
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- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
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- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
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- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
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- Indonesian Coal Mining Association
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- Ambuja Cements Ltd - India
- Central Electricity Authority - India
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- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
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- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
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