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Monday, 12 November 12
BARGE-LOAD OF 5K TONNES OF COAL FROM THE ADK JOINT VENTURE SHIPPED LAST WEEK
COALspot.com - Orpheus Energy (ASX:OEG) has announced that, it has successfully shipped a 5,000 tonne of ADK thermal coal to an Indonesian trading group.
According to a note from Orpheus Energy, this shipment, the first since the recent unseasonal heavy rain and major flooding in the Kintap area, is a trial shipment for the trading group, which is negotiating with Orpheus to enter into a regular supply contract. The coal has a typical South Kalimantan product specification of 5500-5300 Kcal/Kg (ADB), and is low in ash and sulphur.
This trial shipment earns the ADK Joint Venture a ~$5 per tonne net margin (OEG has a 50% equity interest in ADK). Long-term and spot contracts are under negotiation for the current 50,000+ tonne stockpile and ongoing production.
- First coal sales achieved after recent flooding of South Kalimantan Kintap area
- Barge-load of 5000 tonnes from the ADK Joint Venture shipped last week
- 50,000+ tonnes on coal stockpile awaiting delivery to buyers this month
The SKJM port is located approximately 6km from the ADK coal mine. Travel time is about two hours by barge to ships offshore where the loading time is then about 6-7 hours per barge. There is sufficient infrastructure capacity at SKJM and the nearby SSDK port for Orpheus to achieve its initial production target of 50,000 tonnes per month.
Executive Chairman Wayne Mitchell said: “We are very pleased to report to shareholders that our ADK mine is operational again and that we are selling coal. Despite the current challenging trading conditions, Orpheus is still able to make a profit on sales, and as we ramp up production to our target 50,000 tonnes per month, the net margin is expected to increase. We are on target to becoming a cash-flow positive company in the near term”.
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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 ...
Sunday, 23 September 12
AN ANOTHER UNSTABLE WEEK FOR INDONESIAN COAL SWAPS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for November 2012 delivery lost 1.10 percent and 0.916 percent WOW and DOD respectively ...
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