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Friday, 01 February 13
ORPHEUS SELLS B26 COAL PROJECTS FOR US$ 2 MILLION TO FOCUS ON SOUTH KALIMANTAN
 COALspot.com - Orpheus Energy Limited (ASX: OEG) has announced that it has sold its 51 percent equity stake in the East Kalimantan coal projects, Block 2 and Block 6 (B26), back to the company’s Joint Venture partner, PT Mega Coal, for US$2m.
According to company’s ASX release, the sale price represents a ~17 percent profit margin to Orpheus when taking into account the acquisition and development costs of the projects paid by the company to date.
The sale proceeds will significantly strengthen Orpheus’s balance sheet as it moves towards achieving positive cash flow from existing production operations at the Kintap ADK mine. This allows the company’s operational team to more efficiently develop its long-term target area of South Kalimantan in Indonesia.
- B26 project sold at a ~17% profit to JV partner, PT Mega Coal
- Sale significantly strengthens balance sheet
- Enables focus on South Kalimantan projects and
- Strong cash position of over $3m upon receiving funds – well funded to assess acquisition opportunities
The South Kalimantan development program includes increasing production at the Kintap ADK mine, bringing proximal projects into production in the near term, and developing independent infrastructure t o support t he company’s mining operations. Additionally, Orpheus’s geological team will no w be focused on identifying a large exploration target in the South Kalimantan area for resource definition and mining development.
Under the terms of the binding Heads of Agreement, the US$2m payment will be made to Orpheus by 8 March 2013.
Executive Chairman Wayne Mitchell commented: “Orpheus is delighted to have completed the B26 sale as it enables our technical team to focus on our South Kalimantan assets which have the potential for increasing our production profile. Our mining activities at South Kalimantan are much simpler given low strip ratios, thicker seams and good access to critical infrastructure.
“ Additionally, to have sold B26 at a significant profit bolsters our existing cash reserves and provides us with the working capital to more quickly execute on our stated objective of bringing a large coal resource project into the portfolio.
“ Orpheus continues to work with its partner PT Mega Coal to assess further opportunities to deliver value from its existing assets and identify larger projects with suitable exploration targets and a clear path to development.”
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Friday, 08 February 13
NORTH P&I CLUB WARNS OF LIQUEFACTION RISK FOR BAUXITE CARGOES
The ‘A’ rated 170 million GT North P&I club has warned shipowners carrying bauxite aluminium ore cargoes that they have the potentia ...
Thursday, 07 February 13
CHINA NDRC APPROVED 10 BILLION YUAN POWER GENERATION PROJECTS
NDRC of China currently announced that some of power grid and power station in Jiangxu, Sichuan and Anhui Province would be newly constructed or ext ...
Thursday, 07 February 13
CAPESIZE : MORE ACTIVE WEEK IN THE PACIFIC - FEARNLEYS AS
Handy
The Atlantic market remained stable with no significant movement in rates. Rates from USG to FEast were around USD 18k and Black Sea to Feast ...
Thursday, 07 February 13
WEAK STEEL MARKET MEANS IRON ORE RALLY LIKELY TO END SOON - FITCH
The sharp rebound in iron ore prices over the last couple of months will hurt margins at non-integrated steel producers in the first quarter of 2013 ...
Tuesday, 05 February 13
THE SHIPPING SECTOR IS " NAVIGATING IN STORMY WATERS" - PWC
The vulnerabilities of the global economy have been exposed and have more than played their part in making 2011 one of the worst years of shipping i ...
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- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Australian Coal Association
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Planning Commission, India
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
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