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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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Thursday, 24 January 13
DRY BULK MARKET FALLS ON TROPICAL CYCLONE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been on the downside during the past couple of days, mainly as a result of the tropical storm which forced ports to close do ...
Tuesday, 22 January 13
PORT OF ANTWERP HANDLES 7.0 PERCENT MORE COAL IN 2012 Y-Y
COALspot.com - The port of Antwerp handled 184,134,516 tonnes of freight last year.
This represents a drop of 1.6% compared with 2011, when the v ...
Monday, 21 January 13
NEWCASTLE PORT SHIPPED 10.21 PERCENT LESS COAL W/E 21 JANUARY 2013
COALspot.com - Newcastle port in Australia has loaded 2,804,152 MT of thermal and coking coal for week ended 0700 hours 21 January 2013, Newca ...
Monday, 21 January 13
PANAMAX DRY BULK CARRIERS AND AFRAMAX TANKERS PROVED TO BE THE "WEAPON OF CHOICE" FOR MOST SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
With ship financing getting ever so difficult to procure during the past year or so, ship owners had to get creative in order to persuade banks and ...
Sunday, 20 January 13
Q1 & Q4 SUB-BIT FOB INDONESIA COAL SWAPS: FIRM
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) and CFR South China coal shipment for average Q1’ 2013 delivery have gained 0.81percent and ...
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- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
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