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Friday, 04 December 09
KALIMANTAN GOLD AGREES TO SELL IBP COAL CONCESSION
 COALspot.com ( Press Release): Kalimantan Gold Corporation Limited ("KLG" or the "Company"), which undertook drilling and had an option at the IBP coal concession in East Kalimantan (the "Coal Project"), is pleased to announce that it has successfully negotiated an agreement to sell the IBP coal concession on behalf of the shareholders of PT Indobara Pratama ("IBP"). Daun Consulting Limited ("DCL") a Singapore-based business and finance company which has acted as agent for a Coal Investment Entity (the "Buyer"), have agreed to terms with the shareholders of IBP which are subject to the payment by the Buyer of a US$ 1 million escrow deposit, successfully completing three months due diligence and the conclusion of an IBP/DCL Share Purchase Agreement (the "SPA").
In consideration of KLG's work, the IBP selling shareholders will pay KLG US$1.37 million as to US$1 million upon completion of the SPA (projected to take place in April 2010) with the balance payable within 12 months of the first payment. In addition, KLG would be entitled to a production royalty of US$ 0.40 per tonne of coal produced from the Coal Project.
KLG will assist DCL in its due diligence, negotiations of off-take arrangements and planning mine development for which DCL will pay KLG fees of US$4.766 million, payable as to US$0.5 million upon satisfactory intermediate due diligence reporting after six weeks from due diligence commencement (projected to commence by early January 2010); a further US$2.2 million payable upon DCL signing the SPA; and US$2.066 million upon the commencement of mining of coal from the Coal Project. In addition DCL will pay KLG a production royalty of US$ 0.10 per tonne of coal produced from the Coal Project.
Commenting on the arrangement, Rahman Connelly CEO, said "Subject to completion by the parties, KLG will receive total cash payments of US$6.136 million and production royalties of US $0.50 per tonne. Given DCL's intention to commence mining during the second half of 2010, scaling up to production of 10 million tonnes annually, the most significant benefit to KLG will be the royalties of US$ 0.50 per tonne."
KLG's Coal Division is sourcing new coal areas to upgrade through drilling, with the objective of earning a share of the sale proceeds (as with IBP) or to earn an equity interest in the project.
The Coal Project
The Coal Project is already permitted for production and has the potential to be an open-cut coal mine. KLG completed a 4600m drilling program on the concession that indicates a potential deposit of 270 MTs of between 4,894 and 5,376 kcal/kg coal (air dried basis), with low ash and low sulfur content.
About Daun Consulting Limited (DCL) Singapore
DCL is a Business/Finance Consultancy, headed by Bryan Yap, former Citibank and Deutsche Bank Executive. DCL is the organizer of a Coal Investment Entity targeting US$200 million investment, owning a portfolio of coal mines with 300-500 million ton reserves and producing 15-20 million ton/year in Indonesia. DCL targets strategic investors/coal consumers/ power plants; mine owners and financial investors in High Yielding Asset Backed investments. Further information may be obtained through coal@daunconsulting.com.
About Kalimantan Gold
Kalimantan Gold is a junior exploration company listed on both the TSX Venture Exchange in Canada and on the London AIM market. The Company is active in Indonesia where it has three areas of interest: the Jelai epithermal gold prospect in East Kalimantan; coal opportunities, also in East Kalimantan and a Contract of Work in Central Kalimantan with multiple porphyry copper and gold prospects.
Source: www.kalimantan.com
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Wednesday, 25 November 09
NAPOCOR SCRAPS AWARD OF 715,000 TONS COAL
Top Philippine electricity producer National Power Corp. (Napocor) said on Wednesday it had cancelled plans to award 715,000 tons in coal supply con ...
Wednesday, 25 November 09
RISING FREIGHT RATES HIT COAL IMPORTERS
While state-owned NTPC’s 12.5 million tonne coal import order may have been aimed at plugging the shortage of coal at its thermal power plants ...
Wednesday, 25 November 09
CSN TO BUY RIVERSDALE STAKE TO BOOST COAL SUPPLIES
Cia. Siderurgica Nacional SA plans to buy 16.3 percent of Australian coal-exploration company Riversdale Mining Ltd. for about A$190.5 million ($175 ...
Tuesday, 24 November 09
ICRA DOWNGRADES TNPL`S RATING TO LAA
Credit rating agency, ICRA has revised the long term rating for the Rs 11.25 billion long-term fund-based bank facilities and Rs 1.5 billion non-con ...
Monday, 23 November 09
INDONESIA MINING RULE THREATENS INVESTMENT DRIVE
A new Indonesian mining rule, limiting contract work that can be outsourced and favouring local players, is shaping up as a new blow to plans ...
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- Global Green Power PLC Corporation, Philippines
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- Bangladesh Power Developement Board
- Wilmar Investment Holdings
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- Georgia Ports Authority, United States
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- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
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- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
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- Planning Commission, India
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- Karaikal Port Pvt Ltd - India
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- Meenaskhi Energy Private Limited - India
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- International Coal Ventures Pvt Ltd - India
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- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- The University of Queensland
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
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- Jaiprakash Power Ventures ltd
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- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
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- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
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- Directorate General of MIneral and Coal - Indonesia
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- Baramulti Group, Indonesia
- Ministry of Mines - Canada
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- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
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- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
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- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
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- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
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- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
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- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Indonesian Coal Mining Association
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- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
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- Minerals Council of Australia
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
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- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
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- Manunggal Multi Energi - Indonesia
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