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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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Saturday, 24 October 09
ADANI, MMTC IN RACE TO SUPPLY COAL TO GSECL
Business-Standard reported that, as many as five companies are in fray to supply 15 lakh (1.5 million) metric tonnes of non-coking steam (ther ...
Saturday, 24 October 09
INDONESIA STATE POWER FIRM PLANS TO DELAY COAL SUPPLIES
Indonesia's state-controlled electricity company is negotiating with two coal producing firms to delay plans to supply coal to a power plant in Wes ...
Friday, 23 October 09
MONGOLIA LISTS 8 POTENTIAL BIDDERS FOR COAL PROJECT
Reuters reported that, Mongolia has shortlisted eight potential partners for its huge Tavan Tolgoi coking coal project, according to Temuulen Ganzor ...
Friday, 23 October 09
2010 WILL BE 'BRIDGE YEAR' FOR COAL - CONSOL CHIEF
Mining Weekly reported that, After a difficult 2009, 2010 will likely be a “bridge” year for the US coal industry, followed by improved ...
Friday, 23 October 09
INDIAN GROUP INTERESTED IN MOZAMBICAN COAL
Mining Weekly reported that, India’s leading steelmaker, the Steel Authority of India Limited (Sail), has confirmed that it is seeking to acqu ...
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- Minerals Council of Australia
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- The University of Queensland
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- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
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- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
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- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
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- Bhoruka Overseas - Indonesia
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- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
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- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
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- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
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- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
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- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
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- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
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- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Australian Coal Association
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- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
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- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
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- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
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- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
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- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
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- Bukit Makmur.PT - Indonesia
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- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- White Energy Company Limited
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
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- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
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- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
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- Ministry of Transport, Egypt
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- ICICI Bank Limited - India
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