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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, 12 September 09
$1.5B KALIMANTAN COAL RAIL TENDER EXPECTED BY YEAR-END
The Jakarta Globe reported that, In the second announcement on major coal-railway projects in as many days, Central Kalimantan’s top official ...
Friday, 11 September 09
INDONESIA COAL-PRICES AT $66, SUPPLIERS OFFER AT BARGAIN PRICES
Some Indonesian producers were rushing to sell coal at bargain prices to ease excess stocks and catch shipments before the Muslim Eid Al-Fitr festiv ...
Friday, 11 September 09
ALPHA NATURAL EXPECTS HIGHER MET, STEAM COAL PRICES IN 2010
Mining Weekly reported that, There are encouraging signs that metallurgical coal demand in most key global markets is either returning or poised to ...
Friday, 11 September 09
POWER SECTOR'S DEPENDENCE ON COAL TO CONTINUE
The power sector will continue to be largely dependant on coal-based thermal power plants to meet its energy needs for the next 15-20 years, Power S ...
Friday, 11 September 09
L&T EYES AUSSIE COAL MINE
Commodity Online reported that, Larsen and Toubro is in talks to buy a thermal coal mine in Australia for about $300 million. Thermal coal is used f ...
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- Edison Trading Spa - Italy
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- The Treasury - Australian Government
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- Australian Commodity Traders Exchange
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- London Commodity Brokers - England
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- Medco Energi Mining Internasional
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- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
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- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
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- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
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- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
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- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
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- Carbofer General Trading SA - India
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- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
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- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
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- Orica Mining Services - Indonesia
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- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
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- The University of Queensland
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- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
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- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
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- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
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- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
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- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
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- Timah Investasi Mineral - Indoneisa
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Indian Energy Exchange, India
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