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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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Monday, 07 September 09
VALE SPENT $300 MILLION AT MOZAMBIQUE COAL MINE
Bloomberg rported that, Vale SA, the world’s biggest iron- ore producer, has so far spent about $300 million of the $1.3 billion investment in ...
Monday, 07 September 09
INDIA MAY BOOST COAL IMPORTS FROM INDONESIA - PLAN JVS
WSJ reported taht, India agreed to study setting up joint ventures with Indonesian companies to acquire coal assets, and look at other means of impo ...
Monday, 07 September 09
INDIAN COAL MAY NOT POWER NEW UMPPS
The Economic Times reported that, bidders for new ultra mega power projects (UMPP) may not get assured coal supplies from domestic mines. As per the ...
Saturday, 05 September 09
THE ECI / CHINA (S7) ROUTE SOFTENED BY ALMOST 12% AND THE CHARTER HIRE WAS AT US$ 16,346 PER DAY - VISTAAR
COALspot.com (Singapore): The dry bulk market continued to be stable with the BDI almost same as last week at 2,415 points.The Panamax index went up b ...
Saturday, 05 September 09
SHANXI AIMS TO MAINTAIN 2009 COAL OUTPUT AT LAST YEAR'S LEVEL
Interfax-China reported that, Shanxi Province, the country's second-largest coal producing region, is aiming to keep its annual coal output a ...
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- The University of Queensland
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- Sree Jayajothi Cements Limited - India
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- New Zealand Coal & Carbon
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- Merrill Lynch Commodities Europe
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- Electricity Authority, New Zealand
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- Ministry of Mines - Canada
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- PTC India Limited - India
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
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- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
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- Gujarat Mineral Development Corp Ltd - India
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- Australian Coal Association
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- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
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- Attock Cement Pakistan Limited
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- Toyota Tsusho Corporation, Japan
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- Indogreen Group - Indonesia
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- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
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- Indonesian Coal Mining Association
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- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
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- The State Trading Corporation of India Ltd
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- Xindia Steels Limited - India
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- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Parliament of New Zealand
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
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- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
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