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Wednesday, 16 December 09
KANGAROO RESOURCES TO ACQUIRE INDONESIAN COAL INTERESTS
 Emerging coal producer Kangaroo Resources has significantly enhanced its production pipeline in Indonesia after reaching agreement to acquire a coking coal project in East Kalimantan.
Under an agreement with TSX-listed mining company SouthGobi Energy Resources Kangaroo will acquire all of SGER’s mining assets in Indonesia, including their 85% interest in the Mamahak Coking Coal Project for US$1 million in cash and the issue of 50 million KRL shares.
The acquisition increases the total number of coal projects in KRL’s portfolio to eight, representing another major milestone in the Company’s rapid transformation into a significant Indonesian coal producer.
The Mamahak Project has a JORC resource of 10.22Mt of high-quality coking coal, extensive infrastructure capable of supporting up to 1.5Mtpa coal production and a large 30,000 tonne coking coal stockpile ready for immediate delivery.
The acquisition is consistent with KRL’s strategy of building a sustainable mid-tier mining house over the medium term, focusing on Indonesian coal and using the considerable experience and expertise of its exceptional in-country partners.
Kangaroo’s strategy entails vending in valuable new coal projects, while at the same time continuing to work towards production in the short term from at least two existing projects. The Company is targeting up to 1-2 million tonnes* production in 2010, ramping up progressively thereafter to ultimately achieve up to +10 million tonnes coal per annum from operations within 2-3 years.
Kangaroo Resources
Kangaroo Resources Limited is a coal-focused Company on the Australian Securities Exchange (ASX:KRL). The Company is debt-free and has coal assets in Indonesia, as well as various assets in Australia, including iron ore, base metals and gold. Kangaroo Resources will be targeting production from its first coal operation in Indonesia in December 2009 and plans to bring other coal mines into production thereafter. The Company ultimately aims to leverage off its strong Indonesian relationships to build a robust mining house, with strong cash flows and an exciting funnel of new projects.
Source: Proactive Investors
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Tuesday, 13 October 09
INDIA INTERESTED IN AMERICAN COAL
UPI reported that, Coal India Ltd. in its global expansion efforts is now interested in coal properties in the United States.
The Business Standard ...
Tuesday, 13 October 09
RIVERSDALE MAY USE ZAMBEZI RIVER TO TRANSPORT MOZAMBIQUE COAL
Mining Weekly reported that, ASX-listed coal-miner Riversdale Mining would submit a feasibility study and an environmental-impact study (EIS) for it ...
Monday, 12 October 09
INDONESIAN COAL MINER SAYS PLANS IPO IN 2010
Reuters reported that, Indonesian coal miner PT Bhakti Energi Persada plans an initial public offering in the first quarter of 2010 to develop coal ...
Monday, 12 October 09
BISICHI MINING FINALIZES COAL SUPPLY CONTRACT FOR 2010-2012
Small Cap News reported that, Bisichi, the South Africa based coal mining group, has agreed a three year coal supply contract between its principal ...
Monday, 12 October 09
SHANDUKA BUYS SACMH RICHARDS BAY COAL ALLOCATION
* Shanduka Coal takes SACMH 500,000T export space
* RBCT must approve any change of ownership
Reuters reported that, South Africa's Shanduka Co ...
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