Monday, 12 Mar 2012
Bloomberg citing Mr Eduardo Alexandre National Mines Director as saying that Vale SA and Rio Tinto Plc are among the recipients of 20 coal prospecting licences issued by Mozambique for the Maniamba basin in northwestern Niassa province.
Mr Alexandre said the Maniamba basin covers 4,000 square kilometers and studies carried out so far have covered 870 square kilometres. He said that the government is working on a coal transportation system connecting the province.
Source - Bloomberg
Showing posts with label coal mining rights. Show all posts
Showing posts with label coal mining rights. Show all posts
Monday, March 12, 2012
Monday, February 27, 2012
Mozambique suspends Tete licencing
Monday, 27 Feb 2012
Reuters reported that Mozambique will not issue any more new coal prospecting licenses for its Tete province, where the likes of Rio Tinto and Vale have started a global rush in search for coking coal.
The former Portuguese colony has seen a flood of foreign investment on the back of a boom in its coal mining sector, with Tete estimated to hold one of the world's largest reserves of coking coal, used in the production of steel.
Those not already active in the country have been setting up offices in the southern African country, hoping to get a foothold there via future licensing rounds.
Mozambiue national mining inspector Mr Afonso Mabica told Reuters that “Tete is now overloaded with coal projects. We now want to concentrate on the existing licenses and projects. If we find companies which are not complying or giving up, we will take their licenses back. Eventually, we can decide to issue new licenses.”
The decision will not affect those who already hold a prospecting licence and who will eventually need to get a mining permit as their projects advance.
Official figures show some 112 coal licenses had been issued to 45 national and international companies for the Tete province. So far only Vale has begun exporting coal.
Earlier the minister for mineral resources said that a new mining law, which will go for approval in April, will not propose any changes to the current tax regime and any changes will be small and seek to streamline and simplify procedures rather than erect additional hurdles for investors.
Ms Esperanca Bias told a news conference that “The new mining law will not tamper with taxation. There is no need because we charge the same tax that is charged in the region, in the specific case of coal it is 3% of revenues.”
She said it would be unfair to change the taxes when apart from Vale the mining firms had yet to get any returns on their investment in the country.
(Sourced from Reuters)
Reuters reported that Mozambique will not issue any more new coal prospecting licenses for its Tete province, where the likes of Rio Tinto and Vale have started a global rush in search for coking coal.
The former Portuguese colony has seen a flood of foreign investment on the back of a boom in its coal mining sector, with Tete estimated to hold one of the world's largest reserves of coking coal, used in the production of steel.
Those not already active in the country have been setting up offices in the southern African country, hoping to get a foothold there via future licensing rounds.
Mozambiue national mining inspector Mr Afonso Mabica told Reuters that “Tete is now overloaded with coal projects. We now want to concentrate on the existing licenses and projects. If we find companies which are not complying or giving up, we will take their licenses back. Eventually, we can decide to issue new licenses.”
The decision will not affect those who already hold a prospecting licence and who will eventually need to get a mining permit as their projects advance.
Official figures show some 112 coal licenses had been issued to 45 national and international companies for the Tete province. So far only Vale has begun exporting coal.
Earlier the minister for mineral resources said that a new mining law, which will go for approval in April, will not propose any changes to the current tax regime and any changes will be small and seek to streamline and simplify procedures rather than erect additional hurdles for investors.
Ms Esperanca Bias told a news conference that “The new mining law will not tamper with taxation. There is no need because we charge the same tax that is charged in the region, in the specific case of coal it is 3% of revenues.”
She said it would be unfair to change the taxes when apart from Vale the mining firms had yet to get any returns on their investment in the country.
(Sourced from Reuters)
Sunday, February 12, 2012
Japanese minister seeks licence for Nippon Steel in Mozambique
Sunday, 12 Feb 2012
The Japanese Deputy Minister of Economy, Trade and Industry, Mr Tadahiro Matsushita has asked the Mozambican government to speed up the granting of a coal mining concession in the western province of Tete to the Nippon Steel Corporation.
Mr Matsushita made this request on Wednesday, during an audience granted by Mozambican President Armando Guebuza.
Nippon Steel has been exploring for coal in Revobue, near the mining concessions granted to Vale of Brazil and Riversdale of Australia (which has now been taken over by Rio Tinto). Now it needs to replace the exploration licence with a licence for a mining concession. Nippon Steel hopes to begin effective mining by 2014.
Mr Matsushita told reporters after the audience that "In the meeting with President Guebuza we spoke of coal exploration in Tete, because there is a Japanese company working on prospection which wants a licence for a mining concession. I asked the President to grant the licence as quickly as possible.”
He added that "We don't just want to extract coal, but we also want to rehabilitate infrastructures, train Mozambican staff, and help generate employment, thus contributing to Mozambique's development.”
The list of infrastructures that Japan wants to rehabilitate includes the northern port of Nacala and the road links from Tete to Nacala.
As for natural gas, Mr Matsushita said Japan sees that Mozambique has great potential in this area, and we are going to negotiate so that in future we can implement projects. There are many Japanese companies that have shown an interest in natural gas.
In order to step up cooperation between the two countries in mineral resources, two high level Mozambican delegations will visit Japan later this month. The first, led by the Minister of Mineral Resources, Esperanca Bias, will travel to Japan next week.
(Sourced from allafrica.com)
The Japanese Deputy Minister of Economy, Trade and Industry, Mr Tadahiro Matsushita has asked the Mozambican government to speed up the granting of a coal mining concession in the western province of Tete to the Nippon Steel Corporation.
Mr Matsushita made this request on Wednesday, during an audience granted by Mozambican President Armando Guebuza.
Nippon Steel has been exploring for coal in Revobue, near the mining concessions granted to Vale of Brazil and Riversdale of Australia (which has now been taken over by Rio Tinto). Now it needs to replace the exploration licence with a licence for a mining concession. Nippon Steel hopes to begin effective mining by 2014.
Mr Matsushita told reporters after the audience that "In the meeting with President Guebuza we spoke of coal exploration in Tete, because there is a Japanese company working on prospection which wants a licence for a mining concession. I asked the President to grant the licence as quickly as possible.”
He added that "We don't just want to extract coal, but we also want to rehabilitate infrastructures, train Mozambican staff, and help generate employment, thus contributing to Mozambique's development.”
The list of infrastructures that Japan wants to rehabilitate includes the northern port of Nacala and the road links from Tete to Nacala.
As for natural gas, Mr Matsushita said Japan sees that Mozambique has great potential in this area, and we are going to negotiate so that in future we can implement projects. There are many Japanese companies that have shown an interest in natural gas.
In order to step up cooperation between the two countries in mineral resources, two high level Mozambican delegations will visit Japan later this month. The first, led by the Minister of Mineral Resources, Esperanca Bias, will travel to Japan next week.
(Sourced from allafrica.com)
Thursday, February 9, 2012
Liberty Coal announces coal mine acquisition in Kentucky
Thursday, 09 Feb 2012
Liberty Coal Energy announced that on February 1st 2012, the Company entered into a letter of intent for the acquisition of private mineral leasehold rights to a certain coal mining property in Owsley County, Kentucky with AMS Development LLC and Colt Resources, Inc.
In consideration for the Letter of intent, Liberty will pay USD 20,000 within 5 days of the date of the Agreement, which will give Liberty 45 days to complete its due diligence, which is well underway. If the Company elects to proceed to development at the end of the due diligence period, it will pay an additional USD 60,000 to purchase the rights to the existing mining permit.
The Owsley property comprises approx 1000 acres of fee surface and coal rights, and has a mine plan in place and a phase 1 permit technically approved by the Kentucky Department of Natural Resources. The permit may be activated by posting the required reclamation bonds and liability insurance.
The surface mineable recoverable coal resource on the project is in excess of 2.6 million short tons. The coal mineable by augur methods is in excess of 950,000 short tons. An additional 2.2 million short tons are recoverable by deep mining, however underground coal is not part of the existing permit.
As part of the Agreement, the Company has agreed to enter into lease and royalty agreements with AMS Development LLC and Colt Resources, Inc., pursuant to which AMS and Colt would receive a royalty of USD 5.00 per tonne. Performance and minimum royalty provisions will apply.
Mr Ed Morrow president of Liberty said that "We are pleased to have access to this advanced project. We believe the project can be in production in approximately 90 days after ground breaking. We project initiation of development in Spring 2012."
Liberty Coal Energy announced that on February 1st 2012, the Company entered into a letter of intent for the acquisition of private mineral leasehold rights to a certain coal mining property in Owsley County, Kentucky with AMS Development LLC and Colt Resources, Inc.
In consideration for the Letter of intent, Liberty will pay USD 20,000 within 5 days of the date of the Agreement, which will give Liberty 45 days to complete its due diligence, which is well underway. If the Company elects to proceed to development at the end of the due diligence period, it will pay an additional USD 60,000 to purchase the rights to the existing mining permit.
The Owsley property comprises approx 1000 acres of fee surface and coal rights, and has a mine plan in place and a phase 1 permit technically approved by the Kentucky Department of Natural Resources. The permit may be activated by posting the required reclamation bonds and liability insurance.
The surface mineable recoverable coal resource on the project is in excess of 2.6 million short tons. The coal mineable by augur methods is in excess of 950,000 short tons. An additional 2.2 million short tons are recoverable by deep mining, however underground coal is not part of the existing permit.
As part of the Agreement, the Company has agreed to enter into lease and royalty agreements with AMS Development LLC and Colt Resources, Inc., pursuant to which AMS and Colt would receive a royalty of USD 5.00 per tonne. Performance and minimum royalty provisions will apply.
Mr Ed Morrow president of Liberty said that "We are pleased to have access to this advanced project. We believe the project can be in production in approximately 90 days after ground breaking. We project initiation of development in Spring 2012."
Thursday, January 26, 2012
Borneo Seeks to Acquire Thermal Coal Mining Rights in Kalimantan
Thu, 25 January, 2012Borneo Resource Investments Ltd. (OTCPK: BRNE) said it seeks to acquire highly prospective thermal coal mining rights primarily in East Kalimantan, Indonesia, a highly-stable mining jurisdiction.
"Our objective is to add value through grassroots exploration and target refinement and then seek option or joint venture partners through to production," Borneo Chairman and CEO, Nils Ollquist commented.
Borneo's business model is that of a Project Generator and coal trader. The Project Generator model is particularly suited to the company's ongoing interest in the East Kalimantan province where Borneo has a wealth of intellectual capital and experience.
To add to cash flow and reduce the need for dilutive financings to fund its activities, Borneo engages actively in coal trading. Management seeks to identify and broker transactions between buyers and sellers, earning a profit as the intermediary.
The company currently has interests in two thermal coal exploration projects in East Kalimantan province with an estimated resource potential of 12-14 million metric tonnes, pending confirmation by geological studies.
The first is an 80% interest in PT Chaya Meratus Primecoal, an Indonesian company holding exclusive exploration and development rights for up to 6,000 hectares in the Tanjung Area Basin of south east Kalimantan.
The second is an exploration and production license covering 1,300 hectares in the East Kalimantan province through an agreement with the concession holder, PT Integra Prime Coal.
The company also has an extensive pipeline of additional projects under review for potential licensing or acquisition. East Kalimantan has the distinction of being at the epicenter of thermal coal mining and exports from Indonesia.
For context, most of the country's coal mines, including the largest, are located in East and South Kalimantan and two of the world's largest coal mining companies, BUMI and Adaro Resources operate in the region. Our concessions show extensive coal formations at the surface, and preliminary field work by our field geologists give us a high level of confidence in the resource estimates previously mentioned.
Currently our projects do not have JORC-compliant resource estimates, which is one of the standards used in the mining industry to assure shareholders and other stakeholders that the resources a company says they have are in fact present.
"We are actively engaged in securing JORC estimates for both of our concessions, and will do so for all additional concessions we acquire. This will significantly increase our company's attractiveness to institutional investors," Borneo said.
(sourced:Theindonesiatoday.com)
Friday, September 30, 2011
Mining bil cleared, firms to share 26% profits with locals - NDTV
Friday, 30 September 11
NDTV reported that, The Union Cabinet cleared the draft mining bill aimed at regulating mining activities Friday. The bill proposes a profit-sharing system and bidding of mining rights. It will mandate coal companies to provide 26 per cent of post-tax profit for the welfare of affected people, a move intended to benefit mostly tribals.
Niraj Shah, Senior VP (Equity Research) at Fortune Financial Services (India) Ltd said, "The biggest negative will be on Coal India... 26 per cent profits would be transferred and will be calculated on previous years' profit. So, the EPS would be impacted."
Coal India slumped 3 per cent post the decision and was the top loser on the 30-stock Sensex.
Bhavesh Chauhan of Angel Broking said the biggest impact will be on Coal India followed by Hindustan Zinc. "For Coal India, there is a cushion of passing prices to customers because it sells coal at a subsidy," Mr Chauhan added.
Companies that have captive coal mines will also be affected, Mr Shah said. "Profit will be calculated on the basis of mine head costs and the transfer pricing, so power and steel companies will be impacted," Mr Shah added.
The Mines & Minerals (Regulation and Development) Bill, 2011, which seeks to replace a 1957 act, also provides for setting up of National Mining Regulatory Authority and Tribunal and formation of District Mineral Foundations in 60 mineral-rich districts across the country. The states will also be advised to set up authorities and tribunals on these lines.
The Bill, which advocates "sustainable and scientific" mining, also suggests non-coal miners like bauxite and iron ore firms to share an amount equal to that of royalty with local residents instead of just sharing profits.
A 10-member ministerial panel set up in June last year, has finalised the methodology ensuring that people in mineral-rich districts of Andhra Pradesh, Orissa, Chhattisgarh, Goa, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Uttar Pradesh and West Bengal get monetary benefits from mining.
If the bill is passed, an estimated amount of Rs. 10,000 crore (approximately US$ 2.042 billion) will be generated per year from miners and an average amount of Rs. 180 to 200 crore (approximately US$ 36,754,535 to 40,838,239) will be distributed among District Mining Foundations of 60 mineral rich districts that include 25 districts affected by Left Wing Extremism.
Mr Shah said money will be transferred to an escrow account that would be used for the benefit of the tribals.
(sourced NDTV)
NDTV reported that, The Union Cabinet cleared the draft mining bill aimed at regulating mining activities Friday. The bill proposes a profit-sharing system and bidding of mining rights. It will mandate coal companies to provide 26 per cent of post-tax profit for the welfare of affected people, a move intended to benefit mostly tribals.
Niraj Shah, Senior VP (Equity Research) at Fortune Financial Services (India) Ltd said, "The biggest negative will be on Coal India... 26 per cent profits would be transferred and will be calculated on previous years' profit. So, the EPS would be impacted."
Coal India slumped 3 per cent post the decision and was the top loser on the 30-stock Sensex.
Bhavesh Chauhan of Angel Broking said the biggest impact will be on Coal India followed by Hindustan Zinc. "For Coal India, there is a cushion of passing prices to customers because it sells coal at a subsidy," Mr Chauhan added.
Companies that have captive coal mines will also be affected, Mr Shah said. "Profit will be calculated on the basis of mine head costs and the transfer pricing, so power and steel companies will be impacted," Mr Shah added.
The Mines & Minerals (Regulation and Development) Bill, 2011, which seeks to replace a 1957 act, also provides for setting up of National Mining Regulatory Authority and Tribunal and formation of District Mineral Foundations in 60 mineral-rich districts across the country. The states will also be advised to set up authorities and tribunals on these lines.
The Bill, which advocates "sustainable and scientific" mining, also suggests non-coal miners like bauxite and iron ore firms to share an amount equal to that of royalty with local residents instead of just sharing profits.
A 10-member ministerial panel set up in June last year, has finalised the methodology ensuring that people in mineral-rich districts of Andhra Pradesh, Orissa, Chhattisgarh, Goa, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Uttar Pradesh and West Bengal get monetary benefits from mining.
If the bill is passed, an estimated amount of Rs. 10,000 crore (approximately US$ 2.042 billion) will be generated per year from miners and an average amount of Rs. 180 to 200 crore (approximately US$ 36,754,535 to 40,838,239) will be distributed among District Mining Foundations of 60 mineral rich districts that include 25 districts affected by Left Wing Extremism.
Mr Shah said money will be transferred to an escrow account that would be used for the benefit of the tribals.
(sourced NDTV)
Tuesday, February 1, 2011
Yanzhou Coal wins bid for coal mining rights in Inner Mongolia
Tuesday, Feb1, 2011 By China Knowledge
Yanzhou Coal Ordos Neng Hua Co Ltd, a wholly-owned subsidiary of Yanzhou Coal Mining Co Ltd, recently won the bid for the coal mining rights of the Zhuanlongwan coal mine in Dongsheng coal field in North China's Inner Mongolia Autonomous Region, sources reported.
The subsidiary has entered into a confirmation agreement with the region's Department of Land and Resources and will pay for 7.8 billion yuan for the mining rights.
The Zhuanlongwan coal mine, covering an area of 43.51 square kilometers, has total coal reserves of 548 million tonnes and is designed to produce 5 million tonnes of coal each year.
BHP puts coal prospecting rights up for sale in SA
1 Feb 2011
Johannesburg–BHP Billiton Energy Coal South Africa (Becsa) will divest some of its currently undeveloped coal prospecting rights to focus on its existing operations throughout South Africa.
Becsa on Monday reported that other industry members would be better positioned to develop these rights, potentially converting them into mining rights, in a more timely way.
The prospecting rights up for tender included Hartogshof, T-Project, Davel, Pegasus, Theunissen, Waterberg, Newcastle, Ermelo and Remhoogte.
“The divestment process will provide industry participants with an opportunity to maximise the benefit to the South African economy, which in turn can complement government’s increased focus on economic growth and employment creation,” said BHP Billiton South Africa chairperson Dr Xolani Mkhwanazi.
The company believed that the sale would contribute towards the objectives of the Mineral and Petroleum Resources Development Act and Mining Charter by promoting socioeconomic development and expanding opportunities for historically disadvantaged South Africans.
President Manie Dreyer noted that Becsa would continue to contribute towards the growth and welfare of its employees and the sustainable development of its host communities.
“We also aim to deliver value to our shareholders through the continued development of our existing operations. This divestment process will have no impact on Becsa’s current workforce,” he said.
BHP Billiton invited exploration, mining and development companies to participate in a public tender process for the sale of these rights.(sourced:Mariaan Webb)
Tuesday, January 25, 2011
CoAL project ‘less controversial’
Coal of Africa lodge mining right application at its Makhado coking coal project.
ALLAN SECCOMBE Published: 25 Janurary, 2011
COAL of Africa (CoAL) has lodged a mining right application for its Makhado coking coal project, which could supply ArcelorMittal SA with a vital ingredient for making steel, CEO John Wallington said yesterday.
CoAL has run into headwinds from environmentalists at its Vele project on the edge of the Mapungubwe World Heritage Site, which could be part of a large transfrontier park with Zimbabwe and Botswana.
Mr Wallington said much more detailed work was being done at Makhado than at Vele, both of which are in Limpopo. While Makhado is near game reserves, it should not attract as much opposition as Vele has, Mr Wallington said.
The Department of Mineral Resources could take a year to process the mining right application. CoAL is also working with the Department of Environmental Affairs to avoid a repetition of problems at its Mooiplaats mine in Mpumalanga where it ran foul of overlapping regulations between the two departments.
CoAL has consulted interested and affected parties around its Makhado project, which is contiguous to coal properties it bought from Rio Tinto, Mr Wallington said.
"Once the application is accepted by the department, extensive economic, social and environmental impact studies will be prepared as part of the process in formulating an extensive environmental management programme," he said.
Floods in Australia’s coal state, Queensland, and disruptions to the world’s leading supplier of coal would make the diversity offered by CoAL’s Makhado project a boon for shareholders and the province, he said. Source: www.businessday.co.za
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