Thursday, 26 Jan 2012
US coal giant Peabody Energy has moved to capitalize on red hot demand for producing Australian coal mines, hiring UBS to find a buyer for its Wilkie Creek mine in Queensland state.
The mine, which produces over 2 million tons of thermal coal a year in the Surat Basin, is likely to interest North Asian buyers who already account for nearly all its exports.
Peabody acquired Wilkie Creek a decade ago, but sees it as non-core following its AUD 4.9 billion (USD 5.1 billion) takeover of Macarthur Coal last year. Macarthur’s mines are clustered in the Bowen Basin, so selling Wilkie Creek would allow Peabody to concentrate on its operations there.
The decision to sell Wilkie Creek, which has a resource of over 500,000 tons of thermal coal for use in power stations, was disclosed by Peabody in its full year earnings announcement Tuesday.
(Sourced from Wall Street Journal)
Showing posts with label thermal coal mines. Show all posts
Showing posts with label thermal coal mines. Show all posts
Thursday, January 26, 2012
Tuesday, November 22, 2011
Continental Coal update on operations and new coal project acquisition
Tuesday, 22 Nov 2011
African focused coal mining investment and production company Continental Coal Limited provide an update on operating and financial performance at its thermal coal mining and processing operations in South Africa and background on the strategic acquisition of the Wolvenfontein Coal Project.
Ferreira Coal Mine and Delta Processing Operations
During the month of October 2011, ROM coal production of 69,228 tonnes at the Ferreira Mine was achieved, 13% above the average monthly ROM production in the previous quarter. The Delta Processing Operations washed a total of 81,642 tonnes for the month.
Railings to the Richards Bay Coal Terminal from the Company’s Anthra Rail Siding for the month totaled 64,191 tonnes of high quality export thermal coal. This represents a 47% increase on the average monthly tonnes railed to RBCT during the previous 2011 quarter.
Vlakvarkfontein Coal Mine
During the month of October 2011, the Vlakvarkfontein Coal Mine achieved ROM coal production of 102,796 tonnes a 9% increase on the average monthly tonnes of ROM production in the September 2011.
Thermal coal sales from the Vlakvarkfontein Coal Mine to the South African domestic market of 117,122 tonnes of thermal coal were made during the month. This was approx. 9% below the record average monthly sales of 128,148 tonnes of domestic sales achieved in the previous quarter.
Wolvenfontein Coal Project
The Company’s South African subsidiary Continental Coal Limited has executed a Sale Agreement with South African based Universal Pulse Trading (Pty) Limited and completed the acquisition of a 100% interest in the Wolvenfontein Coal Project for total consideration of ZAR 10.4 million payable in equity.
The Wolvenfontein Coal Project is located approx. 80km east of Johannesburg and 4km south of the town of Delmas in the Nkangala District Municipality, Mpumalanga Province. The Company’s Vlakplaats Coal Project, which has total JORC compliant resources of 187.7 million tonne is located less than 5km to the east.
Key points:
1. Run of mine thermal coal production of 172,024 tonnes achieved at the Ferreira and Vlakvarkfontein Coal Mines for the month of October 2011 in line with annual target of 2 million tonne per annum
2. Ferreira Mine and Delta Processing Operations achieve record monthly run-of mine coal production and record high quality export thermal coal sales for the month of October
3. Ferreira and Vlakvarkfontein Coal Mines generate unaudited aggregate EBITDA of ZAR 10.1 million for the month of October and ZAR 38.9 million for the first 4 months of the financial year
4. Acquisition of the Wolvenfontein Coal Project, which has a JORC compliant resource of 36.7 million tonne and is strategically located to the east of the Company’s Vlakplaats Coal Project
African focused coal mining investment and production company Continental Coal Limited provide an update on operating and financial performance at its thermal coal mining and processing operations in South Africa and background on the strategic acquisition of the Wolvenfontein Coal Project.
Ferreira Coal Mine and Delta Processing Operations
During the month of October 2011, ROM coal production of 69,228 tonnes at the Ferreira Mine was achieved, 13% above the average monthly ROM production in the previous quarter. The Delta Processing Operations washed a total of 81,642 tonnes for the month.
Railings to the Richards Bay Coal Terminal from the Company’s Anthra Rail Siding for the month totaled 64,191 tonnes of high quality export thermal coal. This represents a 47% increase on the average monthly tonnes railed to RBCT during the previous 2011 quarter.
Vlakvarkfontein Coal Mine
During the month of October 2011, the Vlakvarkfontein Coal Mine achieved ROM coal production of 102,796 tonnes a 9% increase on the average monthly tonnes of ROM production in the September 2011.
Thermal coal sales from the Vlakvarkfontein Coal Mine to the South African domestic market of 117,122 tonnes of thermal coal were made during the month. This was approx. 9% below the record average monthly sales of 128,148 tonnes of domestic sales achieved in the previous quarter.
Wolvenfontein Coal Project
The Company’s South African subsidiary Continental Coal Limited has executed a Sale Agreement with South African based Universal Pulse Trading (Pty) Limited and completed the acquisition of a 100% interest in the Wolvenfontein Coal Project for total consideration of ZAR 10.4 million payable in equity.
The Wolvenfontein Coal Project is located approx. 80km east of Johannesburg and 4km south of the town of Delmas in the Nkangala District Municipality, Mpumalanga Province. The Company’s Vlakplaats Coal Project, which has total JORC compliant resources of 187.7 million tonne is located less than 5km to the east.
Key points:
1. Run of mine thermal coal production of 172,024 tonnes achieved at the Ferreira and Vlakvarkfontein Coal Mines for the month of October 2011 in line with annual target of 2 million tonne per annum
2. Ferreira Mine and Delta Processing Operations achieve record monthly run-of mine coal production and record high quality export thermal coal sales for the month of October
3. Ferreira and Vlakvarkfontein Coal Mines generate unaudited aggregate EBITDA of ZAR 10.1 million for the month of October and ZAR 38.9 million for the first 4 months of the financial year
4. Acquisition of the Wolvenfontein Coal Project, which has a JORC compliant resource of 36.7 million tonne and is strategically located to the east of the Company’s Vlakplaats Coal Project
Sunday, November 20, 2011
View Resources plans acquisition in coal sector in Kyrgyzstan
Sunday, 20 Nov 2011
View Resources is set to move into the coal space, with the acquisition of a 90% interest in two prospective coal assets in southern Kyrgyzstan.
The company has entered a binding Heads of Agreement to acquire 100% of the shares in Hong Kong based Oshpur, which holds 90% interests in the Sary-Mogol and Bel-Alma projects.
Subject to shareholder approval, the deal will be funded through staged payments of USD 2.6 million cash and the issue of 100 million shares and 500,000 performance shares in View.
Both projects are located close to the border of China, which is a likely end user of any coal produced, providing good access to a potential market.
In addition to the two projects included in the acquisition, the vendors of the projects will assist View in securing additional coal projects in Kyrgyzstan.
The Bel-Alma project is a potentially large tonnage, high quality thermal coal project, covering an area of 278 hectares with historical samples returning calorific values between 6500 kilocalories and 7150 kilocalories.
(sourced proactiveinvestors)
View Resources is set to move into the coal space, with the acquisition of a 90% interest in two prospective coal assets in southern Kyrgyzstan.
The company has entered a binding Heads of Agreement to acquire 100% of the shares in Hong Kong based Oshpur, which holds 90% interests in the Sary-Mogol and Bel-Alma projects.
Subject to shareholder approval, the deal will be funded through staged payments of USD 2.6 million cash and the issue of 100 million shares and 500,000 performance shares in View.
Both projects are located close to the border of China, which is a likely end user of any coal produced, providing good access to a potential market.
In addition to the two projects included in the acquisition, the vendors of the projects will assist View in securing additional coal projects in Kyrgyzstan.
The Bel-Alma project is a potentially large tonnage, high quality thermal coal project, covering an area of 278 hectares with historical samples returning calorific values between 6500 kilocalories and 7150 kilocalories.
(sourced proactiveinvestors)
Friday, November 18, 2011
Optimum Coal minorities to get takeover offer
Glencore had announced an expression of interest in a controlling stake that valued Optimum at R34 per share, offer to buy remaining shares will be made
Fri, Nov18, 2011
A CONSORTIUM of Glencore and Cyril Ramaphosa’s Lexshell will make a mandatory offer to Optimum Coal shareholders next year after it agreed to buy shares in the thermal coal company, lifting its stake to 65,14%, Optimum said yesterday.
The offer to buy the remaining shares in Optimum it does not own will be made at not less than R38 per share. In September, Glencore announced an expression of interest to acquire a controlling interest in Optimum with Mr Ramaphosa in a deal that valued Optimum at R34 per share.
The consortium told Optimum’s board that it was moving away from a general offer to buy the company to making a mandatory offer for the shares it does not own once it has regulatory approval to do so in the first quarter of next year.
"The consortium informed the board that it believes that it will be preferable to make the mandatory offer as opposed to the general offer, because the mandatory offer will be unconditional and capable of immediate implementation once accepted by Optimum shareholders," Optimum said.
Glencore, the world’s largest commodity trader, will assume marketing rights for Optimum’s coal after the consortium agreed to buy a 6,45% stake in Optimum held by Mercuria Energy Asset Management, which had the marketing contract.
This should take place from the middle of next year.
"Not only does Glencore have a strong balance sheet, but we believe the Ramaphosa interests will have benefited from the sale of Shanduka Resources’ Assore stake," said Imara SP Reid’s Steve Meintjes, referring to the R2,6bn raised by Shanduka from the sale of its 11,7% stake in Assore, a JSE-listed manganese, chrome and iron ore miner.
"We believe this deal is therefore beneficial for the company as it introduces shareholders with strong balance sheets capable of funding the available organic and acquisition growth opportunities.
sourced BusinessDay
Fri, Nov18, 2011
A CONSORTIUM of Glencore and Cyril Ramaphosa’s Lexshell will make a mandatory offer to Optimum Coal shareholders next year after it agreed to buy shares in the thermal coal company, lifting its stake to 65,14%, Optimum said yesterday.
The offer to buy the remaining shares in Optimum it does not own will be made at not less than R38 per share. In September, Glencore announced an expression of interest to acquire a controlling interest in Optimum with Mr Ramaphosa in a deal that valued Optimum at R34 per share.
The consortium told Optimum’s board that it was moving away from a general offer to buy the company to making a mandatory offer for the shares it does not own once it has regulatory approval to do so in the first quarter of next year.
"The consortium informed the board that it believes that it will be preferable to make the mandatory offer as opposed to the general offer, because the mandatory offer will be unconditional and capable of immediate implementation once accepted by Optimum shareholders," Optimum said.
Glencore, the world’s largest commodity trader, will assume marketing rights for Optimum’s coal after the consortium agreed to buy a 6,45% stake in Optimum held by Mercuria Energy Asset Management, which had the marketing contract.
This should take place from the middle of next year.
"Not only does Glencore have a strong balance sheet, but we believe the Ramaphosa interests will have benefited from the sale of Shanduka Resources’ Assore stake," said Imara SP Reid’s Steve Meintjes, referring to the R2,6bn raised by Shanduka from the sale of its 11,7% stake in Assore, a JSE-listed manganese, chrome and iron ore miner.
"We believe this deal is therefore beneficial for the company as it introduces shareholders with strong balance sheets capable of funding the available organic and acquisition growth opportunities.
sourced BusinessDay
Saturday, October 29, 2011
Coal ministry to display list of 54 coal blocks for allocation within 15 days
Sat,Oct29, 2011
PTI reported that the coal ministry will display within 15 days the list of 54 coal blocks to be allocated through competitive bidding and government nomination.
A 3 official said that "In another 15 days, we will come out with the list of 54 coal blocks to be given away through competitive bidding and government dispensation route." He added that the list of blocks will be displayed on the ministry's website.
He further said that these 54 blocks will be hopefully allocated in 2011.
Earlier the ministry had indicated that certain blocks out of 54 acreages that were tipped to be put up for competitive bidding will be awarded on a nomination basis. The government had not identified the reserves to be given either through nomination or competitive bidding.
The official said that "The exercise for identifying the blocks is under way."
In September 2011, the ministry had said it would allocate five blocks to NTPC through the dispensation route to help the state run power generating company meet requirement of its four thermal projects.
Mr Sriprakash Jaiswal coal minister had said in May 2011 that the proposed competitive bidding round for coal blocks in the country would be held soon. The proposal for auctioning the blocks through competitive bidding was first mooted for the first time over two years ago.
(Sourced from PTI)
PTI reported that the coal ministry will display within 15 days the list of 54 coal blocks to be allocated through competitive bidding and government nomination.
A 3 official said that "In another 15 days, we will come out with the list of 54 coal blocks to be given away through competitive bidding and government dispensation route." He added that the list of blocks will be displayed on the ministry's website.
He further said that these 54 blocks will be hopefully allocated in 2011.
Earlier the ministry had indicated that certain blocks out of 54 acreages that were tipped to be put up for competitive bidding will be awarded on a nomination basis. The government had not identified the reserves to be given either through nomination or competitive bidding.
The official said that "The exercise for identifying the blocks is under way."
In September 2011, the ministry had said it would allocate five blocks to NTPC through the dispensation route to help the state run power generating company meet requirement of its four thermal projects.
Mr Sriprakash Jaiswal coal minister had said in May 2011 that the proposed competitive bidding round for coal blocks in the country would be held soon. The proposal for auctioning the blocks through competitive bidding was first mooted for the first time over two years ago.
(Sourced from PTI)
Sunday, October 16, 2011
India decided to consider new policy for faster acquisition of overseas mineral assets
Sunday, 16 Oct 2011
ET reported that India has decided to consider a sovereign wealth fund to assist its state-run units acquire oil and mineral assets and related raw material abroad as part of its larger goal for achieving energy security and approved a new policy in this regard.
In a meeting of the union cabinet, chaired by Mr Manmohan Singh Prime Minister of India it was also decided to set up a Coordinating Committee of Secretaries under the cabinet secretary to ensure expeditious approvals and sanctions for acquisition of overseas assets.
The new policy comes against the backdrop of limited success of Indian state-run units such as Oil and Natural Gas Corp, Coal India and National Thermal Power Corp in acquiring oil blocks and ores abroad to meet the demand back home.
(Sourced from Economic Times)
ET reported that India has decided to consider a sovereign wealth fund to assist its state-run units acquire oil and mineral assets and related raw material abroad as part of its larger goal for achieving energy security and approved a new policy in this regard.
In a meeting of the union cabinet, chaired by Mr Manmohan Singh Prime Minister of India it was also decided to set up a Coordinating Committee of Secretaries under the cabinet secretary to ensure expeditious approvals and sanctions for acquisition of overseas assets.
The new policy comes against the backdrop of limited success of Indian state-run units such as Oil and Natural Gas Corp, Coal India and National Thermal Power Corp in acquiring oil blocks and ores abroad to meet the demand back home.
(Sourced from Economic Times)
Saturday, March 12, 2011
Mozambique Ncondezi Coal plans to invest $400 mln
Sat Mar 12, 2011 2:51pm GM
MOATIZE, Mozambique, March 12 (Reuters) - Mozambique coal company Ncondezi (NCCL.L: Quote) plans to invest up to $400 million in the Zambezi coal basin and is expected to start producing coal by 2015, Chief Executive Graham Mascall said on Saturday.
"We will invest between $380 and $400 million by (2019)," he said.
Ncondezi is planning to produce coal in the Zambezi coal basin of Mozambique in the same area where mines are being developed by Brazilian mining giant Vale (VALE5.SA: Quote) (VALE.N: Quote) and Riversdale Mining (RIV.AX: Quote).
It also hopes to export 10 million tonnes a year of thermal coal -- used to fuel power stations -- to the Indian market by 2015.
"We start by producing 2.5 million tones on coal by the first quarter of 2015 then expand our output," Mascall said, adding that the group may export coal to India, Brazil and China. (Reporting by Charles Mangwiro; editing by Gugulakhe Lourie, sourced :Thomson Reuters)
"We will invest between $380 and $400 million by (2019)," he said.
Ncondezi is planning to produce coal in the Zambezi coal basin of Mozambique in the same area where mines are being developed by Brazilian mining giant Vale (VALE5.SA: Quote) (VALE.N: Quote) and Riversdale Mining (RIV.AX: Quote).
It also hopes to export 10 million tonnes a year of thermal coal -- used to fuel power stations -- to the Indian market by 2015.
"We start by producing 2.5 million tones on coal by the first quarter of 2015 then expand our output," Mascall said, adding that the group may export coal to India, Brazil and China. (Reporting by Charles Mangwiro; editing by Gugulakhe Lourie, sourced :Thomson Reuters)
Sunday, February 13, 2011
Indonesian coal miner Riau Bara Harum eyes $500 mln IPO
Feb 11, 2011
Indonesian coal miner Riau Bara Harum aims to raise up to $500 million from an initial public offering (IPO) in the second half of the year, to tap investor demand in the world's biggest thermal coal exporting nation, sources with direct knowledge of the deal told Reuters on Feb 10.
The IPO would offer investors another opportunity to tap into high calorie coal assets, and could be the biggest thermal coal listing in the country for three years since PT Bayan Resources raised $529 million in 2008.
Riau Bara Harum, which has an estimated 200 to 300 million tonnes of reserves with a calorific value of between 6,100 to 6,200 kcal/kg, owns more than 24,000 hectares of mining areas in Riau on Sumatra island, said one of the three sources.
The firm aims to raise up to $500 million in order to expand its business as it has very little production at the moment, said another of the sources briefed on the IPO, adding that the firm expects to sell a 20 to 25 percent stake.
More private and state-owned firms are coming to the market this year to tap investor demand for Indonesian assets, though worries over inflation have driven the stock market down 9 percent this year after a 46 percent rally in 2010. (sourced:reuters)
Indonesian coal miner Riau Bara Harum aims to raise up to $500 million from an initial public offering (IPO) in the second half of the year, to tap investor demand in the world's biggest thermal coal exporting nation, sources with direct knowledge of the deal told Reuters on Feb 10.
The IPO would offer investors another opportunity to tap into high calorie coal assets, and could be the biggest thermal coal listing in the country for three years since PT Bayan Resources raised $529 million in 2008.
Riau Bara Harum, which has an estimated 200 to 300 million tonnes of reserves with a calorific value of between 6,100 to 6,200 kcal/kg, owns more than 24,000 hectares of mining areas in Riau on Sumatra island, said one of the three sources.
The firm aims to raise up to $500 million in order to expand its business as it has very little production at the moment, said another of the sources briefed on the IPO, adding that the firm expects to sell a 20 to 25 percent stake.
More private and state-owned firms are coming to the market this year to tap investor demand for Indonesian assets, though worries over inflation have driven the stock market down 9 percent this year after a 46 percent rally in 2010. (sourced:reuters)
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