Posts Tagged ‘New Agreement’

ASX Company News: Bathurst Resources Secures Agreement For Port Access

Tuesday, February 22nd, 2011

Bathurst Resources Limited (BTU) has announced it has entered into a heads of agreement with Westport Harbour to gain exclusive use of a coal handling facility to ship coal from the company’s Buller project. This is a key milestone in finalising the logistics chain that will see the value of the Buller coal field realised in international markets. Under the agreement, Westport Harbour will construct a coal unloading system, stockpile area, ship loader and a wharf.

Coal will be transported by rail from the Buller coal project to the port from where Westport Harbour will provide coal handling services to receive, unload, stockpile, store and load vessels. Bathurst will pay Westport Harbour for the use of the facility and the provision of coal handling services. Coal volumes are expected to reach 2 million tonnes within 3 years. The project will inject significant investment into Westport providing employment not just in the construction phase but also in the ongoing provision of coal handling services.

Commenting on today’s announcement, Bathurst’s CEO Hamish Bohannan said: “We look forward to working with Westport Harbour to finalise the agreement that should lead to the development of not only the necessary infrastructure for the project but also a first class facility for Westport”

Bathurst Resources Limited is an Australian listed company focused on becoming a producer of high quality coking and thermal coal to niche export markets. The Buller Coal project is Bathurst Resources’ flagship project and is known for its high quality, low ash and high fluidity coking coals. Bathurst acquired the Buller project through the acquisition of L&M Coal Limited. The Buller project area comprises three permits surrounding state-owned Solid Energy’s Stockton opencast mining operation. In November 2010 Bathurst entered into a Share Purchase Agreement with Galilee Energy Limited to acquire its New Zealand coal assets owned by its wholly owned subsidiary Eastern Resources Group Limited. The acquisition, which is expected to be completed during the March quarter 2011, includes the Whareatea West coal project adjacent to the Buller project as well as two operating coal mines – Cascade adjacent to the Buller operations and Takitimu in Ohai region of New Zealand.

www.bathurstresources.com

http://www.traderdealer.com.au/Fundamentals/btu

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ASX Company News: Phoslock Water Solutions Signs Significant US Distribution Agreement

Friday, January 28th, 2011

Phoslock Water Solutions (PHK) has signed a major Distribution Agreement covering all states of the United States with SePRO Corporation, the industry leader in North America in the arena of weed and algae management in lakes, rivers, streams, reservoirs and storm water containment ponds. SePRO currently provides and supports a full line of aquatic plant and algae management products (25). Phoslock will be added to this product line as an environmentally friendly phosphorus absorber, and as a sediment capping agent to significantly reduce the re-release of phosphorus. The Distribution Agreement is for an initial 5 year period and includes large annual purchase obligations by SePRO. The Contract with SePRO requires a significant initial order. It is intended that Phoslock will be sold both as a standalone product used in conjunction with SePRO products and also potentially formulated in other SePRO products. A second Distribution Agreement covering Aquaculture and Retail Products with SePRO for the United States market is currently being finalised.

PWS General Manager for North America, Mr Eddie Edmunds said SePRO was a great fit for Phoslock. The SePRO Aquatics Team is made up of 13 Aquatics Specialists who have all been trained in the science of aquatic plant and algae management. The SePRO sales team supports a network of over 160 accredited applicator companies spread throughout the United States. The accredited applicators maintain strong local relationships with the lake management companies, lake associations, state and federal water body organisations and aquatic management companies.

SePRO Corporation (SePRO) is based in Indiana, United States. SePRO’s key business segments include the US Aquatics Industry, Greenhouse/Nursery markets and Professional Turf/Landscape Management. SePRO is the industry leader in North America in the arena of Weed and Algae management in lakes, rivers, streams, reservoirs and storm water containment ponds. SePRO currently supports a full line of aquatic herbicides and algaecides (25 products) and is very involved in the field of aquatic plant and algae management. The Aquatic Business Unit is SePRO’s largest division. SePRO has sustained quality relationships and partnerships with the largest lake and pond management firms throughout the US. SePRO has an extensive network of customers in the water resource management field that include professional aquatic applicators, lake management firms, engineering companies, water companies, lake associations, individual pond owners, and government agencies.

PWS has worldwide exclusivity for the sale and marketing of Phoslock, a technology developed by the Australian government scientific body CSIRO. Phoslock removes phosphorus and harmful contaminants and has been applied in over 200 water bodies and used in over 20 countries since it was commercialised in 2005. PWS is headquartered in Sydney, Australia and has offices in Kunming, China and European Operations (covering 16 countries) in Bremen, northern Germany. Phoslock is represented by licensees and agents in ten other countries.

www.phoslock.com.au

http://www.traderdealer.com.au/Fundamentals/phk

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Crown Game Change in Cannery Transaction

Monday, March 16th, 2009

Millennium Gaming and an affiliate of Oaktree Capital Management, L.P. (collectively, the “Sellers”) and Crown Limited (CWN) terminated the Cannery Purchase Agreement which was entered into in December 2007.  The parties recognised that the preconditions to completion would not be satisfied in time to allow the purchase as proposed to proceed.  A termination fee of US$50 million, due under the Cannery Purchase Agreement, has been paid by Crown to the Sellers. 

Crown and the Sellers have also entered into further binding commitments in relation to Cannery.  In summary, Crown will pay US$370 million for an approximate 24.5% equity interest in Cannery in a two step regulatory process and will have an option to acquire the balance of the equity interests on a debt free basis for approximately US$1.4 billion exercisable at any time over the next 2 years but each of the two transactions is subject to regulatory approval. If the regulatory approval for issue of the preferred instrument is not received within the timeframes set out above, Crown will have paid a total termination fee of US$250 million and have paid US$40 million for an approximate 4.1% preferred interest in Cannery. 

http://www.crownlimited.com  

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Rio Tinto Sells Jacobs Ranch Coal Mine for US$761 million

Tuesday, March 10th, 2009

Rio Tinto has signed a sale and purchase agreement to sell its Jacobs Ranch coal mine to Arch Coal, Inc. for a total cash consideration of US$761 million. Completion of the transaction remains subject to customary closing conditions, including regulatory approvals.

“The sale of Jacobs Ranch is a further illustration of the high quality of our assets and the strong value we are able to obtain for shareholders,” said Guy Elliott, chief financial officer, Rio Tinto. “This brings the total asset sales announced this year to US$2.5 billion.”

Jacobs Ranch, located south of Gillette, Wyoming in the southern portion of the Powder River Basin, mines steam coal and ships it to customers throughout the United States. In November 2007, Rio Tinto Energy America (RTEA) – a business unit that operates US coal mines mainly in the Powder River Basin of Wyoming and Montana, including Jacobs Ranch – was identified for divestment. The process of divesting RTEA, which will remain one of the largest coal producers in the U.S. following this transaction, will continue. 

During 2008, Rio Tinto realised almost US$3 billion from asset sales, comprising the Greens Creek mine in Alaska for US$750 million, its interest in the Cortez operation in Nevada for US$1.695 billion and the Kintyre uranium project in Western Australia for US$495 million. In January 2009, the Group announced the divestment of its interest in the Ningxia aluminum smelter in China for US$125 million as well as its potash assets and Brazilian iron ore operation for US$1.6 billion. 

http://www.riotinto.com/

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