May 3, 2011

Rachmat Gobel, Fara Luwia buy Churcill

Churchill Mining Plc has agreed to sell 19.34 million of new ordinary shares at 40 pence per share to Indonesian's businessman Rachmat Gobel and businesswoman Fara Luwia, enabling Churcill to raise 7.7 million poundsterling or US$12.8 million.
The shares sale, done by a jointly-held company majority owned by Rachmat Gobel at a 60% premium to the 20-day volume weighted average share price as of April 28, is intended to bring to Churcill an Indonesian shareholder that has both the financial capacity and local presence necessary to help see the East Kutai Coal project through from its current legal challenges to its production phase.
In an official statement published by Churcill Mining today, following the completion of the shares sale, Rachmat Gobel and Fara Luwia jointly will hold approximately 16.5% of the enlarges issued ordinary share capital of Churcill.
Rachmat Gobel is the President Director and majority owner of PT Gobel International. It has partnership with Matsushita Corporation (now Panasonic Corporation), and is the local representative of Qatar Telecom in PT Indosat Tbk.
Fara Luwia is an Indonesian businesswoman who is currently developing one of the largest modern rice mills in Indonesia in partnership with a large global commodities trader based in Switzerland.
Previously, Fara Luwia was involved in the franchise business of major European brands in clothing and furniture, and was also active in real estate for more than 12 years.
Churchill Mining is a London-based listed company with thermal coal business in East Kutai Regency, Kalimantan. To date more than 2.73 billion tonnes of coal resource has been defined to JORC standard.  
The project is comprised of four contiguous coal concessions covering an area of 350 km2, with the resource as currently defined situated within two of the four concessions.  
Churchill has a 75% interest in the project, with its Indonesian partners the Ridlatama Group owning the remaining 25%. Churchill is working with the Ridlatama Group to develop the project. 
Churchill also retains an exposure to the manganese sector via its 18.45% shareholding in ASX-listed explorer Spitfire Resources Limited. 
Spitfire is exploring the South Woodie Woodie project in Western Australia, a project which covers more than 1,800 square kilometres of granted tenements and tenement applications. Spitfire also has a portfolio of thermal coal projects in Tasmania.
Disclosure: No position at the stock mentioned above.  

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1 comment:

Justin said...

There is a lot of movement among tenements at the moment - we have a number of mining tenements for sale