Advaita Canning Resources
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Advaita Canning Resources is a subsidiary of the privately-owned Singapore-based coal exploration and development company Advaita Power Resources Pte Ltd.
Contents
Background
A media release announcing a Advaita deal states that the company was:[1]
- "founded by Mr. Hari Kiran Vadlamani, who was earlier the co-founder of a successful power development company in India. Advaita is aiming to become a preferred fuel supply partner for Indian power producers and has mandates for coal supply from several power companies setting up over 10 GW of imported coal-based power capacity in India."
- "Advaita’s strategy is to acquire and develop coal assets, either in its own right or in partnership with overseas mining companies or Indian Power Developers. Advaita believes that blending low rank coal from Indonesia with coal from Australia/Mozambique would be an ideal solution for Indian power projects.
Advaita holds various equity and exploration interests for coal in Indonesia, Australia and South Africa and a 15% strategic investment in Churchill Mining Plc , an AIM-listed company with a 2.73 billion tonnes JORC coal resource in East Kalimantan."
Kimberley coal interests
Advaita Canning Resources entered into a Heads of Agreement with Cullen Resources, a Sydney headquartered mining exploration company, for a stake in the Canning Basin Coal Project (Cullen Resources) a coal exploration project west of Broome in the Canning Basin in the Kimberley region.
Under the terms of the agreement, which related to coal rights only, Advaita Canning Resources agreed to pay Cullen $100,000 in August 2010 with an undertaking to:[1]
- "commit to complete ~3000m planned drilling on E04/1836 in FY 2010-2011, for which Cullen is entitled to receive a grant of $95,000 from the Western Australian Government;"
- "Advaita to spend $1.5M before October 31st 2012 to earn 75%, including minimum $500,000 before October 31st 2011;"
- "Advaita to then sole fund a further $2.0M on exploration and maintaining tenements in good standing;"
- "Thereafter, Cullen can contribute at 25%, or take a 20% Free Carried Interest to Decision to Mine based on a Bankable Feasibility Study."
In February 2012 Cullen announced that they had agreed to vary the terms of the agreement so that Advaita only had to spend "a minimum of $1,000,000 before October 31st 2013 to earn a 75% interest (to include ~$550,000 spent to date)".[2]
Articles and resources
References
- ↑ 1.0 1.1 Cullen Resources, "Energy Investment Company “Advaita” Farms into Canning Basin Coal Project, Western Australia", Media Release, July 15, 2010.
- ↑ Cullen Resources, "Canning Basin Coal Project JV – Plans For Follow - Up Drilling", Media Release, February 20, 2012.
