http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.19Change: -0.04
R/$ = 12.10Change: 0.05
Au 1179.46 $/ozChange: 3.26
Pt 1125.00 $/ozChange: 2.50
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Letters Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Mar 28, 2012

Company Announcement: CIC Energy Announces Investment By Vitol As A Strategic Partner

Back
Expertise|Maputo|Port|Africa|CIC Energy Corp.|CoAL|Diesel|Export|Grindrod|Grindrod Limited|Johannesburg Stock Exchange|LNG|Ports|Projects|System|Transnet|Transnet SOC Limited|Vitol Energy Ltd.|Vitol Group|Africa|Botswana|Mozambique|South Africa|CAD|Matola Coal Terminal|Matola Terminal|Energy|Energy Trader|Fuel Oil|Logistics|Logistics Solution|Products|Services|Greg Kinross|Rail|BIOFUELS|Diesel
Expertise|Port|Africa|CoAL|Diesel|Export|Grindrod|LNG|Ports|Projects|System|Transnet||Africa||||Energy|Logistics|Products|Services|Rail|
expertise|maputo|port|africa-company|cic-energy-corp|coal|diesel-company|export|grindrod|grindrod-limited|johannesburg-stock-exchange|lng|ports|projects|system|transnet|transnet-soc-limited|vitol-energy-ltd|vitol-group|africa|botswana|mozambique|south-africa|cad|matola-coal-terminal|matola-terminal|energy|energy-trader|fuel-oil|logistics|logistics-solution|products|services|greg-kinross|rail|biofuels|diesel
Download PDF
CIC Energy Corp (0.06 MB)
 

CIC Energy Corp. is pleased to announce it has completed a private placement with Vitol Energy Ltd. a member of the Vitol Group of companies (the “Vitol Group”) for a total of 5,263,158 common shares at a price of CDN$1.90 each for gross proceeds of CDN$10 million. This price
reflects a 44% premium to the closing price of CIC Energy’s common shares on March 26, 2012. Following completion of the private placement, Vitol holds 9.1% of the issued common shares of the Company. In connection with the private placement, CIC Energy has granted Vitol pre-emptive rights to maintain its proportionate shareholding interest in the Company and certain anti-dilution rights for a maximum of 12 months, in each case,
subject to the approval of the TSX.

In addition, an agreement has also been entered into whereby CIC Energy will utilize Vitol’s extensive coal marketing expertise. The terms of this agreement give the Vitol Group the right to market 60% of any future export coal produced from the area in the Mmamabula Coal Field in Botswana covered by prospecting license 11/2004 (excluding the remainder of the area held by CIC Energy, being the area covered by retention
license 2009/IR). This area is expected to ultimately support the production of 20 million sales tonnes per year of an export quality coal, assuming a railway and logistics solution is found to transport the coal to a port with coal export facilities.

The Vitol Group is the largest independent energy trader in the world and is in the business of extracting, buying, selling, transporting and shipping products such as coal, gasoline, diesel, LPG, LNG, fuel oil, naphtha, ethanol, and biofuels. Its business extends to the ownership and operation of producing assets, terminals and seaborne vessels. The Vitol Group, with six regional centres and 23 additional offices around the world earned revenues of US$297 billion in 2011.

In January 2012, the Vitol Group announced the acquisition of a 35% interest in the company which holds the concession for the de Carvão da Matola Terminal (the “Matola Coal Terminal”) at Maputo from Grindrod Limited (”Grindrod”), the Johannesburg Stock Exchange listed integrated logistics services supplier. In addition, Vitol and Grindrod announced that they will enter into a partnership (65% Vitol / 35% Grindrod) to combine
their respective sub Saharan coal trading businesses. The Matola Coal Terminal provides access to international markets for the export of
coal. The Mozambique Ports and Railways (known as “CFM”), which oversees the railway system of Mozambique and its connected ports, and Transnet SOC Limited

Transnet, South Africa’s national rail carrier, have announced investment plans intended to promote the delivery of cargo by rail to the Matola Coal Terminal, and the Vitol Group and Grindrod have announced that that they would conduct a feasibility study for an expansion of capacity at the Matola Coal Terminal by 20 million tons per year. “This financing strengthens our ability to continue development of our key projects well
into the future,” said Greg Kinross, President of CIC Energy. “Furthermore, Vitol’s ownership interest in the Matola Coal Terminal in Mozambique and their experience in and logistics is strategically attractive to us, especially given the positive developments we are seeing in South Africa by Transnet to increase export rail capacity from the Waterberg coal field, which is contiguous with and adjoins the Mmamabula Coal Field on the Botswana side of the border.

Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Announcements News
After the successful launch in 2014 of the Kurdistan office, global energy recruiter Worldwide Recruitment Solutions have now launched their Asia hub Singapore office. This is a strategic move by the business in order to service their clients’ needs within the APAC...
SMC Corporation Japan, the world leaders in pneumatics and industrial automation component technology, today announced a significant expansion of its global operations with the opening of a new subsidiary in Johannesburg, South Africa. The creation of SMC Pneumatics...
Trimble announced today that a SITECH® Technology Dealer has been established in New Zealand. SITECH New Zealand joins the premier network of SITECH dealerships—the first fully dedicated global distribution network offering the most comprehensive portfolio of...
More
 
 
Latest News
South African mining and energy adviser Ted Blom has raised a litany of concerns about the state of power utility Eskom and has warned of runaway costs and shortfalls in coal and water, as well as rail capacity. Blom was surprised by the recent buoyancy shown by...
JSE-listed Astrapak will sell specialised packaging systems manufacturer Knilam to Mapflex SA for R17.7-million. The proceeds would be used to reduce Astrapak’s current level of gearing.
The last of the 26 mooring units comprising the Port of Ngqura’s automated mooring system (AMS) have arrived at the port and are expected to improve port efficiency and safety, further driving the Transnet National Ports Authority’s (TNPA’s) objective of establishing...
More
 
 
Recent Research Reports
Steel 2015: A review of South Africa's steel sector (PDF Report)
Creamer Media’s Steel 2015 report provides an overview of the key developments in the global steel industry and particularly of South Africa’s steel sector over the past year, including details of production and consumption, as well as the country's primary carbon...
Projects in Progress 2015 - First Edition (PDF Report)
In fact, this edition of Creamer Media’s Projects in Progress 2015 supplement tracks developments taking place under the Renewable Energy Independent Power Producer Procurement Programme, which has had four bidding rounds. It appears to remain a shining light on the...
Electricity 2015: A review of South Africa's electricity sector (PDF Report)
Creamer Media’s Electricity 2015 report provides an overview of State-owned power utility Eskom and independent power producers, as well as electricity planning, transmission, distribution and the theft thereof, besides other issues.
Construction 2015: A review of South Africa’s construction sector (PDF Report)
Creamer Media’s Construction 2015 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; the key participants in the sector; local construction demand; geographic diversification;...
Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the...
Water 2014: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2014 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
 
 
 
 
 
This Week's Magazine
Sappi Southern Africa CEO Alex Thiel
Forest products group Sappi has confirmed the selection of its 25 MW biomass-to-power project, to be erected at its Ngodwana mill, in Mpumalanga, as a preferred bidder under the South African government’s Renewable Energy Independent Power Producer Procurement...
Information and communications technology (ICT) distributor DCC is making Windows- and Android-operating systems tablets available through retailers and education equipment suppliers to provide school children with affordable, high-performance education tools. The...
Another cement manufacturer is set to enter the Ugandan market, raising hopes that prices will come down and spur growth in the construction industry. National Cement, a Kenyan manufacturer, has unveiled plans to invest $195-million in a new manufacturing plant in...
With growth rates exceeding that in the developed world – at an average of between 4% and 5% between 2002 and 2014 – African countries provide investors with ample reason to tap into booming consumer demand says Manufacturing Circle executive director Coenraad...
The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) decreased by 3.7 index points month-on-month to 89.1 in March.
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks
Subscribe Now for $96 Close
Subscribe Now for $96