http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 15.23Change: -0.18
R/$ = 13.69Change: -0.15
Au 1124.81 $/ozChange: 0.71
Pt 1005.00 $/ozChange: -7.00
 
 
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|Botswana|CIC Energy Corp.|CoAL|Diesel|Export|Grindrod|Grindrod Limited|Johannesburg Stock Exchange|LNG|Ports|Projects|rail|System|Transnet|Transnet SOC Limited|transport|Vitol Energy Ltd.|Vitol Group|Africa|Mozambique|South Africa|CAD|Matola Coal Terminal|Matola Terminal|Energy|Energy Trader|Fuel Oil|Logistics|Logistics Solution|Products|Services|Greg Kinross|BIOFUELS|Diesel
Expertise|Port|Africa|Botswana|CoAL|Diesel|Export|Grindrod|LNG|Ports|Projects|rail|System|Transnet|transport||Africa||||Energy|Logistics|Products|Services||
expertise|maputo|port|africa-company|botswana|cic-energy-corp|coal|diesel-company|export|grindrod|grindrod-limited|johannesburg-stock-exchange|lng|ports|projects|rail|system|transnet|transnet-soc-limited|transport|vitol-energy-ltd|vitol-group|africa|mozambique|south-africa|cad|matola-coal-terminal|matola-terminal|energy|energy-trader|fuel-oil|logistics|logistics-solution|products|services|greg-kinross|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
The dire need for skills upliftment in the South African coatings industry has been given a major boost by the Chemical Industries Education and Training Authority - the Skills Education Training Authority created by the  government for the chemical industry -...
Leading infrastructure development company Bigen Africa is thrilled to announce that, through its Akaretsa fundraising campaign and with the generous support of its clients and partners, a full R1 million has been raised in aid of several highly deserving causes. “It...
All the latest information about this premiere now online • Full details of the supporting program now published • Visitors can register online
 There are only a few days to go before the premiere of IFAT Environmental Technology Forum Africa, taking place from...
More
 
 
Latest News
Human Settlements Minister Lindiwe Sisulu
The Department of Human Settlements (DHS) will launch 77 “catalytic projects” across the country, which will allow it to achieve its target of building 1.5-million houses over the next five years. Speaking on Thursday at a national contractors and developers workshop...
International logistics company Necotrans Group has, along with a consortium of nine Cameroonian port sector operators, the Kribi Port Multi Operators (KPMO), secured a partnership contract for the operation and maintenance of a multipurpose terminal at the...
The Gauteng provincial government’s (GPG’s) plans to transform South Africa’s most populous province into an integrated city region were gaining traction, with the GPG on Thursday outlining its plans to implement the approved e-government strategy over the next five...
More
 
 
Recent Research Reports
Road and Rail 2015: A review of South Africa's road and rail sectors (PDF Report)
Creamer Media’s Road and Rail 2015 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail infrastructure and network, the funding and maintenance of these respective networks, and...
Defence 2015: A review of South Africa's defence sector (PDF Report)
Creamer Media’s Coal 2015 report examines South Africa’s coal industry with regards to the business environment, the key participants in the sector, local demand, export sales and coal logistics, projects being undertaken by the large and smaller participants in the...
Real Economy Year Book 2015 (PDF Report)
There are very few beacons of hope on South Africa’s economic horizon. Economic growth is weak, unemployment is rising, electricity supply is insufficient to meet demand and/or spur growth, with poor prospects for many of the commodities mined and exported. However,...
Real Economy Insight: Automotive 2015 (PDF Report)
Creamer Media’s Real Economy Year Book comprises separate reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, gold, iron-ore and platinum sectors.
Real Economy Insight: Water 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
Real Economy Insight: Construction 2015 (PDF Report)
Creamer Media’s Real Economy Year Book has been divided into individual reports under the banner Real Economy Insight and investigates key developments in the automotive, construction, electricity, road and rail, steel, water, coal, gold, iron-ore and platinum sectors.
 
 
 
 
 
This Week's Magazine
Updated 7 hours ago The Health and Welfare Sector Education and Training Authority (HWSETA) has joined forces with Tshwane North Technical, Vocational and Education and Training College (TNC) to train 100 young unemployed learners as artisans, and marked this with an event that took...
JAMES TEMPLETON The increase in distribution is as a result of Emira’s acquisitive growth
Updated 7 hours ago JSE-listed Emira Property Fund reported distributions per participatory interest (PI) of 134.27 c – a distribution growth of 9% – for the 12 months to June 20, 2015.
Updated 7 hours ago Earlier this month ground broke on South Africa’s latest four star green building – the first of its kind in the Eastern Cape. The modern three-storey office block is located within the Baywest City precinct in Port Elizabeth’s western suburbs, along the N2, and...
Updated 7 hours ago South African armoured and mine protected vehicles company Denel Vehicle Systems (DVS) has won its first order since becoming part of the Denel group at the end of April. "It's a sizeable contract," reports DVS CEO Johan Steyn. "We won the contract in July. It's a...
Updated 7 hours ago South African guided weapons, unmanned air vehicles (UAVs) and space company Denel Dynamics plans to increase its revenues to more than R2-billion within five years. This was reported by company CEO Tsepo Monaheng at its annual "Show and Tell" briefing in Centurion,...
 
 
 
 
 
 
 
 
 
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