http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 14.01Change: 0.00
R/$ = 10.67Change: -0.05
Au 1287.13 $/ozChange: -0.37
Pt 1424.00 $/ozChange: -2.00
 
 
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 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|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|Transport|Greg Kinross|Rail|BIOFUELS|Diesel
Expertise|Port|Africa|CoAL|Diesel|Grindrod|LNG|Ports|Projects|System|Transnet||Africa||||Energy|Logistics|Products|Transport|Rail|
expertise|maputo|port|africa-company|cic-energy-corp|coal|diesel-company|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|transport-industry-term|greg-kinross|rail|biofuels|diesel
More Insight
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.

Edited by: Creamer Media Reporter
Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Announcements News
globalCOAL® announced today that two Market Members have joined its trading community. Both new Market Members are from the Indian sub‐continent, further bolstering globalCOAL’s growing presence in the region. Karachi‐based Lucky Commodities (Pvt) Ltd...
Addressing a recent Contact Centre in the Cloud executive forum in Sandton, South Africa, Interactive Intelligence’s Manager, Sales Operations for Africa, Deon Scheepers, said that enterprises in fast-growing regions across Africa were rapidly moving their contact...
The South African Revenue Service was recently called upon to make a ruling on the income tax consequences for the lessor, lessee and the sub-lessee of land, arising from an obligation on the sub-lessee to effect improvements on the land under a sub-lease in...
More
 
 
Latest News
Updated 6 hours ago Government, in conjunction with industry clusters had to encourage preferential procurement in the mining industry, Department of Trade and Industry (DTI) capital equipment and allied services director Tapiwa Samanga has said. In a statement issued on Monday, he...
Neil Gopal
Updated 6 hours ago The South African Property Owners’ Association (Sapoa) has appealed to Rural Development and Land Affairs Minister Gugile Nkwinti to invoke the discretionary powers available to him under the Spatial Planning and Land Use Management Act of 2013 to prevent...
Updated 6 hours ago The Financial Services Board (FSB) has extended telecommunications group MTN’s broad-based black economic-empowerment trading platform MTN Zakhele’s exemption to the directive requiring over-the-counter (OTC) trading platforms to apply for a licence to operate,...
More
 
 
Recent Research Reports
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 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 network, the funding and maintenance of these respective networks, and the push to move...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
Real Economy Insight: Road and Rail 2014 (PDF Report)
This six-page brief covers key developments in the road and rail industries over the past 12 months, including details of South Africa’s road and rail network and prospects for both sectors.
 
 
 
 
 
This Week's Magazine
South African State-owned defence industrial group Denel has announced its fourth consecutive year of profits. The group's results for the financial year 2013/2014 were recently announced at its head office in Centurion, south of Pretoria. Revenues grew by 17%, net...
There is little opportunity for JSE-listed infrastructure company Group Five to grow shareholder value in the domestic market, says CEO Mike Upton. He says value can still be found in the private sector, in the renewable and industrial power sector, as well as in...
The National Association of Automobile Manufacturers of South Africa (Naamsa) has announced the event dates of the 2015 Johannesburg International Motor Show (JIMS). The event will take place from October 14 to October 25, 2015, at the Johannesburg Expo Centre, Nasrec.
UK engineering support services provider Babcock is set to deliver the largest order of global truck manufacturer DAF’s truck tractors in Southern Africa to bulk carrier road-based logistics company Ngululu Bulk Carriers (NBC), with 133 trucks to be delivered in...
Digital radio communications in the African local government space can open up the world, but have many challenges to overcome, notes integration and migration of legacy radio communications infrastructure with digital mobile radio company Emcom Wireless head of...
 
 
 
 
 
 
 
 
 
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