17 March, 2014

BVPA UPDATE - Wallings Sale | Manhattan in Bylong | KEPCO Bylong Project Part Sale

From: bylongmining [mailto:bylongmining@craigshaw.com.au]
Sent: Wednesday, 12 March 2014 7:16 PM
To: bylongmining
Subject: BVPA UPDATE - Wallings Sale | Manhattan in Bylong | KEPCO Bylong Project Part Sale

Dear Updates List,

<!--[if !supportLists]-->1.  <!--[endif]-->WALLINGS SALE TO KEPCO

We recently were told by a BVPA member that they had KEPCO/Cockatoo confirm to them directly that they have purchased the Wallings’ holdings in Bylong. We have confirmed this via an ASIC search, showing the company that had previously been known as Wallings Pastoral is now known as KEPCO Agricultural Pty Ltd. The name Wallings Pastoral has been transferred to another company owned by the Wallings.

The sale had been strongly rumoured for some time, but it was only about 2 weeks ago that we received final confirmation.

Assuming this sale includes all Wallings holdings, the total area involved is about 3,300-3,400 Ha.


<!--[if !supportLists]-->2.  <!--[endif]-->MANHATTAN IN BYLONG

The licence area held by KEPCO is approx. 10,300 Ha (i.e. about 103 sq km).

Of this, we estimate that roughly 1,950 Ha is Crown Land or State Forest, leaving about 8,350 Ha that’s privately owned.

Of this privately owned land, KEPCO now own about 6,200 Ha – which equals approx. 74% of the private land available in the licence area (or about 60% of the licence area overall).

Outside the border of the licence area, they’ve purchased an additional approx. 1,500 Ha, bringing total land purchases (both in and outside the exploration area) to approx. 7,500 Ha (or about 75 sq km).

As a comparison, the island of Manhattan is only 59 sq km. Hong Kong island is 80 sq km.

The map below shows the owned areas (dark blue). This is based on a map prepared originally by KEPCO/Cockatoo (the colouring is ours, based on the best of our knowledge). We’ve left the original owner numbering in, so you can see which landholders/properties have been involved in sales.

A larger version of the map is attached if you would like to look at it more closely.




<!--[if !supportLists]-->3.  <!--[endif]-->TALK OF KEPO PART SALE OF BYLONG PROJECT

Recent reports from Korea say KEPCO is interested in off-loading a 49% stake in its Bylong Project. (See: “Kepco vows to generate $13.7 billion in cuts” http://t.co/NXKKtUPjiA). This is despite a story only a couple of weeks earlier that said KEPCO wasn’t looking to sell off Bylong just now (“Korea Electric Power Retains Barclays To Sell Offshore Assets”, http://www.marketwatch.com/story/kepco-retains-barclays-to-sell-offshore-assets-2014-02-19-224492437).

We haven’t seen any local coverage of the potential sale. One would assume any such sale would be conditional on KEPCO successfully gaining a Mining Licence (although it is to be remembered that Cascade tried on its sale to White Energy without an ML at the time).



That’ll do for now.


Cheers,

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