vol 23 iss 01 - jan 2010 se asian projects

Volume 23, Issue 1 – January 2010 KHA Intelligence – South East Asian Projects - ISSN 1441 – 3256

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Contents – January 2010 EDITOR’S NOTES ...................................................................................................................................................................3 THE REGIONAL COMPANY SCENE .........................................................................................................................................3

CAMBODIA............................................................................................................................................3 ELECTRICITY.........................................................................................................................................................................3 MINING (CAMBODIA) ............................................................................................................................................................4

FIJI ISLANDS.........................................................................................................................................4 MINING .................................................................................................................................................................................4

INDIA.......................................................................................................................................................4 THE COMPANY SCENE...........................................................................................................................................................4 ELECTRICITY (INDIA) ............................................................................................................................................................4 MINING (INDIA) ....................................................................................................................................................................5 TRANSPORTATION (INDIA) ....................................................................................................................................................6

INDONESIA............................................................................................................................................6 MANUFACTURING .................................................................................................................................................................6 TRANSPORTATION (INDONESIA)............................................................................................................................................7

MALAYSIA.............................................................................................................................................9 THE COMPANY SCENE...........................................................................................................................................................9 BUILDING (MALAYSIA) .........................................................................................................................................................9 ELECTRICITY (MALAYSIA) ..................................................................................................................................................10 MANUFACTURING (MALAYSIA) ..........................................................................................................................................10 MINING (MALAYSIA) ..........................................................................................................................................................11 TRANSPORTATION (MALAYSIA) ..........................................................................................................................................12

PAPUA NEW GUINEA........................................................................................................................13 ELECTRICITY.......................................................................................................................................................................13 MINING (MALAYSIA) ..........................................................................................................................................................13

PHILIPPINES .......................................................................................................................................15 BUILDING............................................................................................................................................................................15 MINING (PHILIPPINES).........................................................................................................................................................15

SAMOA..................................................................................................................................................17 BUILDING............................................................................................................................................................................17

SINGAPORE.........................................................................................................................................17 THE COMPANY SCENE.........................................................................................................................................................17 BUILDING (SINGAPORE) ......................................................................................................................................................17 MINING (SINGAPORE) .........................................................................................................................................................19 WATER & SEWAGE MANAGEMENT (SINGAPORE) ...............................................................................................................19

THAILAND...........................................................................................................................................19 ELECTRICITY.......................................................................................................................................................................19 MANUFACTURING (THAILAND)...........................................................................................................................................19 MINING (THAILAND) ...........................................................................................................................................................20

TONGA..................................................................................................................................................20 GENERAL ............................................................................................................................................................................20

VANUATU.............................................................................................................................................20


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BUILDING ........................................................................................................................................................................... 20 MANUFACTURING (VANUATU) ........................................................................................................................................... 21

VIETNAM.............................................................................................................................................21 THE COMPANY SCENE ........................................................................................................................................................ 21 BUILDING (VIETNAM)......................................................................................................................................................... 21 ELECTRICITY (VIETNAM).................................................................................................................................................... 22 MANUFACTURING (VIETNAM) ............................................................................................................................................ 22 MINING (VIETNAM) ............................................................................................................................................................ 23

INDEX OF COMPANIES ................................................................................................ 23 SUBSCRIPTION ENQUIRIES: ................................................................................................................................................. 24 DISCLAIMER ....................................................................................................................................................................... 24


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Editor’s Notes Please note that the electronic version of this newsletter contains additional embedded information such as contact details and background notes for a number of the projects and companies reported. As a subscriber to the hardcopy format of this newsletter, if you would like to receive a complimentary copy of the electronic version or would like to switch the balance of your subscription to the electronic format please email our office on [email protected] or phone +61 2 4739 9462. If your interests also encompass Australia and New Zealand, please let us know and we would be delighted to forward complementary issues of our other publication for your inspection. Simply complete the attached, yellow subscription/sample form and return. Should you decide to subscribe, we offer attractive discounts for multiple KHA newsletter subscriptions.

The Regional Company Scene I-Bankers Securities Inc, a subsidiary of the IBS Group, is to establish its new Asia Pacific regional office in Melbourne under the banner of IBS Securities Ltd. I-Bankers is a United States boutique investment bank that specialises in backing private and publicly listed small cap companies. The Group has offices in New York, London, Amsterdam, Milan, Como, Lugano, and Santa Monica. The Melbourne-based operations will be headed by newly appointed Managing Director, Asia Pacific, Mr Dom Del Borrello. Mr Del Borrello was most recently the Rome-based Chief Financial Officer for ASX-listed gas producer, Po Valley Energy. IBS Group Chairman and CEO, Mr Mike McCrory, said “In the Australian market particularly, with Mr Del Borrello’s experience in corporate finance and capital markets, with a focus on resources and energy industries, will enhance IBS Group’s capital raising, advisory and distribution opportunities at a time China and Asian commodities markets are looking to secure a foothold in Australia resource owners or direct project equity.” “However, although the re-emerging resources sector is the most buoyant of any of the main market groupings, IBS Group is in business to assist all target customers regardless of sector.”

Electricity Transmission Leader Universal Holdings Bhd’s (Malaysia) indirectly wholly owned subsidiary Cambodian

Transmission Ltd (CTL) has signed a 25 year Build-Operate-Transfer Power Transmission Agreement (PTA) with Electricite Du Cambodge (EDC) to develop a 230kV transmission system from Phnom Penh to Kampong Cham. Concurrently, an Implementation Agreement (IA) was also signed with the Ministry of Industry, Mines and Energy (MIME) and the Ministry of Economy and Finance (MOEF) for the implementation of the Project. The Project, estimated to cost approximately US$107 million, comprises the construction of: • The North Phnom Penh 230/115/22 kV Substation; • Approximately 110km of double circuit 230kV overhead transmission lines from North Phnom Penh

230/115/22 kV Substation to the Kampong Cham 115/22 kV Substation; and • The Kampong Cham 115/22kV Substation which will cater for the two line bays for the termination of

the North Phnom Penh – Kampong Cham transmission line. The Project will be commissioned in three stages: • The first stage will be the new Kampong Cham Substation expected to be completed by July 2011; • The second stage will be the new North Phnom Penh Substation expected to be completed by March

2012; and

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• The final stage will be the commissioning of the approximately 110km transmission line, this is expected by 31 December 2013, and marks the Project’s formal commencement of commercial operations.

The Project provides for future 230kV extension to other parts of the country around Tonle Sap, the largest freshwater lake in South East Asia. Leader said negotiations with the design and build subcontractor and suppliers of materials are complete and pending finalisation of the agreements. Leader through its 60% owned subsidiary, Cambodia Utilities Pte Ltd, currently owns and operates a 35MW power generation plant in Phnom Penh, and supplies electricity to EDC under a 18 years' power purchase agreement. Leader through its 80% owned subsidiary, Cambodian Energy Ltd, is also currently developing a 100MW coal-fired power plant project in Sihanoukville. Electricity generated will be supplied to EDC under a 30 years' power purchase agreement.

Mining (Cambodia) General OZ Minerals Ltd (Australia) expects to have an initial Inferred Resource estimate for the Okvau prospect in north-east Cambodia prior to the end of March 2010. Work including geophysics and surface sampling is being undertaken at four other prospects (Oput, Area 6, Granite Hill and Area 1) located close to Okvau. These prospects are currently being, or will be, drill tested in 2010 to ascertain the district-scale potential in the Okvau region.

Mining General As an update, Amex Resources Ltd (Australia) has engaged Dr Chris Ure to oversee an independent scoping study on its Mba Delta

vanadiferous titanomagnetite iron sands project, located at the mouth of the Mba River in the north west of Viti Levu. Dr Ure is a world leading expert in the assessment and processing of vanadiferous titanomagnetite ironsands, and former Principal Ironmaking Process Engineer at BlueScope New Zealand Steel (NZS). Dr Ure has been overseeing Mba ironsands extraction beneficiation test work currently being conducted at Allied Mineral Laboratories (AML) in Perth. The results of this test work will be used in determining the inferred resource and also to develop a pilot extraction process plant for subsequently conducting field extraction test work in Fiji. Amex has raised A$1,440,000 via a private share placement at $0.24 per share to sophisticated investors. Hong Kong Rongcheng International Development Co Ltd (a branch of Jiya International Trading Co Ltd and owned by the Jiya Group) has taken up 85% of the placement.

The Company Scene Tata Steel Ltd and NMDC Ltd have signed a MoU to explore the potential acquisition, exploration, and development of mines, extraction and processing of minerals, setting up integrated steel plants and other businesses.

Electricity (India) Generation Mitsubishi Heavy Industries Ltd (MHI) has received an order for two sets of supercritical-pressure coal-fired boiler and steam turbine/generator from Jaiprakash Power Ventures Ltd (JPVL). The equipment

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will be delivered for the power generation plant Units 1 and 2, at 660MW each, to be constructed by JPVL in Nigrie, Madhya Pradesh State. The boiler order was coordinated by L&T MHI Boilers Pvt Ltd (LMBPL), a boiler manufacturing joint venture between MHI and Larsen & Toubro Ltd (L&T), the steam turbine/generator (STG) order was coordinated by L&T, which outsources the set from L&T MHI Turbine Generators Pvt Ltd (LMTGPL), a turbine manufacturing JV between MHI & L&T. MHI will supply core boiler components to LMBPL, and LMBPL will undertake boiler assembly – the first boiler to be produced by the company – for delivery to JPVL. For the STG sets, MHI and Mitsubishi Electric Corporation will manufacture and supply core components to LMTGPL, and LMTGPL will undertake assembly and delivery of the sets to L&T. JPVL is a power project implementing agency of Jaypee Group. Wärtsilä has been awarded an operations and maintenance (O&M) contract for a 160 MW capacity power plant by the Vedanta Group company, Hindustan Zinc. This 160 MW power plant, located in Rajpura Dariba, near Udaipur in Rajasthan, is part of Hindustan Zinc’s Phase-III expansion plans. The contract covers the complete operation and maintenance of the entire coal-fired power plant, including the coal and ash handling facilities and the demineralised water plant. The contract is for a 5-year period plus a three-month mobilisation period. When fully completed, the power plant will supply electricity to the Dariba Mines mining and smelting complex. The first phase of the power project is expected to be commissioned on March 1 and the final phase by August 2010. Wärtsilä already has O&M agreements for six other sites owned by the same group, producing a total combined electrical output of 180 MW, In all, Wärtsilä is currently contracted to operate and maintain close to 60 power plants with approximately 1000 MW of generating capacity throughout India.

Mining (India) General Massey Energy Company (USA) and Jindal Steel & Power Ltd have signed a Memorandum of Understanding to work together and bid for the development and operation of underground coal mining projects. The major focus of the collaboration will be on potential projects in India, Mongolia, Australia and the United States. Jindal will identify various underground coal mining projects and obtain necessary licenses, permits and approvals from the respective government authorities. Massey will provide technical mining expertise and will be responsible for the development of detailed underground mine project plans. Massey will also provide the technical manpower and project management. As an update, NSL Consolidated Ltd (Australia) has secured commitments totalling A$5 million under a heavily oversubscribed placement from major Australian institutions and sophisticated investors. The placement price of 3.5 cents represent a 3% discount. Settlement of the placement will occur on 28 January. NSL Managing Director, Cedric Goode, said “We are progressing our development as an Australian producer of Indian iron ore.” “Our proposed re-compliance with the ASX listing requirements scheduled for March/April this year to a mining company will further facilitate that. In the interim, we are well capitalised to continue our corporate and strategic development, which in turn puts us on the right footing to maximise acquisition opportunities in the future.” NSL’s project portfolio under development comprises: • Kuja Mine Location Andhra Pradesh Consideration A$4.7 million

One tranche payment made Completion of acquisition scheduled for April 2010

Development status

Extraction and selling rights secured Producing ROM ore Material available for first shipment by end January 2010, shipping date to be confirmed in February Exploration program underway to assist in JORC resource classification


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• Mangal Mine Location Andra Pradesh

5km from Kuja mine Consideration A$5 million

Two tranche payments made Development status

Extraction and selling rights secured Redesign of exploration program following initial results Access road under construction Concurrent production and resource definition to commence in Q1 2010

NSL Project logistics direct to Chinese Steel Mill: • Minimal additional investment in infrastructure required; • Abundant capacity available with established 3rd party access regimes; • Current projects in close proximity to rail, road and expanding Krishnapatnam port; • Extensive use of contractors:

• Mining contract executed • Port/stevedoring contract executed • Road transport contract executed • Negotiating rail contract

Hydrocarbons Offshore International FZC (OIFZC) has been awarded a contract by Larsen & Toubro Ltd (L&T) for the provision of works and services for the transportation and installation of four platform jackets in the Mumbai High North Field, offshore Mumbai. The price for the Works is approximately US$75 million. Commencement of the Works is expected to be in November 2010, with completion taking place in January 2011. OIFZC is a 60/40 joint venture between L&T and SapuraCrest Petroleum Bhd (Malaysia).

Transportation (India) Road PLUS Expressways Bhd (PEB) (Malaysia) has signed an agreement to acquire up to 74% of Indu Navayuga Infra Project Pvt Ltd from its current shareholders, Navayuga Engineering Company Ltd, Indu Projects Ltd, and Abhishek Developers. Indu Navayuga Infra has a May 2006 Concession Agreement with the National Highway Authority of India for the Design, Engineering, Construction, Development, Finance, Operations and Maintenance of the existing 2 lane portion of National Highway No. 45 (NH-45) from km 285 (near Padalur) to km 325 (near Trichy) in Tamil Nadu. The 25 year Concession includes widening the existing 2 lanes stretching to 4 lanes. The Project, the last section of the NH45, is currently 95% completed. The Company is working towards completing the remaining works by the end of 1st Quarter 2010. PEB said the acquisition signifies the Group’s serious intention to further grow in India, as well as taking a step towards becoming a premier global expressway group.

Manufacturing POSCO (South Korea) and Roy Hill Holdings P/L have signed a Cooperation Agreement to assess the Roy Hill Iron Ore Mining Project in Western Australia. Under the agreement POSCO will:

• Support the project feasibility study; • Make contribution for the port dredging costs; • Acquire the conversion right to 3.75% of Roy Hill Holdings; and • Upon satisfactory completion of the project feasibility study, POSCO will acquire a total of 15% of Roy

Hill Holdings, including the initial 3.75% equity conversion right. Hancock Prospecting P/L’s Roy Hill iron ore mining project is aiming to produce 55 million tonnes of iron ore from 2014. The proposed Roy Hill 1 Iron Ore Mining Project is situated approximately 110km north of

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Newman and 285km south of Port Hedland. The Project is located within the boundaries of the Roy Hill pastoral lease, which is independently owned and operated by Roy Hill P/L (not associated with Roy Hill Iron Ore P/L (RHIO) or Hancock Prospecting). RHIO is a wholly owned subsidiary of Hancock Prospecting and the Proponent for the Project, which is to be developed in two stages. Stage 1: construction of the infrastructure for the full 20 year life of mine, plus mining and processing ore from the Mining Area. Water from dewatering of the Stage 1 and Stage 2 mining areas will supply the majority of water for operations. This means that all water requirements for Stage 1 will be sourced entirely from within the Project Area and an external supply will not be required. The public review period for Stage 1 of the Project closed on 10 August 2009 and is currently in the Ministerial approval process. Stage 2: Mining and processing ore from the Stage 2 Mining Area and the establisment of a water supply from outside of the Mining Area (the remote borefield). Detailed information is available at http://www.royhillstage2ari.com.au/ Separately, POSCO has a December 2009 Memorandum of Agreement with PT Krakatau Steel, an Indonesian state-owned company, to build an integrated steelwork in Indonesia. POSCO and Krakatau Steel have agreed to build an integrated steelwork in Cilegon City, Java, with a total annual production capacity of 6 million tons of steel products. The first phase of construction for the establishment of a steel mill with an annual production capacity of 3 million tons of steel products is expected to commence in 2011 and to be completed in 2013.

Transportation (Indonesia) General As an update, Abterra Ltd’s (Singapore) wholly owned subsidiary, PT Abterra Resources Indonesia has completed the acquisition of an iron ore operation in Southern and South-Eastern Kalimantan for US$7.3 million. As an update, Altai Resources Inc has been granted the long-awaited Mineral Processing Sharing Agreement (MPSA) Application over the Romblon Nickel project. The agreement between Altai and Sibuyan Nickel Properties Development Corporation (SNPDC) and its Joint Venture partner Pelican Resources Ltd (Australia) provides for the transfer of the MPSA to SNBDC within three months of grant and the payment to Altai of the purchase consideration. SNBDC, Pelican, and Altai are working to expediting the transfer process with a view to early settlement. As an update, Archipelago Resources Plc has mandated BNP Paribas, Standard Bank Plc and Australia and New Zealand Banking Group Limited to provide project finance for its 85% owned Toka Tindung Gold Project in North Sulawesi. Each of the three banks will now complete a process of due diligence necessary to obtain credit committee approval targeted for early 2010. The Indicative Term Sheet contemplates the provision of US$60 million of Project Finance together with a US$10 million cost over-run facility. Archipelago Resources recently issued contractual letters of intent to McConnell Dowell regarding construction and management activities necessary to complete the processing plant and ancillary facilities. These awards are consistent with the Company's construction schedule and objective of production by 4th quarter 2010. The Toka Tindung Gold Project has a resource of 1.75M ozs of gold equivalent, of which at least 1.1m ozs will initially be mineable by open pit. When in operation the project will produce at an average annualised production rate of 160,000 ounces of gold equivalent per annum for at least 6 years together with an additional 2 years processing lower grade stockpiles. The Company's pits are currently designed at a very conservative US$600/oz gold price. As an update, Kangaroo Resources Ltd (Australia) has completed the delivery and sale of the first thermal coal product in Indonesia. The commencement of coal operations at the GPK Project represents the first key milestone in KRL's tiered production strategy, which is based on achieving production from 2-3 projects this year. KRL has delivered on schedule a 4,200 tonne barge of coal from the GPK Project to the Cahaya Fajar Kaltim power station in East Kalimantan. The coal was sold as part of a competitive tender process. KRL


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said it will be working to provide a consistent supply of thermal coal into this tender over the term of the contract. The GPK Project is targeted to produce up to 100,000 tonnes of thermal coal per month by early 2011, and ultimately up to 3-4Mtpa by 2012. The development of site infrastructure is progressing to allow effective increase in production rate to meet the scheduled operation targets, and will continue throughout the first half of 2010. KRL has commenced preliminary operations at the Mamahak Coking Coal Project in East Kalimantan, which will become the Company’s second producing coal mine. A technical operations team has been assigned to the Mamahak Project and is currently on site working on the existing mining area. The Mamahak Project was recently acquired from South Gobi Energy Resources. Initial production targets of up to 30,000 tonnes per month are scheduled from the Mamahak Project while the Company conducts further test work. Ultimately, KRL will target production of up to lMtpa from the Mamahak Project together with the adjacent Jawana and Borami Projects that form part of the Company's portfolio in East Kalimantan. The Mamahak Project acquisition included a 30,000-tonne coking coal stockpile; KRL is currently negotiating various opportunities for the sale of this product. KRL Chairman, Mark O'Keeffe, said “The next step for the Company is to review its operations to realise efficiencies and greater margin, while at the same time continuing to ramp-up production from the GPK Project to achieve our production targets and progress the Mamahak Project into full scale production.” Kingsrose Mining Ltd (Australia) has raised A$8.52 million via a share placement at 60 cents per share to fund: • Additional exploration and review of the recently acquired zinc/lead tailings deposits in Sardinia; and • Further exploration work at its Way Linggo gold/silver project in Indonesia. Manhattan Resources Ltd (Singapore) through its 100% owned subsidiary DLM Marine Pte Ltd has set up two wholly-owned subsidiaries in Indonesia: • PT MR Resources - Principal Activity : Land transportation relating to mining activities; and • PT MR EMAS - Principal Activity : Mining project management. Prosperity Resources Ltd (Australia) raised A$1 million in working capital to progress its projects in Indonesia and Australia via the exercising of options held by Inner Mongolia Tai Xi Mei Group Co Ltd, one of the Company’s strategic investors. As an update, Strike Resources Ltd’s (Australia) Berau Coal Project has received approval for its Environmental Impact Analysis (Analisis Mengenai Dampak Lingkungan or AMDAL) from the Bupati (Governor) of Berau. The AMDAL approval clears the way for an application to be made for a Production Operations IUP (Izin Usaha Pertambangan Operasi Produksi). A Production Operations IUP and various ancillary permits are required prior to the commencement of preparatory construction works and mining activities. Strike said it is in negotiations with the Berau Project concession owner to address certain issues posed by the new Indonesian Mining Law. Sumatra Copper & Gold plc (Australia) has been granted a further 3 Exploration IUPs (Izin Usaha Pertambangan). Two IUPs were granted by the Bupati (Regent) of Musi Rawas regency in the province of South Sumatra, and one by the Governor of Jambi province. The Company now holds 4 Exploration IUPs (mining business permits). One Musi Rawas IUP (22/KPS/DISTAMBEN/2009) covering 9,979ha was issued to PT Dwinad Nusa Sejahtera, which is owned by Sumatra Copper & Gold’s Indonesian partner, Adi Adriansyah Sjoekri, and in which under a Co-Operation Agreement Sumatra Copper & Gold has a 92.5% economic interest. This IUP covers the Company's Tembang project with reported JORC compliant resources of 1.6 million ounces gold and 19.8 million ounces silver. The second Musi Rawas IUP (21/KPTS/DISTAMBEN/2009) covering an area of 75,000hawas issued to PT Musi Rawas Gold, a PMA company whose shareholders are Sumatra Copper & Gold (92.5%) and PT Nusa Palapa Minerals (7.5%), owned by Adi Adriansyah Sjoekri. This IUP abuts the Dwinad IUP's north, east and south boundaries. It includes known gold prospects at Lubuk Mas, Upper Minak and Landai, a skarn at Tuboh and a porphyry showing at Manggus. The Jambi province IUP (495/Kep-Gub/ESDM/2009) covering 97,480ha was issued to PT Jambi Gold, another PMA company owned 92.5% by Sumatra Copper & Gold and 7.5% by PT Nusa Palapa Minerals.


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Sumatra Copper & Gold's fourth IUP covering 24,850ha is located in the regency of Pasaman in the province of West Sumatra and was issued to PT Nusa Palapa Minerals. It covers the polymetallic discovery at Sontang. PT Parts Sentra Indomandiri (‘PSI Drilling’) has commenced drilling at Tembang, a former mine was in production from late 1997 to March 2000. A first program of 25 diamond drill holes, for some 5,000 metres, is designed to test the down dip extensions of mineralisation at Bujang, Belinau and Buluh. Historical production grades for Bujang and Belinau were 4 g/t to 5 g/t gold and 70 g/t to 130 g/t silver. Both ore bodies remain open at depth. At Buluh the production grade was 2.8 g/t gold and 36 g/t silver. The Buluh system remains open at depth. At Tembang production ceased in March 2000 due to a declining gold price. The prior operator mined only the main veins to a cut-off grade of 1.0 g/t Au and discarded the lower grade halo mineralisation. Sumatra Copper & Gold plans to mine the halo to a lower cut-off grade and process it by upgrading the mineralisation to CIP feed grade levels through beneficiation. The Company has acquired the existing comprehensive data sets which include airborne geophysics, 128,000 metres of RC and diamond drilling, soil geochemistry, topography and previous production records. The potential exploration targets at the Tembang project are reasonably well understood and include more than 9 million cubic metres of dumps dominated by halo mineralisation mined and discarded by the last operator. A pre-feasibility base case study and a series of other scoping studies completed by Snowden Mining Industry Consultants in May 2009 support the belief that the beneficiation of the halo mineralisation is conceptually feasible and economies of scale will result from higher processing rates. As part of the PFS, extensive metallurgical studies were conducted by Mineral Engineering Technical Services P/L in Perth WA. Snowden report the capital expenditure for the PFS 1Mtpa base case, including the construction of a power plant, totals US$89 million with an operating cash cost of US$514 per ounce. Victory West Moly Ltd (Australia) has appointed Mr Robert Hyndes as CEO. Victory West said Robert is well positioned and resourced to support the board and drive the Company’s strategy of developing and commercialising the Company’s world class molybdenum project in Sulawesi.

The Company Scene Bintai Asset Holdings Sdn Bhd (BAH) and Cotrade Sdn Bhd have signed a share holders agreement to establish a 70/30 owned joint venture engineering works

company, Bintai Cotrade Petroleum Engineering Sdn Bhd. BAH is a wholly owned subsidiary of Bintai Kinden Corporation Bhd (BKCB). Cotrade is a wholly owned subsidiary of Koperasi Kakitangan Petronas Bhd (KOPETRO). BKCB and KOPETRO signed a MoU on the 4th December 2009 for the establishment of the engineering works venture. Mudajaya Group Bhd’s indirectly 75% owned subsidiary, Mudajaya Middle East Ltd has signed a Memorandum of Understanding with Saudi Arabia incorporated Modern Electro-Mechanical Projects Ltd (MEPCO) and Saudi citizen Mr Mubarak Abdullah bin Mohammed Al Khafra to establish a specialist equipment procurement contracting company, Mudajaya Power and Water Ltd.

Building (Malaysia) Commercial Kejuruteraan Trolka Sdn Bhd has been awarded a contract by Blackstone Seven Sdn Bhd as the Main Contractor for piling and building works for “Cadangan Membina 1 Blok Bangunan Komersial Yang Terdiri Daripada: (A) Menara Pejabat 16 Tingkat Yang Mengandungi 1 Tingkat Ruang Niaga, 8 Tingkat Tempat Letak Kereta, 6 Tingkat Ruang Pejabat Berserta 1 Aras Penthouse,

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(B) Kedai Pejabat 5-7 Tingkat Dengan Mezanin Di Tingkat Bawah Dan Tempat Letak Kereta Di Atas Bumbung, Di Atas 1 Aras Basement Tempat Letak Kereta Di Lot PT No.3628, H.S.(D) 78002, Jalan SS6/6, Kelana Jaya, Selangor Darul Ehsan” The contract price is RM30,665,335. Sime Darby Property Bhd (SDPB) and Sunrise Bhd have signed a Subscription and Shareholders’ Agreement (SSA) to undertake the acquisition and development of land through the 50/50 joint venture vehicle, Baywood Avenue Sdn Bhd. Concurrent with the execution of the SSA, Baywood has signed an agreement to acquire approximately 84,785sqm of vacant land in Damansara, Petaling from SDPB’s wholly owned subsidiary Augsburg (M) Sdn Bhd and Highlands & Lowlands Bhd for RM114,077,158. The land is located in SDPB’s Bukit Jelutong Township and has been approved for commercial park development by Majlis Bandaraya Shah Alam. The land use category is "Building" with an express condition of title "Bangunan Perniagaan". Baywood will develop commercial properties, which may include service apartments. SDPB and Sunrise will each advance RM6,250,000 to Baywood for paying the deposit on the land and working capital.

Industrial PEC Ltd’s (Singapore) subsidiary, Audex Pte Ltd has been awarded a contract worth US$174.5 million by ATT Tanjung Bin Sdn Bhd to provide EPC works for an 841,000 cubic metre oil terminal at Tanjung Bin for the storage of fuel oil, middle distillates and light distillates. The EPC works are expected to be completed by March 2012. ATB is 100% owned by Asia Tank Terminal Ltd, a joint venture company of Vitol Tank Terminals International B.V. and MISC Bhd. ATB will undertake the design, construction and operation of the oil terminal. Ramunia Fabricators Sdn Bhd (RFSB) and Pleasant Engineering Sdn Bhd (PESB) have signed a MoU for the proposed collaboration to tender for any contract involving the engineering, procurement and construction of any topsides, jackets or any structures for the oil and gas industry. RFSB is involved in civil, structural and building maintenance, mechanical engineering and maintenance, as well as offshore facilities and tanks/tanks farm construction. PESB, a wholly owned subsidiary of Coastal Contracts Bhd, has fabrication and engineering works facilities covering approximately 52.37 acres at Seguntor, Sandakan, Sabah.

Electricity (Malaysia) Transmission Sinohydro-Naim JV has been awarded the contract by Sarawak Energy Bhd for Package B Part I and II of the 275kV Overhead Transmission Line Projects for Bakun-Similajau Transmission System for a lump sum of RM209,107,986. The contract period is 24 months.

Manufacturing (Malaysia) Asiabio Zyme Engineering Sdn Bhd (AZE) and QS Systems Sdn Bhd (QSS) have signed a Shareholders’ and Collaboration Agreement to jointly develop an automated continuous composting and processing system using empty fruit bunch (EFB) as raw materials to produce bio-organic fertilizers. The microbe based cellulosic composting technology was developed by AZE’s parent company Asiabio Zyme Solutions Sdn Bhd. AZE will serve as the special purpose vehicle to hold the cellulosic composting technology. QSS will inject RM1 million into AZE for a 30% stake. AZS will retain a 70% interest. QSS is a specialist in the design and manufacture of crushing and screening plants, bulk material handling systems, overland conveyor systems and polyurethane products. QSS shall provide engineering, design and fabrication support for the mechanical and electrical systems required for the commercialization of the composting system, including the conveyor system, crushing system, pulverizing system. AZE is responsible for obtaining all necessary permits, consents, licences, authorizations and incentives and/or grants from appropriate authorities and to expand the market internationally through joint ventures.


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As an update, Lynas Corporation Ltd’s (Australia) Supply Contract with Rhodia (formerly Rhodia Electronics & Catalysis) for the supply of Mount Weld Rare Earths to be produced by the company’s subsidiary Lynas Malaysia Sdn Bhd in its Advanced Material Plant has been extended from a five year contract to a ten year contract. The contracted quantities account for a significant portion of the cerium and heavier Rare Earths, including europium and terbium, as well as other products such as lanthanum from the Lynas processing plant’s initial 11,000 tonnes REO capacity, due to commence production in the first half of 2011. In addition Rhodia and Lynas Malaysia Sdn Bhd have signed a Technical Co-operation Agreement covering the operations planning, commissioning and ramp-up of the separation and product finishing sections of the Advanced Material Plant in the Gebeng Industrial Estate, Kuantan, Pahang. Rhodia currently operates similar plants in both France and China. Malaysian Advanced Material Plant Status: Engineering Design to be completed United Group engaged as the Engineering Contractor All Approvals in place Contract Status on-site Bulk earth works Piling Concreting works Other construction contracts

Substantially completed Substantially completed To be re-initiated To be let

Summary of estimated capital and operating costs to fund Phase 1 of the Rare Earths: Project Construction & Other Capital Costs Total

A$mm Capex spent to date A$mm

Future capex A$mm

WA Concentration Plant Gebeng Cracker & Separator Plant Engineering & Project Management Costs Other Capex including Land at Gebeng Contingency (approximately 9%) Total

59.5 233.5 100.0 74.1 26.1 $493.1

13.6 40.9 69.7 54.4 0.0 $178.6

45.9 192.6 30.3 19.7 26.1 $314.5

As an update, Van der Horst Energy Ltd (Singapore) has announced that it is unable to proceed with Institute of Environmental Science and Engineering Pte Ltd (IESE) on the proposed biodiesel project to be undertaken by its wholly owned subsidiary, Van der Horst Biodiesel Pte Ltd. Van der Horst cited the following reasons: • IESE’s failure to provide technical support to VDHB in connection with the production and processing

of biodiesel by VDHB, as per the April 2007 sale and purchase agreement between the Company, IESE, Kwan Chee Seng (KCS) and Van der Horst Engineering Services Pte Ltd (VDHES). Such technical support includes the adoption and implementation of enzyme process technology for the processing of biodiesel, and the development of a comprehensive research and development plan in support of VDHB; and

• IESE’s failure to spearhead the adoption and implementation of the biodiesel production process and to provide key technical support to VDHB under the March 2007 joint venture agreement between VDHES, KCS and IESE.

Van der Horst Energy said the Group will explore alternative options for the proposed biodiesel project including entering into tie ups with a new technological provider. The Company will be seeking legal advice on its rights against IESE. VDHB is working towards building a refinery in Tanjong Langsat in Johore, to process raw agricultural oil, including Jatropha Curcas oil, to produce biodiesel. The Biodiesel Refinery is expected to commence production at a capacity of 100,000 tpa. The capacity is expected to increase to 160,000 tpa and then to the rated capacity of 200,000 tpa.

Mining (Malaysia) General Monument Mining Ltd (Canada) has signed Term Sheets with Peter Beck Performance Fonds GbR (Germany) for a capital raising of up to CDN$12 million. The capital raising comprises a convertible note of up to CDN$7 million and a forward gold sale of up to CDN$5 million. The new funding is in lieu of the CDN$10 million credit facility, which was not completed due to the global credit melt down in late 2008 and early 2009.


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The funds are to be used for: • The continuing exploration programs by the Company’s drill team using its own equipment; • Closing the acquisition of an exploration property adjacent to the Selinsing gold project; and • The phase III gold treatment plant extension, involving the addition of a second mill. The Selinsing gold project currently has a work force of over 120 employees and mine contractors on site. Phase I gravity circuit of the plant is now commissioned and is producing limited gold in parallel with the ongoing Phase II construction of the CIL circuit, which is expected to be completed shortly.

Hydrocarbons Global Industries Ltd’s majority Malaysian owned affiliate, Global Offshore Malaysia Sdn Bhd has been awarded a contractby PETRONAS for transportation and installation of offshore facilities for projects in Malaysia. The contract, under which the actual scope of work will be defined annually, is initially estimated at around US$70 million for the first year, and has options for two 1-year extensions upon the expiry of the contract. Global Chairman and CEO, John Clerico, said “this is the first contract we have been awarded in conjunction with our Malaysian partners, Kencana HL Sdn Bhd.” Perisai Petroleum Teknologi Bhd and Just Energy Pte Ltd (Singapore) have signed an engagement agreement that provides Perisai with access to ‘Phronesis Energy’, a solution provider, specializing in the financial, technical and operational development of stranded oil & gas assets and related early production systems. Just Energy’s Phronesis Energy is a ‘one-stop’ solution of core advisory services and project specific M&A, Development and Operation group services through all phases of a project. The Phronesis Energy product is intended to remove the uncertainty from the financial, technical and operational development of stranded assets. Just Energy will assist Perisai on fast-track developments, conversion and deployment of the Mobile Offshore Production and Storage unit (MOPSU). The two companies will also work to market the MOPSU through Just Energy’s network and associates worldwide. Tanjung Maintenance Services Sdn Bhd has been approved by Petronas Carigali Sdn Bhd for a contract to provide wellhead maintenance services for Sabah, Sarawak and Peninsular Malaysia operations for total contract value of up to RM70 million. TMS is already servicing the contract, which is effective from September 2009. The wellhead maintenance services contract is for an initial 3 years with an option for a further 2 years. The contract will be supported by TMS’ existing workshops/operation center in Terengganu, Labuan and Sarawak.

Transportation (Malaysia) Airport Gadang-BJQ Joint Venture, an unincorporated 70/30 joint venture between Gadang Engineering (M) Sdn Bhd and Bukit Jerneh Quarry Sdn Bhd, has been awarded a contract by Malaysia Airports Holdings Bhd (MAHB) for the Works Package: EW02 A for the development of the New LCC Terminal and associated works at KL International Airport in Sepang, for a contract price of RM291,180,764. The scope of works under the Contract comprises site preparation, earthworks and main drainage for Runway 3 and its associated taxiways which are expected to be completed by the 18th December 2010.


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Electricity Generation PNG Forest Products Ltd has identified a potential site for a larger 9.4MW station in the vicinity of its existing power stations. Based in Bulolo, Morobe Province, the Company currently operates two hydro power stations with a combined capacity of 5.5MW. PNG is seeking EoI for pre-qualification for undertaking the construction phase of this new project: 1. UBHPP – C1 – Civil Contract No 1 Incorporating

the Headworks, Headrace Pipe, Surge Tank, Penstock and all Water Control Plant;

2. UBHPP – C2 – Civil Contract No 2 Incorporating the Powerhouse, Tailrace and Associated Structure; and

3. UBHPP – C3 – Electro Mechanical Plant and Equipment Design, Manufacture, Supply, Installation and Commission.

Closing date: 12th February 2010.

Mining (Malaysia) General As an update, Gold Anomaly Ltd (Australia) has recently appointed Papua New Guinean geologist Mr James Waisime as project manager for the Crater Mountain Gold Project. James is a former Production Manager at the Ok Tedi mine, he was most recently Production Manager at Barrack’s largest goldmine in northern Tanzania. Gold Anomaly has also appointed Mr Eu Atase as chief geologist on the Nevera Prospect. Eu has 15 years exploration experience and has previously contracted to Gold Anomaly on the Nevera Prospect, as well as working there previously for two years as a project geologist for Triple Plate Junction. Goroka-based earthmoving company Rodcliffe Ltd has been awarded a contract to undertake a contour benching program on the Nevera Prospect. Exploration of the Nevera Prospect at Crater Mountain in the Eastern Highland Province is severely hampered by the presence of a remnant layer of volcanic ash up to 3 metres thick. As part of Rodcliffe’s contract roadwork will be undertaken to make the Project area accessible by 4WDs, substantially lower the on-going cost of servicing the exploration program and in particular drilling. A new operations base camp will be established above the Mamati camp site to provide support for the earthworks and the technical crew mapping and sampling the benches. A total of about 15,000 metres of prospect benching is currently planned, with the necessary budget for several months on-site earthmoving allocated. As well as developing the regional data base for the whole Nevera Prospect, the benching program will target particularly good potential for further shallow supergene enriched gold deposits in the “hematite cap” area similar to that of the Current Mining Zone which was discovered in 2005 in a hand-cut trench, as well as opening up the Current Mining Zone for detailed mapping and sampling. The Company will initiate test work in this zone leading to an application for a small mining lease, based on open-cut extraction of the ore by excavator benching, screening followed by limited crushing and grinding, and gravity separation of the gold. This is expected to be a fast-track operation. The Crater Mountain project work is being directed by Gold Anomaly Directors, Peter Macnab and Managing Director, Robert McLean. Gold Anomaly’s immediate focus is commencement of gold mining activities at the high grade gold project at Sao Chico in Brazil. As an update, Lihir Gold Ltd’s new interim CEO, Phil Baker, said the Lihir Island Million Ounce Plant Upgrade Project is proceeding on schedule and within budget. Phil has been Chief Financial Officer of LGL since January 2007.

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Major engineering and design activities are now in their final stages, with procurement of major equipment items well advanced. The larger components of the oxygen plant have now left the factory in the UK for the port and are awaiting shipment to site. The autoclave is nearing completion and is expected to be shipped in the second quarter. Site earthworks have commenced, with good progress on the wharf upgrade and preparations for leach area, thickener, oxygen plant, pre-oxidation and pressure oxidation civil works. Civil and structural, mechanical and piping contract packages are being tendered and awarded. The crushing and cyanide leaching circuits are expected to be near completion by the end of this year. Total project expenditure commitments to the end of 2009 amounted to approximately US$370 million, including the interim power station. Approximately US$190 million in cash has been outlaid to date, with approximately US$140 million spent in 2009. In the current year, cash outlays for the Million Ounce Plant Upgrade and the Interim Power Station project are expected to total approximately US$400 million, leaving US$350 million in capital expenditure for 2011. The Lihir Island resource extension drilling program is focused on infill drilling in the proposed Kapit pit, the link zone between Kapit and Lienetz, and in the area to the west of the original Minifie pit. A US$10 million infill drilling program is planned for 2010 to upgrade resources within the boundaries of the proposed Kapit pit. The drill program is expected to be completed at the end of this year. As an update, Nautilus Minerals Inc (Canada) has discovered five high grade Seafloor Massive Sulphide (SMS) systems, designated Solwara 12, 13, 14, 16, and 18, during its 2009 exploration campaign. Copper grades up to 32.4% and zinc grades up to 52.6% were reported from grab samples collected from these discoveries. Final assays on samples collected from Solwara 12 and 13 indicate gold up to 39.7 g/t and silver up to 682 g/t. Additionally, the company has made a further high grade discovery at Solwara 11 in the Western Bismarck Sea. Nautilus CEO, Stephen Rogers, commented “Further success in the Bismarck Sea, PNG, combined with good assay results clearly highlights this region as a significant SMS domain. Our work is now focussed on the evaluation and ranking of the new systems in preparation for an intensive drilling campaign in 2010.” The exploration vessel MV Fugro Solstice has been demobilised in Singapore. Nautilus has received the final Environmental Permit for the development of the Solwara 1 Project from the PNG Department of Environment and Conservation. The Environmental Permit in Principle was issued in September 2009. Nautilus CEO, Steve Rogers, commented “The Environmental Permit is the culmination of many years of work by Nautilus and the DEC and paves the way for processing of the Company's Mining Lease Application. The project team is working with the Government of PNG to complete the final stages of this process.” Nautilus continues advanced discussions with several parties in connection with a Regional Joint Venture covering some of Nautilus' tenements in the territorial waters of Papua New Guinea. Pacific Niugini Ltd (Australia) has signed a farm-out agreement for Eldore Mining Corporation Ltd (EDM) to earn a 60% interest in the Mt Hagen Project EL1613 located north of the town of Mt Hagen, Western Highlands Province. EDM have the right to earn a 60% interest in the project by spending a total of A$2 million on exploration. A minimum expenditure of $500,000 is required in the first year before EDM can withdraw. A minimum expenditure of $500,000 is required each year thereafter. The on-ground exploration activities and technical management in PNG are to be carried out by a team of PNG National geologists and other specialists provided by PNR’s wholly-owned PNG subsidiary, Pacific Niugini Minerals (PNG) Ltd. PNR and EDM believe the project has significant potential for the discovery of large porphyry copper-gold-molybdenum deposits as well as epithermal gold and base metal deposits. As an update, Xstrata Copper has completed a revised Mineral Resource estimate for the Horse-Ivaal-Trukai (HIT) deposit at the Frieda River copper-gold project. The resource estimate includes significantly increased inventory and improved confidence levels, including a 26% increase in resource tonnage. Measured Resources have been reported for the first time and Measured and Indicated tonnes now total 40% of the increased resource inventory. The new HIT resource estimate indicates a Measured, Indicated and Inferred Resource of over 1 billion tonnes at 0.53% copper, 0.29 g/t gold and 0.8g/t silver, using a cut-off grade of 0.3% copper. The nearby Nena and Koki deposits did not form part of Xstrata’s resource estimation work.


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Xstrata Copper Executive General Manager Project Evaluation, Peter Forrestal, said “Our current focus is to conduct various technical studies to support a pre-feasibility study which is scheduled for completion in the third quarter of 2010. Stakeholder engagement and environmental studies are also under way.” The Frieda River copper-gold project is located on the border of the Sandaun and East Sepik provinces about 200 kilometres from the coast and 70 kilometres from the navigable Sepik River. It is a joint venture between Xstrata Frieda River Ltd (76.30%), Highlands Frieda Ltd (16.95%) and OMRD Frieda Co Ltd (6.75%). Highlands has a free-carried interest with Xstrata’s interest dependent on the delivery of a feasibility study no later than January 2012. Highlands Pacific Managing Director, Mr John Gooding, said “Xstrata has already invested over US$80 million over the past 3 years and we look forward to confirming the 2010 expenditure budget in the very near future. It is exciting that last year the Horse Ivaal Trukai deposit had a resource of 840 million tonnes and now the deposit has a resource of over a billion tonnes, constrained by a design pit, at the same grade. In addition 40% of the resource is now in the Measured and Indicated category.” A scoping study released in early 2009 indicated a 40Mtpa plant with a 27 year mine life averaging 200,000 tpa of copper metal and 240,000 ozpa of gold. The pre-feasibility study due in August 2010 is currently considering production options with a 50Mtpa plant. Subject to approval and funding, construction could commence in 2012 with production in 2017.

Hydrocarbons Oil Search Ltd has completed the Barikewa 2D Seismic Survey in the Barracuda Ltd operated PRL9 permit in PNG. The onshore Barikewa Gas Field was discovered in 1957 by the Barikewa-1 well. The well flowed up to 9 mmscf/d on test. No gas-water contact was penetrated. The Barikewa-2 well drilled in 1982 failed to intersect hydrocarbons due to unexpected faulting. To date the Barikewa structure has only been defined by surface geological mapping and one seismic line recorded in 1998. As such there is significant uncertainty in the field resource size but it is recognized that it may contain a significant gas resource. The Barikewa-3 well is expected to be drilled by the joint venture during 2011. The participants in PRL9 are Barracuda (42.553%), Oil Search (PNG) Ltd (42.553%), and Cue PNG Oil Company P/L (14.894%)

Building Commercial Leighton Asia has been awarded the contract by Bridgebury Realty Corp to construct the Zuellig Building in Makati City, Philippines. The

66,000sqm, 33 level office tower will be erected on the prime development site on the corner of Makati Avenue and Paseo de Roxas Street. Bridgebury Realty Corp is a division of the Zuellig Group. The building has achieved precertification under the Leadership in Energy and Environmental Design (LEED) for Core & Shell Development Gold Level. Once completed, it aims to be the first Gold Level, Core & Shell building in Manila. LEED is a rating system for green buildings established by the US Green Building Council to guide developers, architects, engineers and the construction industry towards sustainable design. The contract will commence in January 2010 with completion scheduled for the third quarter of 2011.

Mining (Philippines) General As an update, MBMI Resources Inc (Canada) has arranged a non-brokered private placement financing for gross proceeds of CDN$5 million. The net proceeds shall be used for exploration and development of MBMI's Philippine nickel mineral properties, and for general corporate purposes. MBMI’s Philippine operations are preparing to recommence nickel material shipping activities. Several sales agreements have been executed with Asian industrial consumers for the delivery of nickel bearing

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material with grades of approximately 1.4% nickel. An inventory of material has now been blended, dried and delivered to the port facility at Alpha in Palawan, in preparation for shipment. MBMI President and Director Michael Mason, said “A strong demand currently exists in Asia for the full range of nickel products which the Alpha, Philippine nickel project is able to offer on a direct shipping basis and MBMI is in a position to take full advantage of this opportunity.” The near term nickel material contracts are licensed for export under the Alpha Small Scale Mining (SSMO) permits. MBMI's Philippine partners report that the application process pursuant to the full-scale mine permit applications (FTAA) relating to the Alpha property and three other Palawan, Philippine nickel projects is in the late stages of completion. All environmental permits have been approved at both the provincial level and at the federal Department of Environment and Natural Resources (DENR) level. Once granted, the FTAA permit will allow the Palawan operations to increase exploration activities, expand shipping capacity and progress towards achieving full-scale commercial production levels. As an update, Mindoro Resources Ltd (Canada) has announced an Exploration Target on its northern Surigao Projects of from 50 to 70 million dry metric tonnes (DMT) in a grade range of 0.9% to 1.2% nickel and 28% to 32% iron (combined limonite and saprolite). This is in addition to Mindoro's Agata North Project, which has an indicated and measured resource of 26.92 million DMT at 1.11% nickel and 0.06% cobalt, containing 657 million lbs nickel and 24 million lbs cobalt; and an additional 3.79 million DMT in the inferred category, containing 89 million lbs nickel and 2 million lbs cobalt. The Exploration Target covers approximately 900ha and the Agata North resource about 300ha. The large Exploration Target substantially augments Mindoro's plans to evaluate the feasibility of establishing a local processing plant. Mindoro has commissioned an independent study of development and processing alternatives projected for completion in February 2010. The study will also evaluate the merit of a two phase development, Phase 1- selective production of direct shipping ore of medium to higher grade material (greater than 1.4 percent nickel) from Agata North to supply feedstock for processing plants, followed by a major Phase 2 processing operation. OceanaGold Corporation (Australia) is currently reviewing preliminary results from a technical optimisation study for the Didipio Gold-Copper Project. Site activities at the Didipio project in northern Luzon, Philippines are focused on care and maintenance and community relations initiatives. Assay results from field sampling on six Didipio Regional Exploration Permits are expected in the first quarter of 2010. As an update, Rusina Mining NL (Australia) and DMCI Mining Corporation have modified their existing arrangement for the mining and sale of nickel laterite DSO ore from the Acoje tenement as they look to the possibility of resuming some selective shipments of ore. Rusina’s Acoje tenement is located in the Zambales District on the island of Luzon. Under the modified arrangement, DMCI will continue to be responsible for all mining, marketing, transport and capital costs of up to 200,000 tonnes high grade ore (>2%Ni) at a fixed operating cost whist providing a 50% share of profits to Rusina on a shipment by shipment basis. There is an agreed minimum profit before a shipment can take place. In addition, the modified arrangement includes a substantially reduced fixed incremental cost for lower grade ores, again on a minimum agreed profit on a ship by ship basis. This modified arrangement greatly reduces the risks to both DMCI and Rusina in the volatile DSO market whilst taking advantage of favourable marketing conditions as they arise. DMCI is expected to be fully mobilised back to site by the end of January. TVI Pacific Inc’s (Canada) Philippine affiliate, TVI Resource Development Philippines Inc (TVIRD) has entered into a Heads of Terms Agreement with DACON Corporation for the establishment of an unincorporated 70/30 joint venture to explore and develop mineral deposits in TVIRD's ‘The Greater Canatuan Tenement’ Project area, which is covered by Application for Exploration Permit No. 61 (EXPA 61). DACON is part of the DMCI Group of Companies. The project area is immediately north of TVIRD's producing copper-zinc mine at Canatuan and mineable ore deposits discovered in the area will be transported to TVIRD's Canatuan plant for processing. TVI has already identified mineral deposits at Tabingan, Matigdao and Palalian, within EXPA 61 during initial mapping, channel and geochemical sampling.


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TVIRD will be the operator of the joint venture, which will fund an exploration program of up to US$2 million over two years in The Greater Canatuan Tenement. The Exploration Permit approval process is underway. TVI President & CEO, Cliff James, commented “in addition to having an important presence in the Zamboanga Peninsula, our new partner has a number of mineral properties around the country for which our combined talents could prove mutually beneficial over the longer term.” TVIRD has reduced the current principal owing on its five year debt facility from US$30.1 million to $16.2 million in less than one year. Mr James added “With steady cash flow from Canatuan we are able to significantly reduce our interest expense and expedite our exploration and development projects.” “we are accelerating our mine life extension project at Canatuan and we are also accelerating our exploration and development activities at Balabag and our exploration program at Tamarok.”

Building Commercial Warwick International Hotels Senior Vice President/ Executive Director – Pacific, Tammie Tam, said the Group is

aiming to have construction on its proposed 4 to 5 star hotel at Vavau underway towards the end of 2010. The Warwick Samoa Resort Project has been delayed while a redesign was carried out following the 2009 tsunami event. The hotel will be built in two stages: • First stage will comprise of 100 rooms; and • The second phase will add another 50-70 rooms.

The Company Scene Koh Brothers Group Ltd has appointed Mr Sim Cheng Chye as CEO of its wholly owned subsidiary Construction Consortium Pte Ltd.

Mr Sim was the Executive Vice President of Dialog Engineering Pte Ltd from 2007 to 2009. Straits Asia Resources Ltd has sold 100% of its marine engineering unit Straits Asia Engineering Pte Ltd (SAE) to a consortium including the SAE management team and Mr Richard Ong for US$4 million. The sale excludes ownership of the Straits Phoenix, the crane barge used for transshipping coal for Jembayan mine in Indonesia. The marine engineering business employs approximately 300 people. In the 12 months ended 31 December 2009, SAE and its operating subsidiary PT Indo Straits (PTIS) are estimated to have achieved a consolidated net profit after tax of US$213,000. The sale follows a strategic review that found the marine engineering unit was not core to Straits Asia’s mining business. Straits Asia controls and operates the Sebuku and Jembayan coal mines in Indonesia. Trans Equatorial Engineering Pte Ltd has established a new company called PBT Engineering Sdn Bhd in Brunei as the vehicle to undertake mechanical and electrical engineering activities as well as building and construction works. PBT Eng’s office is located at Unit 1, 1st Floor, Block A, Hassanin Complex, Simpang 42, Jalan Muara, Berakas, Bandar Seri Begawan BB 4713, Brunei. Trans Equatorial is a wholly owned subsidiary of TEE International Ltd.

Building (Singapore) Commercial Bintai Kindenko Pte Ltd has now been awarded 8 packages of mechanical and electrical engineering works by the National University of Singapore (NUS) for its NUS University Town Development Project. The 8 packages have a total contract price of Sg$55,233,573.

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Bintai Kindenko has been appointed as the nominated sub-contractor for the supply, delivery, installation, testing and commissioning and maintenance of air-conditioning and mechanical ventilation installation, electrical installation and fire protection installation for the University Town’s Graduate Residence Hostel, District Cooling Plant and Electrical Substation, and Cinnamon & Tembusu Residential Colleges. The sub-contract works are expected to be completed sometime in April 2011. The NUS University Town, a major academic and residential development project, is located at the former Warren golf course to the north of the Kent Ridge campus. To integrate this development with the Kent Ridge campus, a vehicular and pedestrian bridge is being planned to be built across the Ayer Rajah Expressway. Nomura Singapore Ltd has signed up with Raffles Quay Asset Management Pte Ltd (RQAM) for 102,000sqft of space in Marina Bay Financial Centre’s (MBFC) Tower Two, it will occupy levels 34 to 37 of the 50-storey commercial tower. Nomura has signed a 12 year lease and will take occupancy of the space in 2011. The latest tenant brings the total pre-commitment of MBFC Tower Two to approximately 66%, with overall pre-leasing figures for MBFC Tower One and Two at approximately 79%. RQAM CEO, Wilson Kwong, said MBFC is also in discussions with other companies and continues to receive strong leasing interests for commercial space in Towers Two and Three. MBFC sits on a prime 3.55 hectare waterfront site at the heart of Singapore’s new downtown. It comprises three office towers with nearly 3 million sqft of Grade A office space, two residential towers comprising 649 luxury apartments and penthouses as well as approximately 176,000 sqft of retail space.

Industrial Novo Group Ltd’s indirect 55% owned subsidiary Iron and Steel Resources Ltd (ISRL) has received a letter of approval in principle from the local authority in the PRC that 500 metres of frontage to the Yangtze River together with approximately 333,000sqm of land has been reserved for ISRL. ISRL is proposing to develop a scrap processing plant on the site. It is expected that the plant will commence operation in 2011 with an initial processing capacity of 1 million tonnes, to be increased to 2 million tonnes. To facilitate this plant, two public piers are able to handle 50,000 tonnes of iron ores and steel products will be built. The estimated capital expenditure of approximately US$24 million will be injected by a local subsidiary of ISRL. PEC Ltd has signed a contract with Singapore Refining Company Pte Ltd for the provision of maintenance services for part of the SRC refinery located in Jurong Island. Effective for three years beginning 1 April 2010, the contract includes provision of services including maintenance, plant shutdown and turnaround as well as minor in-house project works.

Residential Poh Lian Construction Pte Ltd has been awarded a contract by the GuocoLand Group for the construction of a 12 storey Condominium Development in Bukit Timah Road, Newton Planning Area for a contract price of Sg$191 million. The construction period is 30 months from the contract’s commencement date. Sim Lian Construction Co (Pte) Ltd has been awarded a contract valued at Sg$99.8 million by the Housing & Development Board for the building works at Queenstown Redevelopment Contract 30, comprising 774 residential units. The Contract is scheduled to commence in March 2010 and complete in February 2013. As an update, Wee Hur Construction Pte Ltd has signed a Supplementary Agreement with Pacific Rover Pte Ltd covering the variations to the original design intent of the proposed Newton Road Condominium Housing Development Project comprising an additional level of basement car parking, and an additional 53 apartment units and all related structural, architectural and other ancillary works. The February 2008 contract prices has been revised from Sg$99,934,200.00 to Sg$128.7 million (exclusive GST). The completion date of the Project has also been rescheduled from March 2011 to September 2012.


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Mining (Singapore) Hydrocarbons Keppel FELS Ltd has secured a contract from Aramco Overseas Company B.V., a subsidiary of Saudi Aramco, to build a customised KFELS Super B Class jackup rig. The contract is subject to a notice from the owner to proceed with construction by May 2010. The rig is scheduled for delivery in the second half of 2012. KS Energy Services Ltd’s Managing Director, Group Capital Equipment and Projects, Mr Woo Peng Kong, has left the company for personal reasons. Swiber Holdings Ltd and its consortium partner have been awarded a contract worth approximately US$188.8 million by an undisclosed leading oil and gas operator in South Asia comprising full the EPCIC scope of work for multiple well head platforms. The work will commence immediately and is scheduled to be completed by 2Q of 2011.

Water & Sewage Management (Singapore) Epure International Ltd’s wholly owned subsidiary, Beijing Sound Environmental Engineering Co Ltd, will be undertaking a BOT project in Yantai City, Shandong Province. The project is expected to have a treatment capacity of up to 50,000 tonnes of wastewater per day. The total investment is estimated to be about RMB120 million. The concession period is 25 years. Epure CEO, Mr. Li Li, commented “This is the Company’s first BOT project in Shandong. ….We are excited about this investment but at the same time, we are aware of the financing need for the BOT project. In our selection of BOT projects for investment, the possibility of getting loan financing is one of the factors that we consider.” “We are pleased to work with our shareholder, International Finance Corporation, on the possibility of a loan of up to US$50 million to finance our BOT projects. We will update our shareholders when the details of the loan application are firmed.”

Electricity Generation Solar Power Company (SPC) of Thailand has reached financial close on the largest capacity solar

photovoltaic power plant in South East Asia. KasikornBank PLC (KBank), a leading Thailand commercial bank operating in the power sector, commissioned Mott MacDonald to review the technical and commercial robustness of the plant design and project contracts prior to agreeing to finance the project for sponsor SPC. The 6MW solar PV power plant, to be located in Korat Province of North-East Thailand, will use 29,160 polycrystalline PV modules and have an installed capacity of 210 watts peak. The power generated will be exported to the 22kV grid operated by the Provincial Electricity Authority (PEA). The project will attract incentives from the Thai government through its adder tariff, which was introduced to encourage renewable energy production and which includes solar generated power.

Manufacturing (Thailand) KNM Process Systems Sdn Bhd (KNMPS) (Malaysia) and its affiliated company, KNM Projects (Thailand) Co Ltd have secured a ThB 1.3 billion order from Impress Ethanol Co Ltd for its Bioethanol Project in Chachaengsao. The Project involves the engineering, procurement, construction and commissioning (EPCC) of a 200,000 litres per day cassava based bioethanol plant. It is expected to be completed within 18 months.

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Mining (Thailand) General Kingsgate Consolidated Ltd (Australia) is on track for production of up to 140,000 ounces of gold for the year to June 2010 from its Chatree mine in Central Thailand following production of 40,224 ounces of gold in the December quarter and nearly 70,000 ounces of gold in the half year ending 31 December 2009. Kingsgate Managing Director, Gavin Thomas, said “Kingsgate was now in a position to deliver growth plans of the back off this excellent result which maintains Kingsgate as a “lowest quartile global gold cost producer”. “Our cash costs are very good – down to US$312/ounce and this includes a US$73/oz royalty to the Thai Government.” With the increase in the gold price the company has the potential to re-open old pits at Chatree. It recently identified new gold zones beneath the closed D pit within existing mining leases at Chatree. D Pit drill results include 14m @ 3.8 g/t gold. Plans for an increase in reserves and resources is targeted together with a proposed plant expansion to double the processing capacity.

General Interorbital Systems (IOS) has received approval from Tonga's king to build a small rocket launch site on his estate on the southern tip of 'Eua, with the aim of launching a rocket into a low-

earth orbit before the end of 2010. IOS will be using a US Launch License. The IOS NEPTUNE 30 rocket can carry a 30kg payload into lower earth orbit at 315km. The liquid fuel rocket engines are designed and assembled at the IOS facility in Mojave, California. The three stage rocket would be shipped in a 40ft container from California to Tonga, along with containers for the launch site equipment. The 9.6 metre rocket has a 1.86m girth and a lift-off weight of 8,477 kg. The Tongan Government is planning to upgrade the access roads in 'Eua for heavy vehicles. IOS are aiming to start building a concrete launch pad on 'Eua in July. The Palace Office in Nuku'alofa is coordinating the project.

Building Commercial Landmark Business Developments International has secured a US$200 million credit line facility through

the Bahrain based business advisor Western Gulf Advisory to fund development project in NSW, SA and Vanuatu. Landmark Business Developments International is owned by its founders David Hawkins and Allen Keller. Mr Keller said the credit line facility, together with the international business and legal support of Western Gulf Advisory, would enable Landmark to immediately start several housing developments in NSW and SA, together with tourist resort projects in Sydney. Landmark will also acquire existing resorts in regional NSW. Mr Keller said residential housing developments in and around Gawler, South Australia, would be among those to benefit. Landmark will work with another Australian company, Regional Land, on the project. Mr Hawkins has 35 years experience in real estate development in Australia and Asia including golf resort developments, student accommodation and sustainable, affordable housing. Mr Keller is experienced in civil engineering contracting, residential and commercial property development and infrastructure for coal mines and public utilities.

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Manufacturing (Vanuatu) Air Vanuatu Operations Ltd is inviting tenders for the short-term aluminium welding project comprising the construction of up to 30 sets of Aircraft stairs. These stairs are box construction 3 tread stairs with two handrails and two wheels. Approximate dimensions of 1.2m height x 600m wide x 600mm deep. Workshop space, unskilled labour and materials, including aluminium plate, rails and wheels with be provided. The successful tender will have to provide their own aluminium welding equipment, personal protective safety equipment and welding consumables. The task is to be undertaken in Port Villa, Vanuatu. Return travel from Sydney or Brisbane to Port Vila and accommodation will be provided. Closing date: 6th February 2010.

The Company Scene Koon Construction and Transport Co Pte Ltd (KCTC) and Top Pave Pte Ltd have set up the new 60/40 ‘Koon – Top Pave Joint Venture’ targeting civil engineering projects

in Vietnam. KCTC is a wholly owned subsidiary of Koon Holdings Ltd (Singapore). Top Pave is a general building contractor with a B2 registration with the Building and Construction Authority of Singapore.

Building (Vietnam) Industrial Sembcorp Industrial Parks (Singapore) has held a ground breaking ceremony in Hai Phong for its latest Vietnam Singapore Industrial Park (VSIP) development. Prime Minister Lee Hsien Loong of Singapore and Prime Minister Nguyen Tan Dung attended the ground breaking. Jointly developed with Becamex IDC Corporation, the new VSIP Hai Phong is Sembcorp’s fourth VSIP project. Spanning 1,600ha, VSIP Hai Phong will be positioned as an integrated township and industrial park, with 1,100 hectares allocated for commercial and residential development and a combined 500 hectares allocated for a business park and clean industrial park. While industry remains the core of the development, it will also feature a financial centre, commercial belt, shopping malls, hotels, medical centres and four residential precincts with supporting schools and community spaces. The master plan for VSIP Hai Phong also includes a signature four-kilometre frontage to the Cam River, as well as proposed features such as an arts and cultural centre, a trade and convention centre and waterfront residences. Special incentives will be available to companies located within the VSIP Hai Phong, under the Dinh Vu-Cat Hai Economic Zone initiative. So far, 11 companies have signed memoranda of understanding and letters of intent to invest in the integrated township and industrial park.

Residential Keppel Land Ltd (Singapore), through wholly owned subsidiary Flemmington Investments Pte Ltd, has entered into a joint venture with local developers Tien Phuoc Co Ltd and Tran Thai Co Ltd to develop a waterfront residential township in HCMC’s District 2. This is a pilot programme that will be developed in phases. The developer will build and transfer to the city a social housing project of about 1,800 apartments. In return, the city will assign to the developer a 30-ha cleared site, zoned for waterfront development. The waterfront township is envisioned to comprise about 4,700 homes and with a potential gross floor area of about 1 million sqm. The site in South Rach Chiec in District 2has more than 2km of river frontage and is 8km from the CBD. The first phase of the development is expected to be launched in 2011. This is Keppel Land’s third township in Vietnam. It is also the second collaboration between Keppel Land and Tien Phuoc. Flemmington Investments’ 42% stake in the project amounts to US$16 million of the total registered capital of US$38 million, while local partners Tien Phuoc and Tran Thai hold the remaining 38% and 20% respectively.

VVIIEETTNNAAMM


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Also, Keppel Land, through its wholly owned subsidiary, KLL Strategic Holdings Pte Ltd (KLLSH), has signed a joint venture agreement with Tien Phuoc Co Ltd to develop 175 villas on a 11-ha waterfront residential site fronting the Saigon River in Ho Chi Minh City. This is the third project between Keppel Land and Tien Phuoc. Upon the issuance of investment certificate and relevant government approvals, KLLSH will take up 60% stake (US$16.2 million) of the total registered capital of US$27 million in the JV company while Tien Phuoc will subscribe for the remaining interest.

Electricity (Vietnam) Generation A-Power Energy Generation Systems Ltd has entered into a definitive agreement with China Machine-Building International Corporation (CMIC) to co-develop a turnkey solution in the construction of a major cement plant in Vietnam. This distributed power generation project with CMIC commences immediately with the construction duration of 12 months. The total contract has a value of approximately US$40 million with a down payment within 10 days from the contract date. No other details were disclosed. Cenergy Power, a leading commercial solar developer in California, has formed a Vietnam-based subsidiary focusing on utility-scale solar power development and project-level human capital build-up in Southeast Asia. Cenergy expects its California project revenues to grow by an order of magnitude in 2010 and is now focused on the long-term potential of solar in emerging markets around the world. The company is currently negotiating several megawatt-sized pilot projects with local utilities and stakeholders in Vietnam, and will employ up to 100 solar installers and field service engineers over the next twelve months to construct and service projects within and outside of Southeast Asia. Cenergy has selected Ascenx Technologies, a Vietnam-based engineering services provider for the semiconductor and upstream solar industries, to assist in the recruitment, training and development of Cenergy's local human capital requirements. Cenergy Director of Business Development, Nader Yarpezeshkan, commented “Our market analysis tells us that the fluid solar market will expand very quickly beyond China into nearby Southeast Asia countries, where power demand severely outstrips supply and grid parity for Cenergy Power can be reached within one year.” “We have benefited tremendously from being ahead of the curve in certain key market segments in California and we believe a similar methodical approach to the Southeast Asia market could yield even bigger results over the next few years.” As an update, Toyo Ink Group Bhd (Malaysia) has appointed CTTE Consultancy & Training Co Ltd (CTTE) to provide services for the preparation of the preliminary investment report for the 2000MW Duyen Hai 3 Coal-Fired Power Project and all associated preliminary planning activities. CTTE’s Preliminary Investment Report will serve as Toyo’s offer to the Vietnamese Authorities for review and acceptance to grant the Project. CTTE is due to complete the Report by late February 2010. Toyo has recently received a positive written response from the Tra Vinh Province People’s Committee to its presentation of its proposal for the (2 X 1,000MW) Duyen Hai 3 thermo-electric plant investment project. Toyo is currently assessing financing options to fund the proposed US$2.5 billion power plant. Toyo said it may raise 20% to 30% of the project capital via equity financing subject to advice from its bankers on the best approach on project funding options. In addition, the Company would also be looking for industry partners who are prepared to take some equity in the project. Coal will be imported for the power station.

Manufacturing (Vietnam) Chasen Holdings Ltd (Singapore) has expanded its operational capability into Vietnam through the formation of a joint venture with a major local logistics company in Ho Chi Minh City. The incorporation of the joint venture is in progress. Chasen’s wholly owned Malaysian subsidiary, Chasen Logistics Sdn Bhd, has secured a relocation service contract with a major semiconductor company to move in machinery and equipment to its new Vietnam


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manufacturing facility in Ho Chi Minh City. This two-year contract, which started in December 2009, will support the inward shipment of the customer’s machinery and equipment procured from equipment manufacturers, as well as machinery and equipment that are being relocated from other foreign locations into the new manufacturing facility.

Mining (Vietnam) General Asian Mineral Resources Ltd (Canada) has raised an initial CDN$5.9 million via a non-brokered private placement Full exercise of the placement’s warrants would produce an additional CDN$8.9 million of equity funding. The proceeds of the placement will be used to conduct a program of geophysics and diamond drilling to test the depth and strike extension of the Ban Phuc massive sulphide mineralization; to update Ban Phuc Project capital and operating costs; to optimize Project development and production strategy using updated geological information and incorporating maximum use of in-country construction expertise; and to undertake complementary exploration programmes. AMR Chairman, Jim Askew, commented “We look forward to re-energising the Ban Phuc Project and undertaking other initiatives during 2010 designed to add shareholder value.” The Ban Phuc Nickel/Copper Project is located a 5 hour drive north-west of Hanoi. Malaysia Smelting Corporation and certain of its affiliates now hold 29.6% of AMR. As an update, Zedex Minerals Ltd shareholders have overwhelmingly approved its amalgamation with associated company Olympus Pacific Minerals Inc (Canada). Zedex shareholders are exchanging their shares for Olympus shares. Olympus has exceeded gold production targets set for the fourth quarter 2009 at its Bong Mieu Gold Processing Plant located in central Vietnam. Actual gold production for December was 3,191 ounces representing annualized production of 40,000 ounces. Olympus is generating positive cash flow from its gold sales, which will enable the Company to fund a portion of the capital cost required to complete the construction of its second gold processing plant at Phuoc Son. The Company achieved US$24.329 million gross sales revenue for the year ending December 31,2009. Construction of the gold plant facility at Phuoc Son has started, with commissioning expected in the fourth quarter 2010 expanding the Company’s annualized production rate to some 80,000 ounces. The ball mills have been ordered for the new plant and delivery is expected by June 2010. The Bong Mieu plant throughput is currently sourced from the Company’s two underground mines, Phuoc Son and Bong Mieu. The Company is also reviewing its exploration budgets to cater to the acquisition of the additional projects now that the amalgamation with Zedex is fulfilled.

Index of Companies Air Vanuatu Operations Ltd ............ 21 Amex Resources Ltd ......................... 4 A-Power Energy Generation Systems

Ltd .............................................. 22 Archipelago Resources Plc................ 7 Ascenx Technologies....................... 22 Asiabio Zyme Engineering Sdn Bhd11 Asian Mineral Resources Ltd .......... 23 Audex Pte Ltd.................................. 10 Baywood Avenue Sdn Bhd.............. 10 Bintai Cotrade Petroleum Engineering

Sdn Bhd ........................................ 9 Bintai Kindenko Pte Ltd .................. 18 Blackstone Seven Sdn Bhd.............. 10 Bukit Jerneh Quarry Sdn Bhd.......... 13 Cambodian Energy Ltd...................... 4

Cambodian Transmission Ltd ............3 Cenergy Power .......................... 22, 23 Chasen Holdings Ltd .......................23 China Machine-Building International

Corporation .................................22 Construction Consortium Pte Ltd ....17 CTTE Consultancy & Training Co Ltd

....................................................23 DMCI Mining Corporation..............16 Epure International Ltd....................19 Gadang Engineering (M) Sdn Bhd ..13 Global Offshore Malaysia Sdn Bhd .12 Gold Anomaly Ltd...........................13 Hindustan Zinc ..................................5 IBS Securities Ltd..............................3 Impress Ethanol Co Ltd ...................20

Interorbital Systems .........................20 Jaiprakash Power Ventures Ltd..........5 Jindal Steel & Power Ltd ...................5 Just Energy Pte Ltd ..........................12 Kangaroo Resources Ltd....................8 Kejuruteraan Trolka Sdn Bhd ..........10 Keppel FELS Ltd .............................19 Keppel Land Ltd ..............................22 Kingsgate Consolidated Ltd.............20 Kingsrose Mining Ltd ........................8 KNM Projects (Thailand) Co Ltd ....20 Koon Construction and Transport Co

Pte Ltd.........................................21 KS Energy Services Ltd...................19 Landmark Business Developments

International ................................21


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Leighton Asia .................................. 15 Lihir Gold Ltd.................................. 14 Lynas Corporation Ltd..................... 11 Manhattan Resources Ltd .................. 8 Massey Energy Company .................. 5 MBMI Resources Inc....................... 16 Mindoro Resources Ltd ................... 16 Mitsubishi Heavy Industries Ltd........ 4 Monument Mining Ltd .................... 12 Mudajaya Power and Water Ltd ...... 10 Nautilus Minerals Inc ...................... 14 NMDC Ltd......................................... 4 Nomura Singapore Ltd .................... 18 Novo Group Ltd............................... 18 NSL Consolidated Ltd ....................... 5 OceanaGold Corporation ................. 16 Offshore International FZC ............... 6 Oil Search Ltd.................................. 15 Olympus Pacific Minerals Inc ......... 23 OZ Minerals Ltd ................................ 4 Pacific Niugini Ltd .......................... 14

PBT Engineering Sdn Bhd...............18 PEC Ltd .....................................10, 19 Perisai Petroleum Teknologi Bhd ....12 Pleasant Engineering Sdn Bhd.........10 PLUS Expressways Bhd ....................6 PNG Forest Products Ltd .................13 Poh Lian Construction Pte Ltd.........19 POSCO ..........................................6, 7 Prosperity Resources Ltd ...................8 PT Abterra Resources Indonesia........7 PT Krakatau Steel ..............................7 QS Systems Sdn Bhd .......................11 Raffles Quay Asset Management Pte

Ltd...............................................18 Ramunia Fabricators Sdn Bhd .........10 Rusina Mining NL ...........................16 Sembcorp Industrial Parks ...............21 Sibuyan Nickel Properties

Development Corporation.............7 Sim Lian Construction Co (Pte) Ltd 19 Sime Darby Property Bhd................10

Sinohydro-Naim JV .........................10 Solar Power Company (SPC) of

Thailand ......................................20 Straits Asia Engineering Pte Ltd ......17 Strike Resources Ltd ..........................8 Sumatra Copper & Gold plc...............8 Swiber Holdings Ltd ........................19 Tanjung Maintenance Services Sdn

Bhd..............................................12 Tata Steel Ltd .....................................4 Top Pave Pte Ltd..............................21 Toyo Ink Group Bhd ........................23 TVI Resource Development

Philippines Inc.............................17 Van der Horst Energy Ltd ................11 Victory West Moly Ltd ......................9 Wärtsilä ..............................................5 Warwick International Hotels ..........17 Wee Hur Construction Pte Ltd .........19 Xstrata Copper .................................15 Zedex Minerals Ltd ..........................23

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vol 23 iss 01 - jan 2010 se asian projects

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