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Thursday, 01 April 10
AUSTRALIAN COAL PRODUCER REJECTS $3 BILLION PEABODY OFFER - STL TODAY
 STL today reported that, Australian coal producer Macarthur Coal Ltd. rejected a $3 billion cash takeover bid from Peabody Energy Corp., which seeks to expand its capacity to supply fuel to a fast-growing Asian market.
The hostile bid follows an earlier offer from St. Louis-based Peabody that was likewise turned down by Macarthur's board.
"Peabody's proposal is highly conditional and does not fully value Macarthur and its significant growth prospects," Macarthur Chairman Keith DeLacy said Wednesday in a statement.
Peabody, the world's largest private-sector coal company, has rapidly expanded operations in Australia since buying its first mine there six years ago. Last year, the company said it plans to double coal exports from the country by 2014.
The company on Wednesday said it is "disappointed" with the initial rejection and believes Macarthur's assets and growth prospects are a good fit with its existing Australian operations.
Brisbane-based Macarthur produced about 4.6 million tons of so-called metallurgical coal last year from two Queensland mines and is in the midst of an expansion. The company, which owns 145 million tons of reserves, supplies coal to steel mills in Asia, Europe and Brazil.
Peabody's offer values Macarthur at about $680 per ton of production and $21 per ton of reserves, according to Jefferies & Co. analyst Michael Dudas.
"We believe the initial bid is the first step in a long, complex negotiating process involving numerous players in the coal and steel industry," Dudas said in a research note.
Peabody said it is currently in discussions with Macarthur's three largest shareholders, who collectively own 47 percent of the company.
Peabody said its offer is conditional on Macarthur calling off an earlier agreement to purchase rival Gloucester Coal Ltd., which is 88-percent owned by Asian commodities firm Noble Group Ltd.
Macarthur is holding a meeting on April 12 for shareholders to vote on whether to issue shares to complete the Gloucester deal.
Peabody said its bid is 34 percent higher than the price of Macarthur shares to be issued to Noble as part of the Gloucester agreement. It is also higher than a February valuation by an independent expert hired by Macarthur, Peabody said.
Source: ST. LOUIS POST-DISPATCH (By: BY Jeffrey Tomich)
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Thursday, 15 April 10
DRY BULK MARKET SLOWLY GAINING GROUND
The troubled and underperforming capesize sector of the dry bulk market has been experiencing an improved sentiment since Tuesday, a trend verified ...
Tuesday, 13 April 10
CHINA COAL SEEING 'STRONG DEMAND,' PUDA COAL CFO SAYS - BUSINESS WEEK
Business Week reported that, China coal prices will increase this year as the nation’s industry expands and a drought in the southwest region ...
Tuesday, 13 April 10
PEABODY, COAL INDIA CONFIRM 'EARLY STAGE' TALKS - MINING WEEKLY
Mining Weekly reported that, US coal-miner Peabody Energy is holding discussions with Coal India, the company said on Monday, after an Australian ne ...
Tuesday, 13 April 10
ANGLO PREDICTS HIGH COAL PRICES, STEADY SUPPLY
Busrep / Reuters reported that, Coal prices were expected to remain strong this year, while exports would match last year's despite rail cons ...
Tuesday, 13 April 10
THE PANAMAX MARKET CONTINUED TO STRENGTHEN - BRS DRY BULK
Panamax rates continue to beat the market, and the Panamax 4TC is now trading at a 25% premium to the Cape 4TC — the biggest margin since the ...
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- Cigading International Bulk Terminal - Indonesia
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- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
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- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
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- Karaikal Port Pvt Ltd - India
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- White Energy Company Limited
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- Indian Oil Corporation Limited
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- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
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- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
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- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
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- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
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- OPG Power Generation Pvt Ltd - India
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- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
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- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
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- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
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- Mercator Lines Limited - India
- Singapore Mercantile Exchange
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- Minerals Council of Australia
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- Central Electricity Authority - India
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
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- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
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- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
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- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
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- Jaiprakash Power Ventures ltd
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- The University of Queensland
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- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Chamber of Mines of South Africa
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- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
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- Indogreen Group - Indonesia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- SMC Global Power, Philippines
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- Indian Energy Exchange, India
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