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Monday, 24 May 10
SAMTAN TO SELL KIDECO TO INDIKA ENERGY?
.jpg) Insider Stories reported that, Parent company of Indonesia's coal mining contractor PT Petrosea Tbk (PTRO), PT Indika Energy Tbk (INDY) aims to boost its stakes ownership in Indonesia's third largest coal mining producer PT Kideco Jaya Agung from currently 46% to above 50%.
Business newspaper namely Bisnis Indonesia today reports Indika plans to buy additional stakes from another shareholder Korea's Samtan Co Ltd which currently owns 49% stakes in Kideco.
A source familiar with the matter said Samtan is now in talks with Indika about a possible disposal of Kideco. Samtan has proposed a sale offer of Kideco to Indika, which owns first rights of refusal. When Indika is not interested to buy Kideco, Samtan can offer the stakes to the other potential buyers.
According to my source, Samtan has invested in Kideco for long time. "For Samtan, Kideco is like a baby. So, why does Samtan sell Kideco?" the source said.
At the end of March 2010, Kideco produced 6.9 million tons of coal with overburden removal of 44.8 million bcm. Kideco's strip ratio reached 6.49.
Kideco has bought equipments such as dump trucks, excavator, and the others. It has improved crushing plant and loading facilities. Kideco has initiated development of Samarangau pit which has the largest coal reserves at Kideco's concession area. Samarangau is estimated to have coal resouces of 694 million tons and 348 million tons of coal reserves.
In a morning notes published by Mandiri Sekuritas today, should Samtan sell Kideco to Indika, it would be positive for Indika to enhance value at operating level given that Kideco will now be consolidated in the books, should it acquire majority ownership.
Currently, Indika’s has 46% stakes, while Korea’s Samtan Co Ltd owns 49% and the remaining 5% is held by Muji Inti Utama.
This year it aims to produce some 30 million tons (+21%). Kideco has consistently achieved or outperformed its production targets since 1993, when it started commercial production and is looking to expand capacity to 40 million tons of coal by end of 2010.
Kideco’s contribution, recognized currently as other income (below operating level) in Indika’s books historically contributes close to over 90% of Indika’s net income. "We have not incorporated this in our forecast as the stock currently trades at PER10F of 13.3x."
Source: Insider Stories
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Saturday, 15 May 10
THE AVERAGE CHARTER HIRE FOR CAPE REACHES US$ 49,931 PER DAY - VISTAAR SINGAPORE
COALspot.com: "The freight market was extremely buoyant this week with BDI almost up by 9 pct and the market was very firm in Feast/SE Asia sec ...
Saturday, 15 May 10
DRY BULK MARKET POSTS HEALTHY WEEKLY GAINS
The dry bulk market has reached new highs this week, the second consecutive solid one, with the industry’s benchmark, the Baltic Dry Index (BD ...
Friday, 14 May 10
JSW BUYS COAL MINES IN US, PRODUCTION STARTS IN SEPT
JSW Steel on Friday said it has completed $100 million acquisition of coking coal assets in the US and will start production from September to parti ...
Friday, 14 May 10
KANGAROO RESOURCES TO ACQUIRE INDONESIAN COAL PROJECTS - PROACTIVE INVESTORS
Proactive Investors reported that, Kangaroo Resources (ASX: KRL) is preparing to complete the acquisition of its five outstanding Indonesian coal pr ...
Thursday, 13 May 10
CHINA CONCERNS TO TEST RAW MINERALS - THE AUSTRALIAN
The Australian reported that, COMMODITY prices will remain volatile and drop from recent highs as China's appetite for raw materials softens. James ...
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- IHS Mccloskey Coal Group - USA
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- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
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- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
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- Goldman Sachs - Singapore
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- Electricity Authority, New Zealand
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- Eastern Coal Council - USA
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- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
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- Chamber of Mines of South Africa
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- Edison Trading Spa - Italy
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- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
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- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
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- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
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- Oldendorff Carriers - Singapore
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- Alfred C Toepfer International GmbH - Germany
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- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
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- Economic Council, Georgia
- Wilmar Investment Holdings
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- Posco Energy - South Korea
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- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
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- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- MS Steel International - UAE
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
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- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
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- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
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- Standard Chartered Bank - UAE
- Latin American Coal - Colombia
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- Antam Resourcindo - Indonesia
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- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
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- TeaM Sual Corporation - Philippines
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- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
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- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
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- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
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- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
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- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
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- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
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- Sindya Power Generating Company Private Ltd
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- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Parliament of New Zealand
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- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
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- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
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- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
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- San Jose City I Power Corp, Philippines
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- Metalloyd Limited - United Kingdom
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