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Monday, 13 September 10
GLENCORE BUYS STAKE IN MINER BUMI
 The Jakarta globe reported that, Switzerland-based Glencore International, the world’s largest commodities trader, has quietly acquired a $200 million stake in Bumi Resources, Indonesia’s largest coal producer.
Bakrie financial director Eddy Soeparno said Glencore had bought the stock since June. “We have an option to buy back the stake from Glencore within two years,” Soeparno said.
Based on Bumi’s average closing share price and the rupiah’s exchange rate, the deal may mean Glencore has about a 5 percent stake in Bumi.
Eddy said Glencore — a marketing agent for Bumi coal — saw Bumi shares appreciating.
Bumi director Dileep Srivastava confirmed on Wednesday that Glencore had been acquiring shares but would not say how many.
“Based on [Bumi’s] financial records released on June 30, no one company owns more than 5 percent of Bumi’s shares, except for Bakrie & Brothers, which owns 21 percent in several blocks,” he said.
Bakrie & Brothers is the holding company controlled by the family of Aburizal Bakrie, a business tycoon and politician.
Privately held Glencore has become a global marketing agent outside Japan for Kaltim Prima Coal, Bumi’s main coal mining unit.
Glencore supplies metals, minerals, oil products, coal and agricultural products to companies in more than 40 countries. Its sales turnover for the 2009 fiscal year was $106.4 billion, and its assets were $66.3 billion at the end of 2009.
Glencore spokesman Carlos Perezagua declined to comment.
A source at Bakrie & Brothers said the investment holding firm did not have enough cash to increase its stake in Bumi but also saw a potential upside for the miner’s shares.
Bumi stock has tumbled 29 percent this year, underperforming the Jakarta Composite Index’s 27 percent rise, because of concerns about corporate governance and high debt. Its forward PE ratio is 6.15, versus 10.36 for rival Adaro Energy.
Source: The Jakarta Globe
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Monday, 13 September 10
FREIGHT MARKETS MAY BE A BIT SOFT THIS WEEK - VISTAAR SINGAPORE
COALspot.com: The freight market continued its upward trend with the BDI almost touching 3000 points. However the uncertainty seems to continue with ...
Friday, 10 September 10
INDONESIAN RAILWAY CONTRACT STILL UP FOR BIDDING - LOGISTICS WEEK
The tender process for a $2.2bn project to build a coal-transporting railway line in Central Kalimantan province, Indonesia, is still underway and n ...
Friday, 10 September 10
WCI INTO CHINA WITH IRON ORE ARE AIMING AROUND $ 20K - FEARNBULK
Handy
The rates are firm in every corner of the world. However it still looks Atlantic/Baltic/Black Sea offer better employment opportunities for ...
Thursday, 09 September 10
INDIANS BALCO TO BUY 50 K OF 3,000 TO 4,500 GAR CALORIFIC VALUE COAL
COALspot.com: Bharat Aluminium Company Limited (BALCO) is a subsidiary of Sterlite Industries (India) Limited and part of Vedanta Resources PLC, a L ...
Thursday, 09 September 10
INDONESIA SWAPS COAL FOR INFRASTRUCTURE - FT
As Asia’s major economies bound forward and their hunger for energy surges over the next decade, Indonesia is strategically positioned to take ...
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- India Bulls Power Limited - India
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- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
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- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
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- Mercuria Energy - Indonesia
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- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
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- The Treasury - Australian Government
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- Mintek Dendrill Indonesia
- The University of Queensland
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- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
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- ICICI Bank Limited - India
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- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
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- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Interocean Group of Companies - India
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- Indonesian Coal Mining Association
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- Altura Mining Limited, Indonesia
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- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
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- Carbofer General Trading SA - India
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
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- Holcim Trading Pte Ltd - Singapore
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- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
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- Sojitz Corporation - Japan
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- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Planning Commission, India
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- OPG Power Generation Pvt Ltd - India
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- Price Waterhouse Coopers - Russia
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- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
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