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Tuesday, 16 November 10
ROTHSCHILD BUYS INDONESIAN COAL STAKES FOR $3 BILLION - BLOOMBERG
Bloomberg reported that, Nathaniel Rothschild, the only son of U.K. financier Jacob Rothschild, agreed to invest $3 billion in two Indonesian coal companies through Vallar Plc, allowing the nation’s biggest producer of the fuel to list in London.
Bloomberg further reported, Vallar will buy 75 percent of PT Berau Coal Energy and 25 percent of PT Bakrie & Brothers’ PT Bumi Resources in a cash and stock transaction, the company said today in a statement. Bakrie Group will be the largest combined shareholder in Vallar -- to be renamed Bumi Plc -- and have the right to nominate the chairman, chief executive officer and chief financial officer.
The reverse takeover, which gives control to the holders of the acquired company, will create an Indonesian “resources champion,” combining the nation’s largest coal producer, Bumi, and fifth-largest, Berau, according to Vallar. Rothschild, former co-president of New York hedge-fund firm Atticus Capital LLC, raised 707.2 million pounds ($1.13 billion) in Vallar’s initial public offering in London in July and had considered deals of as much as $5 billion.
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“This acquisition should be well received by investors since this is a good price for high-quality coal assets,” Liberum Capital analysts wrote in a report. “A London-listed, large scale, pure play Indonesian coal play should offer a unique commodity exposure and have strong investment appeal.”
Bumi Plc will target coal output of 140 million metric tons a year and be the largest thermal-coal supplier to China, Rothschild said on a conference call.
Mandatory Offer
Vallar, whose London-traded shares were suspended today, plans to make a mandatory offer to Berau’s minority shareholders and increase its ownership in Bumi in 2011, it said. Bakrie Group will hold 43 percent of Vallar stock after the deal.
The planned London listing, the first for an Indonesian company, “will enhance our international profile, provide a currency and platform for development in the region and put us in a much stronger position to build on the organic growth that our combined assets already provide,” Indra Bakrie, proposed chairman of Jersey, Channel Islands-based Vallar, said in the statement.
The “remarkable” deal is a “win-win” for shareholders, said Rothschild, who in April ranked seventh in the Sunday Times “Rich List,” an annual estimate of net worth of the 25 wealthiest U.K.-based hedge-fund managers.
Bumi Production
Indonesia is Asia’s biggest exporter of thermal coal, used in power stations. Bumi Resources, the country’s largest coal miner by volume with a market value of 54 trillion rupiah ($6 billion), produced 60 million tons and sold 58 million tons of the fuel last year.
The Jakarta-based company is a unit of Bakrie & Brothers, an investment company controlled by the family of billionaire and politician Aburizal Bakrie, Indonesia’s fourth-richest man, according to Forbes Asia. Sovereign wealth fund China Investment Corp. bought $1.9 billion of debt from Bumi in September 2009.
Bumi shares reversed losses after today’s announcement, rising 2 percent to 2,600 rupiah at 3:40 p.m. Jakarta time. The stock has climbed 7.2 percent this year, compared with a 44 percent gain in the benchmark Jakarta Composite Index.
Berau, with a market value of 18.2 trillion rupiah, is 75 percent owned by PT Bukit Mutiara, a unit of PT Recapital Advisors. Bukit Mutiara will retain 15.3 percent after the sale, Berau said in a statement.
Berau expects to produce 17.9 million tons of coal this year, rising to as much as 22 million tons by 2012, President Director Rosan Roeslani said Aug. 19. The Jakarta-based company raised $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Monday, 24 October 11
CAPESIZE RENTAL RATES RISE FOR THIRD DAY AS MORE SHIPS HIRED - HELLENIC SHIPPING
Rates to hire capesize vessels advanced for a third day on signs of increased demand to transport iron ore, used to make steel.Daily rates for the s ...
Sunday, 23 October 11
CHINA LOOKING TO RESELL INDONESIAN COAL CARGOES - BARCLAYS
Commodity Online reported that, Anecdotal evidence has suggested that China is even looking to resell Indonesian cargoes back into the seaborne coal ...
Saturday, 22 October 11
THE SHORT-PERIOD RATES FOR PANAMAX REMAINED FIRM - CAPT. REDDY
COALspot.com - "The market seemed to slow down a bit this week, and all sectors were down by about One to five percent", said Capt. Reddy, ...
Saturday, 22 October 11
WILL THE PROPOSED 26 PERCENT PROFIT SHARING CLAUSE IN THE MINING BILL SPEED UP THE PRODUCTION OR SCARE AWAY INVESTORS? - DIPESH DIPU
A draft law has been approved by a ministerial panel headed by Finance Minister Pranab Mukherjee of India which, if passed by the Cabinet, will make ...
Saturday, 22 October 11
INDONESIA'S GOLDEN ENERGY SLASHES ITS IPO PRICE - THE JAKARTA GLOBE
The Jakarta Globe reported that, Golden Energy Mines, a coal mining company affiliated with Sinar Mas Group, lowered its target in an initial public ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- VISA Power Limited - India
- Minerals Council of Australia
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
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