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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Thursday, 20 October 11
CAPESIZE - TUBARAO /QINGDAO BEING FIXED AT STRONG US$ 29.75 PMT
Handy
The Atlantic market is quite steady, and market seems to be around the same levels as last week. Fewer fixtures reported though. ...
Thursday, 20 October 11
BRACKEN INTERNATIONAL MINING LISTS ON FRANKFURT STOCK EXCHANGE
Press Release - Bracken International Mining (Code:1BM) listed on the Deutsche Börse’s Frankfurt Stock Exchange today at €1.00 with ...
Thursday, 20 October 11
CAPESIZES, SUPRAMAXES LEAD GAINS FOR DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Struggling to find additional support, but still managing to post gains, the dry bulk market has stabilized itself on higher levels again yesterday, ...
Wednesday, 19 October 11
METALLURGICAL COAL PRICES TO DROP BELOW US$240/TONNE - WOOD MACKENZIE
Wood Mackenzie Says Metallurgical Coal Prices to Drop Below US$240/tonne by Q4 2012 But Long-term Demand Fundamentals Remain Robust
Wood Mackenzi ...
Wednesday, 19 October 11
SUPRAMAX MARKET WAS VERY FIRM LAST WEEK - BRS
With all sectors contributing positively, the BDI ended the week at 2,173 points (+8.6%), its highest level so far in 2011. The BCI stood at 3,587 ( ...
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- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- ASAPP Information Group - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- White Energy Company Limited
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
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