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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Friday, 05 August 11
RIO TINTO SIGNS MOU WITH JINDAL STEEL AND POWER ON ADVANCING HISMELT TECHNOLOGY
Press Release - Rio Tinto has signed a Memorandum of Understanding (MoU) with Jindal Steel and Power Limited (JSPL) to take the next step in g ...
Friday, 05 August 11
THE WORLDS LARGEST COAL MINER TO INVEST IN INDO MINES
COALspot.com - Golden Energy Mines (GEMS) might go for initial public offering (IPO) by the end of September 2011. The company is planning to off lo ...
Friday, 05 August 11
DRY BULK MARKET FINALLY TAKES A BREATHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market at last caught a break mid-week after a constant fall which saw the industry’s benchmark, the BDI (Baltic Dry Index) falli ...
Thursday, 04 August 11
THE HBA CONTINUES TO FALL IN AUGUST
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has set the August 2011 coal reference price at US$ 117.21 per ton slightly low ...
Wednesday, 03 August 11
DEWA RETURNS TO US$2.65 MIO NET PROFIT - INSIDER STORIES
Coal mining contractor PT Darma Henwa Tbk (DEWA), that most of its revenue is contributed by Kaltim Prima Coal and Arutmin Indonesia, returned to ne ...
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- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Australian Coal Association
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- PTC India Limited - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Central Electricity Authority - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
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