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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, 31 December 10
STC TO FINALIZE 12 MILLION MT OF COAL IMPORT CONTRACT TO TWO INDIAN AND A DUBAI BASED COAL TRADER - SOURCES
COALspot.com - World's single largest coal import tender floated by STC on behalf of state utility NTPC to finalize its suppliers or already finali ...
Thursday, 30 December 10
DRY BULK MARKET STAYS SUBDUED AT THE END OF 2010 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dy bulk market failed to cheer ship owners across the board as the year draws to an end, thus bringing mixed feelings ahead of 2011. On one hand ...
Thursday, 30 December 10
KANGAROO RESOURCES BUYS INDONESIAN COAL COMPANY
Australian-listed Kangaroo Resources Ltd. said Wednesday it will buy 99% of the Pakar thermal coal project in East Kalimantan, for A$277 million thr ...
Wednesday, 29 December 10
WEATHER IMPACTS RIO TINTO COAL AUSTRALIAS QUEENSLAND OPERATIONS
Press Release - As a result of severe monsoonal rain in central and northern Queensland, force majeure has been declared on coal sales contracts fro ...
Monday, 27 December 10
ANALYSIS: CHINA'S COAL PRODUCTION MISMATCHED WITH DOMESTIC DEMAND
As reported by iStock Analyst, China's coal market has been trapped in a strange cycle. Large coal production bases are facing overcapacity, while ...
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- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Australian Coal Association
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
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