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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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Sunday, 21 November 10
THE FREIGHT MARKET MAY SLIGHTLY FIRM UP NEXT WEEK - CAPT. REDDY
COALspot.com: The freight market continued its down fall with BDI down by 6.83 pct and closed at 2,155 points.
According to Vistaar Shipping of S ...
Saturday, 20 November 10
ITALIAN STEAM COAL MARKET HAS RECOVERED - ITALIAN COAL ASSOCIATION
Press Release - This year Italy will import 17 million tons of steam coal, up 3% from 2009, and 5.5 million tons of coking coal and PCI, up 37% over ...
Friday, 19 November 10
WE'LL THINK ABOUT COAL TOMORROW - ANALYSIS
The future of coal generation in Russia is in question. The largest energy companies have abandoned their initial plans to switch their therma ...
Friday, 19 November 10
DRY BULK MARKET ON THE ROPES WITH BDI PLUNGING TO 2,164 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the panamax markets suffering the most this week, but a ray of hope for the capesize market, which appears to be stabilizing after days of fall ...
Thursday, 18 November 10
WORLD COAL ASSOCIATION WELCOMES NEW CHAIRMAN & SHENHUA GROUP AS NEW MEMBER 17 NOVEMBER 2010
Press Release – The premier global coal industry association marks its 25th anniversary with a new Chairman and welcomes China’s lar ...
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- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Planning Commission, India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
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