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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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- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
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