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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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Tuesday, 17 September 19
THE DRY BULK FREIGHT MARKET IS ALREADY ON A DOWNWARD CORRECTION - ALLIED
Here we are again, just a breath before the final quarter of the year. Under typical circumstances and on the basis of what we have seen during the ...
Monday, 16 September 19
COLOMBIAN COAL PRODUCTION TO FALL 5% THIS YEAR, MINING GROUP SAYS - REUTERS
Colombia’s coal production will decline to around 80 million tonnes in 2019, nearly 5% below last year’s, because of low prices and dro ...
Monday, 16 September 19
THE COAL-D SHOULDER? - BALTIC EXCHANGE
Good fortune and the number 13 don’t usually go hand in hand, but when it comes to coal, 2013 actually seems to have been the commodity&rsquo ...
Monday, 16 September 19
SCRUBBERS AND FUEL PROFIT SHARE CLAUSES - CLYDE&CO
From 1 January 2020, Regulation 14 of MARPOL Annex VI provides that the sulphur content in fuel oil used on board ships shall be reduced from a max ...
Monday, 16 September 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR MAX 1,290,000 METRIC TONS OF STEAMING COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for total 1,290,000 Metric Tons steam coal.
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- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Parliament of New Zealand
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- The University of Queensland
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
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