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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, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Foll ...
Thursday, 17 January 19
EIA ESTIMATES THAT U.S. COAL EXPORTS WERE 116 MMST IN 2018, 20% HIGHER THAN THE AMOUNT EXPORTED IN 2017
Coal Supply
EIA estimates that coal production declined by 20 million short tons (MMst) (3%) in 2018, despite a 19 MMst increase in U.S. coal e ...
Thursday, 17 January 19
U.S COAL OUTPUT IS EXPECTED TO FALL BY 3 PER CENT IN 2019 - EIA
EIA forecasts that U.S. coal production will total 729 million short tons (MMst) in 2019, down by 25 MMst (3%) from 2018.
Acco ...
Wednesday, 16 January 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we go through the first days of the year and just a few weeks before the Chinese New Year, the ship repair sector is witnessing a big difference ...
Monday, 14 January 19
KOREA SOUTHERN POWER INVITES BIDS FOR 320,000 MT OF MIN 3,800 NCV COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV coal for ...
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- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Australian Coal Association
- Aditya Birla Group - India
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- ICICI Bank Limited - India
- PTC India Limited - India
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
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