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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, 07 November 17
MECHEL SIGNED LONG-TERM COAL SUPPLY CONTRACT WITH ITOCHU CORPORATION
Mechel PAO a leading Russian mining and metals company, reports signing a framework agreement with a major Japanese universal trading company Itoch ...
Tuesday, 07 November 17
DRY BULK SHIPPING: TAKE GOOD CARE OF THE RECOVERY SAYS PETER SAND
Demand:
Even without much support from Brazilian iron ore exports during August, capesize rates went from $10,000 to $17,000 per day. In Septembe ...
Tuesday, 07 November 17
COAL MARKETS WERE RELATIVELY BUOYANT - DANIEL HYNES
Coal markets were relatively buoyant. Metallurgical coal prices were supported by the stronger steel and iron ore prices, says Daniel Hynes, Senior ...
Tuesday, 07 November 17
PROSPERITY AND WINTER WARMTH REMAIN PARAMOUNT IN CHINA - JEFFREY LANDSBERG
Chinese officials announced recently that 580 gigawatts of coal-derived electricity generation capacity has completed ultra-low emissions reform as ...
Monday, 06 November 17
COAL SHORTAGE HURTS INDIA'S HINDALCO AND VEDANTA SAYS BUSINESS STANDARD
Aluminium smelter operations of Vedanta and Hindalco are at risk of turning unviable due to a coal crunch.
According to Business Standard an I ...
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Showing 1891 to 1895 news of total 6871 |
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- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
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