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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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Monday, 08 August 16
THE TURKISH GOVERNMENT HAS IMPOSED A $15 A TON DUTY ON POWER PLANT COAL IMPORTS - MEDIA
COALspot.com: The Turkish government has imposed a US$15 per ton duty on thermal coal imports for use in its power sector.
According to media ...
Monday, 08 August 16
THE BALTIC EXCHANGE, TRACKING RATES FOR SHIPS CARRYING DRY BULK COMMODITIES SLIDE SLIGHTLY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Panamax and Supramax segments ending in ...
Monday, 08 August 16
ARE EXPENSES INCURRED DURING NEGOTIATION OF A PIRATE RANSOM RECOVERABLE IN GENERAL AVERAGE? - CLYDE&CO
KNOWLEDGE TO ELEVATE
Facts
The laden chemical tanker LONGCHAMP was transiting the Gulf of Aden on passage to Vietnam. The ship was subject t ...
Saturday, 06 August 16
DRY BULK SHIPPING CHARTER RATES TO RISE ON UNEXPECTED DEMAND GROWTH - DREWRY
Increasing trade and contracting supply will support a recovery in charter rates on major dry bulk shipping routes, with the prospect of China impo ...
Friday, 05 August 16
WEEKLY U.S. COAL OUTPUT TOTALED AN ESTIMATED 16.1 MMST IN THE WEEK ENDED JULY 30 - EIA
COALspot.com – U.S., the world’s second largest coal producers has produced approximately totalled an estimated 16.1 million short tons ...
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- The Treasury - Australian Government
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Independent Power Producers Association of India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
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