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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, 24 November 15
COAL PRICES SET TO REMAIN UNDER PRESSURE UNTIL 2016 DUE TO OVER SUPPLY GLUT; H1 '16 COAL SWAPS DOWN 13% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $5 per ton (12.05%) month over month to US$ 36.50 per ton. The s ...
Monday, 23 November 15
NEGATIVE 2016 OUTLOOK FOR WESTERN EUROPEAN STEEL - SAYS FITCH RATINGS
COALspot.com: European steel in 2016 are both negative for the sector and for issuer ratings.
This reflects our expectation that import levels ...
Monday, 23 November 15
DRY BULK MARKET: NET FLEET GROWTH IS SLOWING DOWN, AS SHIP OWNERS ARE LOOKING FOR WAYS TO ALLEVIATING MARKET MELTDOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been in “meltdown” mode for a few weeks now, unable to find support and avoid the fall in historical lows. As s ...
Monday, 23 November 15
CS50 COAL INDEX CLOSED AT $40.27 PER TON; FELL 0.15% FROM LAST WEEK
COALspot.com: The 5700 GAR CS (i) coal index fell by US cents 3 per ton week over week on 20 November 2015. CS 57 (5700 GAR coal) index closed at U ...
Monday, 23 November 15
CFR SOUTH CHINA COAL SWAPS FALL FURTHER ON LOW DEMAND
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 6.75 (13.99%) per ton month over month.
A commodity swa ...
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- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Planning Commission, India
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