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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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Friday, 24 April 15
CHINA IRON ORE MINE CLOSURES TO SLOW ON GOVERNMENT SUPPORT - FITCH
Fitch Ratings expects fewer Chinese iron ore mine closures in 2015 as the government takes steps to support the industry, which has been struggling ...
Friday, 24 April 15
IS INDIA THE 'NEW CHINA' WHEN IT COMES TO THE DRY BULK MARKET? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has been feeling the “heat” of China’s slowdown and together with the industry’s own failings, with ove ...
Friday, 24 April 15
GLOBAL STEEL PRODUCTION OUTSIDE OF CHINA CONTINUES TO FARE VERY POORLY - JEFFREY LANDSBERG
COALspot.com: Data released this week showed that global crude steel production totaled approximately 138.05 million tons in March.
Wha ...
Friday, 24 April 15
WEEKLY U.S. COAL PRODUCTION ESTIMATE FALLS 5.7% FROM LAST WEEK
COALspot.com – United States the second largest coal producer in the world has produced approximately totaled an estimated 17.0 million short ...
Wednesday, 22 April 15
PANAMAX : ATLANTIC HOLDING ON TO THE GAINS OF THE PREVIOUS WEEK; PACIFIC BUSINESS SLID QUIETLY
COALspot.com: The Dry Bulk market managed to close off the week on a positive note last Friday, while as opposed to what we have been used to, it w ...
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- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Economic Council, Georgia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- The University of Queensland
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