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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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Saturday, 22 December 12
FALL IN CAPE AND PANAMAX RATES DRAG BDI INDEX - VISTAAR
COALspot.com - The freight market further softened this week closing at 700 points (down by 10.71 pct). The cape index continued to fall and w ...
Saturday, 22 December 12
DELTA DUNIA MAKMUR PRODUCED 3.2 MILLION TONS OF COAL IN NOVEMBER' 12
COALspot.com - PT Delta Dunia Makmur Tbk., has removed 28.1 million bcm* (+1.8% YoY) of Overburden in November 2012 while coal production was at 3.2 ...
Friday, 21 December 12
JORC CODE, 2012 EDITION NOW FINALIZED
COALspot.com - The JORC Committee has announced that, the completion of the review of the JORC Code of 2012 Edition.
The JORC Code, 2012 Ed ...
Thursday, 20 December 12
COAL CLOSING IN ON OIL AS WORLD'S TOP ENERGY SOURCE BY 2017
COALspot.com - Coal’s share of the global energy mix continues to rise, and by 2017 coal will come close to surpassing oil as the world’ ...
Thursday, 20 December 12
CHINA'S IRON ORE AND COAL DEMAND WILL SHAPE THE CAPESIZE DRY BULK TRADE DURING 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the best efforts from ship owners to help alleviate the current tonnage oversupply issue in the dry bulk segment, especially in the larger v ...
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- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
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