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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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Thursday, 20 September 12
DRY BULK INCHES FORWARD AFTER WEEKS OF BELOW PAR PERFORMANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has started to revive from its ashed, as the past couple of days, traders have reported an increased activity from China, result ...
Wednesday, 19 September 12
CHURCHILL STRENGTHENS LITIGATION TEAM WITH APPOINTMENT OF NICHOLAS SMITH AS MANAGING DIRECTOR
COALspot.com - Churchill Mining PLC (AIM: CHL) has announced that, Mr Nicholas Smith has joined the board of the Company and has been appointed as t ...
Wednesday, 19 September 12
DRY BULK TERMINALS SINGAPORE
Press Release - Dry bulk terminals are used all around the world to handle large quantities of bulk materials, like minerals, grains, etc. In today& ...
Tuesday, 18 September 12
JORC CODE REVISION - EXPOSURE DRAFT RELEASED FOR COMMENT
COALspot.com - The Australasian Joint Ore Reserves Committee (JORC) has today released for public comment the exposure draft of the JORC Code (2012) ...
Monday, 17 September 12
YEAR TO DATE, BUMA PRODUCED 231.1 MILLION BCM OF OVERBURDEN
COALspot.com - PT. Delta Dunia Makmur Tbk has removed 31.5 million bcm (+6.0 percent YoY) overburden in August 2012 totaled 31.5 million bcm ( ...
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- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- The University of Queensland
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
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