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Saturday, 22 October 11
INDONESIA'S GOLDEN ENERGY SLASHES ITS IPO PRICE - THE JAKARTA GLOBE
 The Jakarta Globe reported that, Golden Energy Mines, a coal mining company affiliated with Sinar Mas Group, lowered its target in an initial public offering planned next month to as much as $250 million, less than half the original price, due to market volatility.
The Jakarta-based company plans to sell 882.35 million shares, or a 15 percent stake, at a price range of Rp 2,300 to Rp 3,500 each. Golden Energy initially planned to sell 1.2 billion shares, or 20 percent of total shares, to raise $550 million.
The company is a unit of energy and infrastructure firm Dian Swastatika Sentosa, which will own 85 percent of Golden Energy after the initial public offering.
“Considering the volatile global market, we decided to adjust,” said Kokarjadi Chandra, president director of Sinarmas Sekuritas, the sole underwriter. He said a 15 percent share sale can generate the money Golden Energy needs for its capital expenditure.
The company will use most of the proceeds for infrastructure, working capital and an expansion of its subsidiary. Ten percent of the proceeds — or about $25 million — will go to pay off debt, valued at about $40 million and mostly owed to Dian Swastatika Sentosa, said Golden Energy president director L. Krisnan Cahya.
The bookbuilding is scheduled from Oct. 21-24, and Golden Energy will be listed on the Indonesia Stock Exchange on Nov. 11.
Golden Energy is targeting 6 million tons in coal production this year, three times higher than last year. Krisnan said production had reached 4 million tons as of September. The company expects to produce 10 million tons by 2012 and 14 million tons by 2013.
Golden Energy moved closer to its goal by opening a new pit in Kalimantan that has about 200 million tons in reserves and will produce 2.5 millions tons this year, company director Yudha Wibawa said. A new port with an annual capacity of 40 million tons, will also help with shipments.
The company expects to set aside Rp 1.36 trillion in capital expenditure up to 2016. It set Rp 501.99 billion in capital expenditure for this year, and Krisnan said it had spent about $30 million as of September. It forecasts reaching Rp 3.41 trillion in revenue this year, up from Rp 927 billion in 2010, and to make Rp 507 billion in profit, up from Rp 34 billion.
It does not plan to acquire more coal mines in the near future.
“We will focus on maximizing production in our current mines because we have quite a large reserve today,” said Krisnan, adding that the company has 849 million tons of thermal coal reserves.
Golden Energy sells most of its production to power companies and cement producers in Indonesia and abroad.
This year, the mining sector has lost 22 percent on the Indonesian Stock Exchange (IDX).
Source: The Jakarta Globe (By: Francezka Nangoy)
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Saturday, 12 November 11
BBJ WILL RELEASE A COAL CONTRACT
Jakarta Futures Exchange will soon release a coal futures contracts during the quarter 1 / 2012.
Director of the Jakarta Futures Exchange (BBJ) S ...
Saturday, 12 November 11
DRY BULK MARKET REGAINS SOME OF THE LOST GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market managed to edge forward yesterday, putting an end and halting the losses accumulated over the course of the past weeks, which ha ...
Friday, 11 November 11
PETROCOM ENERGY PLANS $40M TO BUILD COAL PLANT IN CILEGON - JP
The Jakarta Post reported that, Hong Kong-based Petrocom Energy Ltd has unveiled plans to invest up to US$40 million on a proposed coal-blending fac ...
Friday, 11 November 11
GOVT WAITS LEGAL DECISION ON BUKIT ASAM, ADARO DISPUTE - JP
The Jakarta Post reported that, The government says that it will not interfere in the settlement process of the dispute between state coal miner PT ...
Thursday, 10 November 11
INDONESIAN REFERENCE COAL PRICE FELL AGAIN
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has set the November 2011 Indonesian Coal Reference Price for thermal coal at U ...
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- Indian Oil Corporation Limited
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- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
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- Minerals Council of Australia
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- Semirara Mining Corp, Philippines
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- Ceylon Electricity Board - Sri Lanka
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- The State Trading Corporation of India Ltd
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- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
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- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
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- Merrill Lynch Commodities Europe
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- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
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- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
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- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
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- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
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- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
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