We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Saturday, 04 July 09
CHINA BUYS 17% OF MINER TECK RESOURCES FOR $1.5 BILLION
 * To sell 17.2 percent stake to China Investment Corp
* To raise proceeds of C$1.74 bln
* Shares rise 3.2 percent (Adds details. In U.S. dollars unless noted)
Canada's Teck Resources will sell a 17.2 percent equity stake to state-owned China Investment Corp through a private placement that will raise C$1.74 billion ($1.5 billion) and help the miner pay down debt, it said on Friday.
Teck, a top producer of zinc, copper, and metallurgical coal, will sell 101.3 million shares at C$17.21 each, a 7 percent discount to Thursday's closing price of C$18.50 on the Toronto Stock Exchange.
Despite the discount, Teck's shares rose 3.2 percent, or 60 Canadian cents to C$19.10 just after markets opened, the biggest gain among base metals miners in Toronto.
The deal, which will give CIC a 6.7 percent voting stake in the company, comes as Chinese companies have been taking advantage of depressed resource prices buy stakes in producers and lock in access to commodities, particularly oil.
However, the deal does not involve an offtake agreement, and Teck said that CIC, a sovereign wealth fund, has said it is acquiring the shares "for investment purposes as a long-term passive financial investor" and has agreed to hold the stock for at least a year after the deal closes in mid-July.
In a statement, Teck Chief Executive Don Lindsay said the transaction was "an attractive opportunity for Teck to establish a relationship with a major Chinese financial investor, with a deep understanding of China, the world's largest consumer of our principal products."
Lindsay said recently the company had talks with Chinese officials last year over a possible deal to supply coal to China's growing steel industry.
DEBT PAYDOWN
Vancouver, British Columbia-based Teck will use the proceeds of the deal to cut bank debt. The miner took on nearly $10 billion in debt last year to buy Fording Canadian Coal Trust, which made it a top producer of metallurgical coal, or coal used in the steelmaking process.
The company has sold some assets to pay down the debt, and has said it planned to sell a 20 percent stake in its coal business. Teck spokesman Greg Waller said the company still plans to sell the minority stake in the coal business.
David Davidson, an analyst at Paradigm Capital, noted there had been recent speculation that Teck would do some sort of equity sale to pay down debt.
He said he doubted the deal would face Canadian regulatory or government obstacles, as it is for an equity stake in the company, rather than a piece of a particular asset.
"It doesn't get them any closer to a pound of zinc or a tonne of coal," he said.However, he said the deal would make it easier for Teck to do future deals with Chinese companies.
"Any deal that does come along for a ... stake in Fording or anything else Teck decides to sell, that approval process (in China) has basically been taken care of," he said.
CIC was created in 2007 to manage part of China's foreign exchange reserves for higher returns. The $200 billion fund has invested $7.8 billion in Morgan Stanley and has also invested in private equity fund Blackstone.
Source: Reuters
(http://www.reuters.com/article/marketsNews/idAFN0315307920090703?rpc=44&sp=true)
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Saturday, 04 July 09
S. AFRICA'S RICHARDS BAY TO CAP NEW COAL VOLUMES, MININGMX SAYS
South Africa’s Richards Bay Coal Terminal is proposing restrictions on the quotas it awards to coal exporters from the so-called Phase 5 expansi ...
Saturday, 04 July 09
DALRYMPLE BAY COAL TERMINAL EXPANSION COMPLETE
BABCOCK & Brown Infrastructure has completed expansion of the Dalrymple Bay Coal Terminal (DBCT) near Mackay, Queensland.
The terminal is now ...
Friday, 03 July 09
CHINA SHENHUA TO DOUBLE COAL CAPACITY BY 2014-PAPER
China Shenhua Energy Co Ltd plans to double its annual coal production capacity by 2014 from this year's level, the China Securities Journal report ...
Friday, 03 July 09
UKRAINE CUTS COAL PRODUCTION 9.3 PERCENT IN H1
Ukraine reduced coal production approximately 9.3%, or by 3.673 million tonnes, to 35.879 million tonnes in the first half of 2009 compared to the s ...
Thursday, 02 July 09
PETCOKE BOOMS AS CEMENT MAKERS TRY TO REPLACE COAL
* Cement makers led by Asia chase petcoke to replace coal
* Petcoke prices up $10/T Feb-Jun, set to rise further
* Domestic U.S. petcoke demand ma ...
|
|
|
Showing 6631 to 6635 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- The University of Queensland
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Australian Coal Association
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Planning Commission, India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
|
| |
| |
|
