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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)
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Saturday, 27 June 09
HEAVY CONGESTION AT AUSTRALIAN PORTS REACHING ALL TIME HIGH TO 120 SHIPS IN EAST COAST AUSTRALIA - VISTAAR SHIPPING
COALspot.com (Singapore): The market this week was a bit soft and the BDI was down by almost 10 pct and closed at 3,703 points.
The drop in BDI i ...
Friday, 26 June 09
INDONESIA INVESTORS EYE BHP BILLITON COAL PROJECT
About four Indonesian investors are interested in taking over a coal project owned by BHP Billiton Ltd, a senior government mining official said.
...
Friday, 26 June 09
SOUTH AFRICA'S CONSULTING GROUP OPENS OFFICES IN CHINA, INDONESIA
Consulting engineering company SRK Consulting has opened new offices in Asia to cope with the growing demand for its services in the region.
The ...
Friday, 26 June 09
RUSSIA MECHEL TO DELIVER 2 MLN T COKING COAL TO ASIA
Russian steel and coal producer Mechel said on Thursday it had signed contracts to deliver about 2 million tonnes of coking coal concentrate to unna ...
Friday, 26 June 09
SA COAL EXPORTS UNLIKELY TO BREACH 65MT THIS YEAR
Coal volumes railed to South Africa’s Richards Bay Coal Terminal (RBCT) during the rain-affected first quarter of 2009 had fallen well short o ...
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- Electricity Generating Authority of Thailand
- Australian Coal Association
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
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- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
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- Bhatia International Limited - India
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- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
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- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- The Treasury - Australian Government
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- Altura Mining Limited, Indonesia
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- Economic Council, Georgia
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- IEA Clean Coal Centre - UK
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- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
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- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
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- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
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- Therma Luzon, Inc, Philippines
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- Kalimantan Lumbung Energi - Indonesia
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- GMR Energy Limited - India
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- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
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- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
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- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
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- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
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- Minerals Council of Australia
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- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
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- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- The University of Queensland
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
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- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
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- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
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