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Thursday, 13 August 09
RIO PREPARES COAL IPO AFTER FAILING TO FIND BUYER
 Bloomberg reported that, Rio Tinto Group, the world’s third- largest mining company, is preparing an initial public offering for its U.S. coal unit after failing to find a buyer.
“We have made the decision that this is our preferred option for divestment,” Rio spokesman Nick Cobban said today by phone from London. Preparation for an IPO “is starting now and is expected to be completed by the end of the year,” he said.
Rio posted a U.S. Securities and Exchange Commission filing yesterday for a share offer of at least $500 million in Cloud Peak Energy Inc., which includes four of the mines in the Rio Tinto Energy America unit located in Wyoming and Montana, Cobban said. The sale, managed by Credit Suisse AG, Morgan Stanley and RBC Capital Markets, won’t include the Colowyo mine, he said.
The $500 million figure is “indicative” rather than reflecting the amount that will be raised, Cobban added.
Rio earmarked the assets for sale in 2007 to help repay debt from the purchase of Canadian aluminum producer Alcan Inc. for $38.1 billion. Planned disposals became more difficult as a global recession pummeled commodity prices. Rio shelved the sale of a unit making borates for glass and ceramics in May after failing to get what it called an “acceptable” price.
Arch Coal Inc., the second-biggest U.S. producer of the energy fuel, agreed in March to pay Rio $761 million for the Jacobs Ranch mine, the biggest mine within Rio Tinto Energy America, according to Rio’s Web site.
Alpha Natural
Alpha Natural Resources Inc. was close to purchasing the remaining mines in May until the U.S. coal producer agreed instead to pay $2 billion for rival Foundation Coal Holdings Inc., said a person familiar with the situation at the time.
The four remaining mines, which produce thermal coal in the so-called Powder River Basin, are Spring Creek, Cordero Rojo, Antelope and a 50 percent stake in the Decker mine, according to Rio’s Web site. The company first lodged the proposal to spin off Cloud Peak with the SEC last August.
The mines, excluding Colowyo, may raise as much as $1 billion, Charles Kernot, a mining analyst at Evolution Securities Ltd. in London who has a “sell” recommendation on Rio shares, wrote today in a report.
“If Rio Tinto can raise the anticipated amount of cash this would be good news for the group,” Kernot wrote. By releasing the filing, Rio may hope that other parties may make “a clean bid for the whole entity,” he added.
Fund Raising
Rio has raised $3.7 billion this year selling Latin American iron ore and potash deposits to Vale SA, part of its Alcan packaging unit to Bemis Co. of the U.S. and a stake in a Chinese aluminum smelter. Australia’s Amcor Ltd. said last month it was studying funding options for the rest of Rio’s packaging unit. Rio said in May it was considering bids for parts of its Alcan engineered products unit.
The company agreed in June to raise $21 billion by selling shares and creating an iron-ore venture with BHP Billiton Ltd., after it scrapped a $19.5 billion investment from state-owned Aluminum Corp. of China.
Rio said in 2007 when announcing its plan to sell Rio Tinto Energy America that the unit was the second-largest U.S. coal producer. Output last year was a record 133.3 million metric tons, including 38.2 million tons from Jacobs Ranch, according to Rio’s annual report.
Peabody Energy Corp. is the largest U.S. coal producer.
Source: Bloomberg
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Monday, 28 September 09
INDONESIA UNLIKELY TO PASS NEW MINING RULES IN 2009
Reuters reported that, Indonesia is unlikely to complete final regulations attached to a new mining and coal law this year, an official said on Mond ...
Monday, 28 September 09
TATA POWER SCOUTS FOR COAL BLOCKS ABROAD
Business Standard reported that, private power producer Tata Power is scouting for coal mines abroad, including Australia and Mozambique, to meet de ...
Saturday, 26 September 09
THE INDIA / FAR EAST SEEMS WILL BE FIRM NEXT WEEK - VISTAAR
COALspot.com (Singapore): The dry bulk market was soft this week and the BDI dropped by almost 7 pct to 2,183 points. The cape size index dropped by ...
Saturday, 26 September 09
GSECL PLANS TO PROCURE 15 LAKH (1.5 MILLION) MT OF IMPORTED COAL
Business Standard reported that, State-run power generation company, Gujarat State Electricity Corporation Ltd (GSECL) intends to procure 15 lakh (1 ...
Saturday, 26 September 09
SAIL TO SET UP TWO SLAG-BASED CEMENT MANUFACTURING UNITS
Rediff Business reported that, Government-owned Steel Authority of India Ltd, the country's largest steel producer, is looking to set up two greenf ...
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- Intertek Mineral Services - Indonesia
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- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- SMC Global Power, Philippines
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- White Energy Company Limited
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- Ceylon Electricity Board - Sri Lanka
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- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
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- Rio Tinto Coal - Australia
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- IEA Clean Coal Centre - UK
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- Kohat Cement Company Ltd. - Pakistan
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- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
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- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
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- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- The University of Queensland
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
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- Parliament of New Zealand
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- Orica Mining Services - Indonesia
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- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
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- Energy Development Corp, Philippines
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- Minerals Council of Australia
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- Trasteel International SA, Italy
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- Indian Oil Corporation Limited
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- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
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- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
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- PTC India Limited - India
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- Chamber of Mines of South Africa
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- European Bulk Services B.V. - Netherlands
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- Romanian Commodities Exchange
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- Global Coal Blending Company Limited - Australia
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- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
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- Standard Chartered Bank - UAE
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- Indonesian Coal Mining Association
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- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
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- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
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- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
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- Economic Council, Georgia
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- Posco Energy - South Korea
- VISA Power Limited - India
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- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
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- Heidelberg Cement - Germany
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- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
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- Sakthi Sugars Limited - India
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- Ministry of Mines - Canada
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