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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 $19.5 billion investment from state-owned Aluminum Corp. of China.
Rio said in 2007 when announcing its plan to sell Rio Tinto Energy America that the unit was the second-largest U.S. coal producer. Output last year was a record 133.3 million metric tons, including 38.2 million tons from Jacobs Ranch, according to Rio’s annual report.
Peabody Energy Corp. is the largest U.S. coal producer.
Source: Bloomberg
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Thursday, 24 September 09
CHINA WILL BE IMPORTER OF COKING COAL NEXT YEAR, MCCLOSKEY SAYS
Bloomberg reported that, China, the world’s largest coal user and producer, will remain an importer of the fuel through next year, according t ...
Wednesday, 23 September 09
TATA POWER TO COMMISSION 2 UNITS OF MUNDRA UMPP BY FEB 2012
Business Standard reported that, the country's largest private power producer Tata Power today said it would commission 1,600 MW capacity of its 4, ...
Wednesday, 23 September 09
NAVA BHARAT TO ADD 300MW CAPACITY, RAISE RS1,386 CRORE (US$ 289,674,610)
The firm plans to place orders for equipment by the end of October and commission both the plants by April 2012 to sell power in the open market
...
Tuesday, 22 September 09
ASIA COAL-PRICES TOPS $70 AS TRADERS SEEK BARGAINS
Reuters reported that, prices of power-station coal in Australia, a benchmark for Asia, rose for the second week to top $70 a tonne this week, clawi ...
Tuesday, 22 September 09
QINHUANGDAO COAL PRICES SURGE ON STRONG DEMAND
People's Daily Online reported that, Coal prices at Qinhuangdao port, China's largest coal port, witnessed the sharpest increase in the year last ...
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- Siam City Cement PLC, Thailand
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- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
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- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
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- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
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- Toyota Tsusho Corporation, Japan
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- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
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- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
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- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- PTC India Limited - India
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- Meenaskhi Energy Private Limited - India
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- India Bulls Power Limited - India
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- Posco Energy - South Korea
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- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
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- Economic Council, Georgia
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- SMC Global Power, Philippines
- Petron Corporation, Philippines
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- Pendopo Energi Batubara - Indonesia
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- Malabar Cements Ltd - India
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- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
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- Indian Oil Corporation Limited
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- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
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- AsiaOL BioFuels Corp., Philippines
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- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
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- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Price Waterhouse Coopers - Russia
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- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
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- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
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- Romanian Commodities Exchange
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- Parliament of New Zealand
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- Alfred C Toepfer International GmbH - Germany
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