We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Friday, 25 September 09
INDONESIA STOCK EXCHANGE EXAMINES BUMI DEAL WITH CHINESE SOVEREIGN WEALTH FUND
 The Jakarta globe reported that, The Indonesia Stock Exchange is looking into the $1.9 billion financing deal between PT Bumi Resources, the country’s largest coal producer, and a Chinese sovereign wealth fund that would require the Bakrie group company to ultimately pay 19 percent interest at maturity, an exchange director said on Thursday.
Eddy Sugito, a director of the exchange, known as the IDX, said the bourse was seeking an explanation of the phrase “debt-like instruments,” which was how Bumi described the nature of the investment being purchased by China Investment Corp., the sovereign wealth fund.
Eddy said the IDX would analyze Bumi’s disclosure to the exchange, as well as media reports on the deal, before deciding whether to request further explanations from Bumi.
Bumi president director Ari S Hudaya on Wednesday announced that CIC would invest $1.9 billion in “debt-like instruments” offered by Bumi and that the money would be used to restructure Bumi’s debts and finance capital expenditure.
Ari said $600 million was repayable in four years, $600 million in five years and the remaining $700 million in six years. The investment attracts a 12 percent annual cash coupon, with a total internal rate of return of 19 percent, with the balance payable at the time of final maturities.
Ari Pitojo, an equity analyst at PT Mandiri Sekuritas, said the market needed an explanation from Bumi about the nature of the “debt-like instruments” and the high internal rate of return.
Dileep Srivastava, Bumi’s vice president for investor relations, told the Jakarta Globe that there was no reason for the market to worry about the 19 percent rate on the debt.
“[This deal] has huge potential because we have common interests, and it’s the first big investment by CIC in Indonesia,” Dileep said. He would not elaborate on “debt-like instruments,” but he hinted that Bumi’s assets could be offered as collateral to CIC.
“I can’t disclose the details yet as I am bound by the confidentiality agreement,” he said. “All I can say is that the security packages that are being required will be the same as earlier packages [offered to creditors].
“If you want to buy a new house, and you don’t have money, what do you use to get a loan?”
Pardomuan Sihombing, the head of research at PT Paramitra Alfa Sekuritas, said on Thursday that the 12 percent annual interest rate was relatively cheap.
“When compared to Indonesian government dollar bonds, which have an 11 percent annual interest rate, the 1 percent premium for a corporate loan is very cheap,” Pardomuan said.
He said Bumi’s ability to maintain sufficient cash flow and repay the debt would depend on its earnings growth, which could be threatened by a plunge in global coal prices.
“If Bumi’s earnings growth remains stable at near its current growth rate, I think they would have no trouble repaying the debts. But there would be trouble if coal prices slump again in later years,” Pardomuan said.
Bumi posted earnings of $125 million in the first quarter of this year. It has not yet released second-quarter earnings, nor has it issued any earnings forecast for this year.
The company’s total debt, including short-term debt, stood at $3.4 billion in the first quarter, compared to assets of $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
If you believe an article violates your rights or the rights of others, please contact us.
|
|
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 ...
|
|
|
Showing 6391 to 6395 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Planning Commission, India
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- The University of Queensland
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
|
| |
| |
|
