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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
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Friday, 25 September 09
FREIGHT RATE CUTS MAKING SOUTH AFRICAN COAL MORE COMPETITIVE IN ASIAN MARKETS
Mining Weekly reported that, Coaltrans South Africa MD Gerard Strahan highlighted the country’s sudden increase in coal exports to southern Ch ...
Friday, 25 September 09
XSTRATA TO BUILD ITS OWN RAIL CAPACITY TO SHIP AUSTRALIAN COAL
Bloomberg reported that, Xstrata Plc, the world’s largest exporter of coal used by power stations, will establish its own rail haulage capacit ...
Thursday, 24 September 09
INDIA CEMENT CO'S TO AWARD 200,000T COAL TENDER
Reuters reported that, India's biggest cement maker ACC Cement Ltd and Gujarat Ambuja will award on Thursday Sept 25 a tender for 100,000 tonnes ea ...
Thursday, 24 September 09
YUDEAN TO SIGN CO-OPERATION LETTER OF INTENT WITH RUSSIA COAL TRADE COMPANY
In the recent days, Gao Shiqiang, deputy manager of Yudean Group Co., Ltd. went and carried out the friendly talks with SUEK and inked the trade co- ...
Thursday, 24 September 09
ANGLO EYES DOUBLED METALLURGICAL COAL OUTPUT BY 2018
Mining group Anglo American could double its production of coal used for steel making by 2018 if all of its unapproved projects went ahead, the comp ...
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- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- The Treasury - Australian Government
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Planning Commission, India
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
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