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.
|
|
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 ...
|
|
|
Showing 6396 to 6400 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Australian Coal Association
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Deloitte Consulting - India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- PTC India Limited - India
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
|
| |
| |
|
