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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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Tuesday, 22 September 09
AUSTRALIA SEES HIGHER ASIAN THERMAL COAL IMPORTS
* Asia '09 imports to rise 3.5%, vs pvs f'cast of 3.3% fall
* Asia 2010 thermal coal imports expected to rise 6.3 pct
* China to become net im ...
Tuesday, 22 September 09
PANAMA CANAL EXPANSION MAY AID COLOMBIA COAL TO ASIA
* Colombia producers hope for growth in Asia shipments
* Panama Canal will allow smaller coal Capesize vessels
* Australia, Indonesia to remain bi ...
Monday, 21 September 09
ACCC SET TO APPROVE NEWCASTLE COAL SHIPPING AGREEMENT
ABC reported that, The competition regulator says it is likely to approve a new agreement over coal loading arrangements at Newcastle.
Australian ...
Friday, 18 September 09
PEABODY ENERGY ESTABLISHES ASIAN COAL TRADING HUB IN SINGAPORE
Peabody Energy announced it has opened an office in Singapore that will serve as the new hub for Peabody COALTRADE International activities in South ...
Friday, 18 September 09
AUSTRALIA NEWCASTLE COAL PORT: SEEKS INTERIM QUOTA SYSTEM
Reuters reported that, Australia's Newcastle coal terminal wants to re-introduce an interim export quota system after a group of miners led by BHP ...
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- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- The University of Queensland
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- PTC India Limited - India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
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