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.
|
|
Tuesday, 11 August 09
ZAMBIAN COAL BUYERS CONTINUE IMPORTING COAL FROM ZIMBABWE
Lusaka Times reported that, Coal mining companies have bemoaned the lack of market for their produce as prospective buyers continue importing the co ...
Monday, 10 August 09
NOMINAL HIKE IN COAL PRICES SOON - MEDIA
The hindu business reported that, a marginal hike in coal prices is in the offing. "I will be soon approaching the Prime Minister on the matter ...
Monday, 10 August 09
MANGALAM CEMENT PLACES ORDER FOR CAPTIVE POWER PLANT
Steel Guru reported that, Mangalam Cement Ltd has announced that the company on August 6th 2009 finalized order for Captive Thermal Power Plant of 1 ...
Monday, 10 August 09
VIET NAM COAL EXPORTS HIT 13.5 MILLION TONNES
VietNamNet Bridge reported that, Viet Nam exported more than 13.5 million tonnes of coal in the first seven months of this year, equal to the same p ...
Monday, 10 August 09
S.KOREA KOSPO ISSUES SPOT, TERM COAL TENDERS
Korea Southern Power Co Ltd (KOSPO) is seeking 1.5 million tonnes of steam coal per year for delivery from October 2009 through September 2012 via a ...
|
|
|
Showing 6516 to 6520 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- White Energy Company Limited
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
|
| |
| |
|
