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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 20 July 09
INDONESIA PRODUCES 72 MILLION MT IN FIRST HALF OF YEAR: OFFICIAL
Indonesia produced 72 million mt of coal in the first half of 2009, or 31.3% of the government’s target this year, a senior government officia ...
Sunday, 19 July 09
JINDAL S&P IN TALKS TO BUY SA COAL MINE FOR RS 350-400 CR (US$ 80 - 90 MILLION)
Economic Times reported that, Naveen Jindal-led Jindal Steel & Power (JSPL) is acquiring a thermal coal mine in South Africa, a top company exec ...
Saturday, 18 July 09
REN POWER CZ COMMISSIONS ANOTHER PHOTOVOLTAIC POWER STATION
COALspot.com (Press Release): REN Power CZ, a company in the Czech Coal Group, has put into operation another photovoltaic power station. The plant ...
Saturday, 18 July 09
THE FUTURE FOR SUPRAMAX FOR NEXT 3 YEARS TILL 2012 WOULD BE AROUND US$ 13,500 PER DAY - CAPT. REDDY
COALspot.com ( Singapore): The market moved up sharply this week , which was quite unexpected.
The BDI was up by 557 which is an increase of 18 ...
Friday, 17 July 09
CHINA COAL-SPOT PRICES EDGE LOWER, SUPPLY APLENTY
China Mining reported that, spot prices in China's top coal shipping port Qinhuangdao edged lower from a week earlier, as supply grew, offsetting t ...
|
|
|
Showing 6586 to 6590 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Minerals Council of Australia
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
|
| |
| |
|
