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Tuesday, 20 October 09
RECAPITAL SET TO BUY INDONESIA'S BERAU COAL - SOURCES
 * COULD PAY AT LEAST $1.3 BLN FOR BERAU - SOURCES
* RECAPITAL CONFIRMS IT HAS BID FOR BERAU
* BAKRIE GROUP LIKELY TO BACK BID – SOURCES
Reuters reported that, Recapital Advisors, an Indonesian investment firm, is nearing an agreement to buy Indonesian coal miner PT Berau Coal for at least $1.3 billion, according to sources familiar with the deal.
Recapital has received a verbal agreement that they are the winning bidder for Indonesia's fifth biggest coal miner, two sources told Reuters, adding the deal could be finalised by the end of the year. Under the deal, Recapital will buy a 51 percent stake from Armadian Tritunggal -- an investment firm controlled by Indonesian businessman Rizal Risjad -- which would trigger the sale of remaining shares in Berau, sources said.
"Yes we are bidding for Berau," Rosan P. Roeslani, president director of Recapital, told Reuters, without confirming that his firm was the winning bidder.
Indonesia is the world's biggest exporter of thermal coal and is a key supplier to North Asia, India and increasingly China. The sources said Recapital is backed by Indonesia's politically-connected Bakrie group, which also owns a big stake in coal miner Bumi Resources, though Roeslani said Recapital was not teaming up with the Bakrie group for the deal.
The sources declined to be identified because the deal was not public. Credit Suisse is advising Recapital, one of the sources said. The sale is being run by Deutsche Bank, Bank of America's Merrill Lynch, and former Merrill banker Sheldon Trainor's PacBridge Capital Partners. TWISTS AND TURNS The deal has seen many twists and turns since it was launched earlier this year. China's Huaneng Power and Indonesia's PT Indika Energy had also submitted bids, sources told Reuters in July.
Thailand's top coal miner Banpu may also have bid for the stake while mining giant Xstrata and Peabody Energy previously expressed interest. Sources said Berau -- Indonesia's fifth-largest coal miner -- has generated strong interest as it is rare for controlling stakes in Indonesian energy firms to be put on the market. The stake offers a steady supply of quality Indonesian thermal coal.
Berau, which has a 1,200 square km (460 sq mile) concession area in East Kalimantan province, produced 13.2 million tonnes of coal in 2008 and aims for production of about 15 million tonnes this year. It sees 2010 output rising 16 percent.
Berau is a joint venture between Tritunggal, Dutch firm dan Rognar Holding B.V. and Japanese firm Sojitz Corp, with Rognar and Sojitz owning 39 percent and 10 percent stakes.
Source: Reuters
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Friday, 09 October 09
INDIKA IN TALKS TO SELL 4M TONS OF COAL, EYEING BP ASSETS
The Jakarta Post reported that, Energy company PT Indika Energy is in talks with Indian buyers to sell 4 million tons of coal next year, one of its ...
Friday, 09 October 09
BULK-SHIPPING LINES MUST CANCEL 50% OF NEW ORDERS, PLATOU SAYS
Bloomberg reported that, Bulk-shipping lines need to cancel half of the new vessels they have on order to ease a capacity glut and revive freight ra ...
Friday, 09 October 09
THE BALTIC DRY INDEX WOKE UP: DRY BULK MARKET ON THE RISE
Hellenic Shipping News reported that, In what could prove the beginning of a new and sustainable rally for the dry bulk market, the BDI (Baltic Dry ...
Friday, 09 October 09
STRAITS ASIA INDONESIAN MINE COAL LOADER COLLAPSES
* New coal loading facility collapsed due to heavy rain
* Older coal loading facility seem unaffected so far
* UBS may cut valuation if disruption ...
Thursday, 08 October 09
COAL INDIA SAYS IMPORTS COULD JUMP 10 TIMES IN 3 YRS
Reuters reported that, Coal imports by state explorer Coal India Ltd could jump 10 times to 40-45 million tonnes in three years to meet a sharp rise ...
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- Commonwealth Bank - Australia
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