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Wednesday, 23 December 09
MACARTHUR COAL OFFERS TO BUY RIVAL GLOUCESTER
 Queensland-based Macarthur Coal will offer to buy fellow Australian Gloucester Coal, in a move to add two new mines and increase coal resources.
The company, which is already the world's largest producer of low volatile pulverised injection coal, is seeking to boost production and widen its offering to take advantage of strong Asian demand for steelmaking and steam coal.
Macarthur will offer 0,84 of its own shares or A$8 a share for each Gloucester share in two separate offers, the firm said on Tuesday. The share portion is worth A$8,16 apiece based on Macarthur's closing price on Monday.
Noble Group, which is Gloucester's biggest shareholder, with 87,7%, has indicated it will support the proposal.
Further, Gloucester's independent directors said that, in the absence of a better proposal, and subject to an independent report on the fairness of the offer, they will unanimously recommend Macarthur's bid for the company.
Macarthur also said that it is in talks with Noble to buy its interest in the Middlemount mine joint venture, in central Queensland, and for a majority stake (likely 79,9%) in Donaldson Coal, which has operations in the Hunter Valley.
Noble currently owns 25,34 of Middlemount and Macarthur holds the balance.
Altogether, if the Middlemount and Donaldson transactions are completed, Macarthur will pay Noble A$175-million and 22,5-million of its shares.
Macarthur said the deals being proposed would make it Australia's leading independent coal producer, with a market capitalisation of about A$3,4-billion.
The company would have six operating mines in two states, shipping through two coal terminals.
“The proposed transactions will create a great Australian coal company,” said Macarthur chairperson Keith DeLacy.
“Gloucester and Macarthur shareholders will have exposure to high-quality producing coal miners in three separate coal basins, with strong growth potential.”
Noble, which is part owned by China Investment Corporation, said that it will take shares in Macarthur rather than cash if it accepts the Gloucester offer.
If all the transactions are completed, it will hold 23% of the merged company.
“The combination of these highly complementary assets will provide Noble with exposure to what will be the largest independent coal producer in Australia, a critical supplier to the Asian growth markets,” said Noble CEO Richard Elman.
The company acquired its majority stake in Gloucester in May this year for A$7 a share.
Source: Mining Weekly / Liezel Hill
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Thursday, 24 December 09
DRY BULK CHARTERING - SHIPPING UPDATE
Handy
Continued firm conditions for the Handymax / Supramax market in the Atlantic despite the BSI´s downward trend. As chrs scramble to cov ...
Thursday, 24 December 09
EUROSEAS LTD. ANNOUNCES TWO-YEAR TIME CHARTER AGREEMENT FOR PANAMAX BULK CARRIER
Euroseas Ltd., an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerize ...
Wednesday, 23 December 09
INDONESIA POWER CHIEF TO BUILD PLANTS OUTSIDE JAVA
Indonesia's state electricity firm plans to build new power plants outside Java island with a combined capacity of around 2,000 megawatts to resolv ...
Wednesday, 23 December 09
BUKIT ASAM SEES CHINA COAL DEMAND BOOST
* Rebound in prices to have pushed up 2009 revs
* To more than double Tarahan port capacity
Reuters reported that, Indonesian state-owned coal m ...
Tuesday, 22 December 09
CHINA CONTRACTED COAL PRICE FOR 2010 SEES SLIGHT INCREASE
A number of coal and power enterprises have concluded their annual power-coal supply contracts for 2010, and the contracted coal price saw slight in ...
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- International Coal Ventures Pvt Ltd - India
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- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
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- MS Steel International - UAE
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
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- Cement Manufacturers Association - India
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
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- Timah Investasi Mineral - Indoneisa
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- Indian Energy Exchange, India
- SMG Consultants - Indonesia
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- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
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- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
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- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
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- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
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- Orica Australia Pty. Ltd.
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- Indonesian Coal Mining Association
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- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
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- Mercator Lines Limited - India
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- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
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- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
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- Wilmar Investment Holdings
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- Sical Logistics Limited - India
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- Indian Oil Corporation Limited
- The University of Queensland
- Sindya Power Generating Company Private Ltd
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- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
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- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
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- VISA Power Limited - India
- Larsen & Toubro Limited - India
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- Directorate General of MIneral and Coal - Indonesia
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- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
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- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
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- Petron Corporation, Philippines
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- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
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- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
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- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
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- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
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