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Monday, 24 May 10
SAMTAN TO SELL KIDECO TO INDIKA ENERGY?
.jpg) Insider Stories reported that, Parent company of Indonesia's coal mining contractor PT Petrosea Tbk (PTRO), PT Indika Energy Tbk (INDY) aims to boost its stakes ownership in Indonesia's third largest coal mining producer PT Kideco Jaya Agung from currently 46% to above 50%.
Business newspaper namely Bisnis Indonesia today reports Indika plans to buy additional stakes from another shareholder Korea's Samtan Co Ltd which currently owns 49% stakes in Kideco.
A source familiar with the matter said Samtan is now in talks with Indika about a possible disposal of Kideco. Samtan has proposed a sale offer of Kideco to Indika, which owns first rights of refusal. When Indika is not interested to buy Kideco, Samtan can offer the stakes to the other potential buyers.
According to my source, Samtan has invested in Kideco for long time. "For Samtan, Kideco is like a baby. So, why does Samtan sell Kideco?" the source said.
At the end of March 2010, Kideco produced 6.9 million tons of coal with overburden removal of 44.8 million bcm. Kideco's strip ratio reached 6.49.
Kideco has bought equipments such as dump trucks, excavator, and the others. It has improved crushing plant and loading facilities. Kideco has initiated development of Samarangau pit which has the largest coal reserves at Kideco's concession area. Samarangau is estimated to have coal resouces of 694 million tons and 348 million tons of coal reserves.
In a morning notes published by Mandiri Sekuritas today, should Samtan sell Kideco to Indika, it would be positive for Indika to enhance value at operating level given that Kideco will now be consolidated in the books, should it acquire majority ownership.
Currently, Indika’s has 46% stakes, while Korea’s Samtan Co Ltd owns 49% and the remaining 5% is held by Muji Inti Utama.
This year it aims to produce some 30 million tons (+21%). Kideco has consistently achieved or outperformed its production targets since 1993, when it started commercial production and is looking to expand capacity to 40 million tons of coal by end of 2010.
Kideco’s contribution, recognized currently as other income (below operating level) in Indika’s books historically contributes close to over 90% of Indika’s net income. "We have not incorporated this in our forecast as the stock currently trades at PER10F of 13.3x."
Source: Insider Stories
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Thursday, 27 May 10
DRY BULK RATES REACH 2010 HIGHS, BUT FUTURE REMAINS UNCERTAIN
This week is proving to be a milestone for the dry bulk market, as the Baltic Dry Index has propelled itself at never before seen levels for 2010. Y ...
Wednesday, 26 May 10
ADANI GROUP EYES AFRICA FOR COAL MINING PROJECTS
India Info Line reported that, After acquiring coal mines for importing Indonesian coal to run its thermal power plants in the country, the Adani Gr ...
Wednesday, 26 May 10
DRY BULK MARKET SHOOTS UP, CLOSES IN ON POST-CRISIS ERA HIGHS
In an opposite trend than that of the previous week, the Baltic Dry Index (BDI), a benchmark for tracking costs to haul commodities at sea, shot up ...
Wednesday, 26 May 10
BUMI TO CUT UP TO USD 1 BILLION DEBT IN 12 MONTHS
Press Release : PT Bumi Resources Tbk. announced yesterday that it has revived its intent to issue non preemptive shares and added this to the agend ...
Tuesday, 25 May 10
COAL PRODUCTION MAY REACH 320 MILLION TONS THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miners expect to produce as much as 320 million tons of coal this year, an increase of nearly 7 perc ...
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- Latin American Coal - Colombia
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- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
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- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
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- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
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- AsiaOL BioFuels Corp., Philippines
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- Jaiprakash Power Ventures ltd
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- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
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- Indian Oil Corporation Limited
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- Economic Council, Georgia
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Agrawal Coal Company - India
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- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Edison Trading Spa - Italy
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- Energy Link Ltd, New Zealand
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- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
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- Medco Energi Mining Internasional
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- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
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- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
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- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
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- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Parliament of New Zealand
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- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
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- Sical Logistics Limited - India
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- Bharathi Cement Corporation - India
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- GMR Energy Limited - India
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- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
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- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
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- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
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- ASAPP Information Group - India
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- Tamil Nadu electricity Board
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- PTC India Limited - India
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- Pipit Mutiara Jaya. PT, Indonesia
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- Romanian Commodities Exchange
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- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
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- CNBM International Corporation - China
- Baramulti Group, Indonesia
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- Independent Power Producers Association of India
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- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
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- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
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- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
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- Alfred C Toepfer International GmbH - Germany
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