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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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- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
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