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Monday, 13 September 10
GLENCORE BUYS STAKE IN MINER BUMI
 The Jakarta globe reported that, Switzerland-based Glencore International, the world’s largest commodities trader, has quietly acquired a $200 million stake in Bumi Resources, Indonesia’s largest coal producer.
Bakrie financial director Eddy Soeparno said Glencore had bought the stock since June. “We have an option to buy back the stake from Glencore within two years,” Soeparno said.
Based on Bumi’s average closing share price and the rupiah’s exchange rate, the deal may mean Glencore has about a 5 percent stake in Bumi.
Eddy said Glencore — a marketing agent for Bumi coal — saw Bumi shares appreciating.
Bumi director Dileep Srivastava confirmed on Wednesday that Glencore had been acquiring shares but would not say how many.
“Based on [Bumi’s] financial records released on June 30, no one company owns more than 5 percent of Bumi’s shares, except for Bakrie & Brothers, which owns 21 percent in several blocks,” he said.
Bakrie & Brothers is the holding company controlled by the family of Aburizal Bakrie, a business tycoon and politician.
Privately held Glencore has become a global marketing agent outside Japan for Kaltim Prima Coal, Bumi’s main coal mining unit.
Glencore supplies metals, minerals, oil products, coal and agricultural products to companies in more than 40 countries. Its sales turnover for the 2009 fiscal year was $106.4 billion, and its assets were $66.3 billion at the end of 2009.
Glencore spokesman Carlos Perezagua declined to comment.
A source at Bakrie & Brothers said the investment holding firm did not have enough cash to increase its stake in Bumi but also saw a potential upside for the miner’s shares.
Bumi stock has tumbled 29 percent this year, underperforming the Jakarta Composite Index’s 27 percent rise, because of concerns about corporate governance and high debt. Its forward PE ratio is 6.15, versus 10.36 for rival Adaro Energy.
Source: The Jakarta Globe
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Monday, 23 August 10
NOBLE RESOURCES AND PAN ASIA INK MAJOR COAL DEAL
Pan Asia Corporation Limited has, via Innovation West Pty Ltd, entered into a binding coal purchase & finance agreement with Noble Resources Pte ...
Monday, 23 August 10
THE FREIGHT MARKET IS EXPECTED TO BE FIRM FOR NEXT COUPLE OF WEEKS - VISTAAR SINGAPORE
COALspot.com: The BDI continued to rise this week by 11.67 pct with the other sectors also keeping the moment. The cape size index also was up by 11 ...
Friday, 20 August 10
JAKARTA TO HOST 9TH ASIA PACIFIC MINING CONFERENCE AND EXHIBITION IN OCTOBER
ASEAN Federation of Mining Association (AFMA), an association of mining groups in Southeast Asia, will hold the 9th Asia Pacific Mining Conference a ...
Friday, 20 August 10
OVERSEAS AND GENERAL SUBSIDIARY INKS US$52M JONGKANG COAL SALES CONTRACT - PROACTIVE INVESTORS
Proactive Investors reported that, overseas and General (ASX: OGL) has reported that its Indonesian majority owned subsidiary, PT OGL Indotrade, has ...
Friday, 20 August 10
POWER COS SEEK MINING PARTNERS TO BID FOR 1,920-MW PROJECT
"A joint venture between the Maharashtra and Tamil Nadu governments for a pit-head power project, has been allotted the biggest coal block yet ...
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- Wood Mackenzie - Singapore
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- Chamber of Mines of South Africa
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- Economic Council, Georgia
- Ministry of Transport, Egypt
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
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- Minerals Council of Australia
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- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Ministry of Mines - Canada
- Commonwealth Bank - Australia
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- Rio Tinto Coal - Australia
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- Intertek Mineral Services - Indonesia
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- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
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- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
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- Indogreen Group - Indonesia
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- Samtan Co., Ltd - South Korea
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- Bangladesh Power Developement Board
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- Bulk Trading Sa - Switzerland
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- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
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- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
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- Alfred C Toepfer International GmbH - Germany
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- European Bulk Services B.V. - Netherlands
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- Indian Energy Exchange, India
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- CNBM International Corporation - China
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- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
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- Mintek Dendrill Indonesia
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- GMR Energy Limited - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
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- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
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