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Saturday, 04 July 09
CHINA BUYS 17% OF MINER TECK RESOURCES FOR $1.5 BILLION
 * To sell 17.2 percent stake to China Investment Corp
* To raise proceeds of C$1.74 bln
* Shares rise 3.2 percent (Adds details. In U.S. dollars unless noted)
Canada's Teck Resources will sell a 17.2 percent equity stake to state-owned China Investment Corp through a private placement that will raise C$1.74 billion ($1.5 billion) and help the miner pay down debt, it said on Friday.
Teck, a top producer of zinc, copper, and metallurgical coal, will sell 101.3 million shares at C$17.21 each, a 7 percent discount to Thursday's closing price of C$18.50 on the Toronto Stock Exchange.
Despite the discount, Teck's shares rose 3.2 percent, or 60 Canadian cents to C$19.10 just after markets opened, the biggest gain among base metals miners in Toronto.
The deal, which will give CIC a 6.7 percent voting stake in the company, comes as Chinese companies have been taking advantage of depressed resource prices buy stakes in producers and lock in access to commodities, particularly oil.
However, the deal does not involve an offtake agreement, and Teck said that CIC, a sovereign wealth fund, has said it is acquiring the shares "for investment purposes as a long-term passive financial investor" and has agreed to hold the stock for at least a year after the deal closes in mid-July.
In a statement, Teck Chief Executive Don Lindsay said the transaction was "an attractive opportunity for Teck to establish a relationship with a major Chinese financial investor, with a deep understanding of China, the world's largest consumer of our principal products."
Lindsay said recently the company had talks with Chinese officials last year over a possible deal to supply coal to China's growing steel industry.
DEBT PAYDOWN
Vancouver, British Columbia-based Teck will use the proceeds of the deal to cut bank debt. The miner took on nearly $10 billion in debt last year to buy Fording Canadian Coal Trust, which made it a top producer of metallurgical coal, or coal used in the steelmaking process.
The company has sold some assets to pay down the debt, and has said it planned to sell a 20 percent stake in its coal business. Teck spokesman Greg Waller said the company still plans to sell the minority stake in the coal business.
David Davidson, an analyst at Paradigm Capital, noted there had been recent speculation that Teck would do some sort of equity sale to pay down debt.
He said he doubted the deal would face Canadian regulatory or government obstacles, as it is for an equity stake in the company, rather than a piece of a particular asset.
"It doesn't get them any closer to a pound of zinc or a tonne of coal," he said.However, he said the deal would make it easier for Teck to do future deals with Chinese companies.
"Any deal that does come along for a ... stake in Fording or anything else Teck decides to sell, that approval process (in China) has basically been taken care of," he said.
CIC was created in 2007 to manage part of China's foreign exchange reserves for higher returns. The $200 billion fund has invested $7.8 billion in Morgan Stanley and has also invested in private equity fund Blackstone.
Source: Reuters
(http://www.reuters.com/article/marketsNews/idAFN0315307920090703?rpc=44&sp=true)
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Thursday, 30 July 09
KOMIPO OFFERED 3 MILLION MT IN TENDER, TEN TIMES OVERSUBSCRIBED
Korea Midland has received offers for 3 million mt of bituminous steam coal in its latest tender despite the power utility seeking only 300,000 mt, ...
Thursday, 30 July 09
PNOC FORGES JOINT VENTURES AS STEPS UP COAL OPERATIONS
The Philippine National Oil Co.-Exploration Corp. has entered joint venture agreements with food and beverage conglomerate San Miguel and Filipinas ...
Thursday, 30 July 09
NAMANE OF SOUTH AFRICA IN SUDAN COAL DEAL, BUSINESS REPORT SAYS
Namane of South Africa in Sudan Coal Deal, Business Report Says
Namane Resources Ltd. of South Africa signed a coal-supply agreement with the Nat ...
Wednesday, 29 July 09
RP COAL DEMAND TO SURGE BY 2014 - PHILIPPINES UPDATE
CEBU, Philippines - With the entry of new coal-fired power generation plants in the Philippines, the Department of Energy (DOE) projected an increas ...
Wednesday, 29 July 09
INDIA HUNGRY FOR OUR COKING COAL ASSETS
The Australian reported that, INDIA is about to embark on a program of rapid coal sector acquisitions in Australia as it looks to plug a huge annual ...
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- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- PTC India Limited - India
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
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- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
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- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
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- Chamber of Mines of South Africa
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- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
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- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Parliament of New Zealand
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- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
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- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
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