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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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Monday, 27 July 09
ADANI POWER'S $625 MILLION IPO TO GENERATE HOT DEMAND
WSJ reported that, Adani Power, the electricity generating unit of India's Adani Enterprises Ltd., is set raise up to US$625 million in wha ...
Monday, 27 July 09
MIDDLE EAST COAL TO MOVE ON $1B EAST KALIMANTAN PROJECT
The Jakarta globe reported that, Middle East Coal reiterated on Monday that it would push ahead its $1 billion development program for East Kutai Re ...
Monday, 27 July 09
SHORT AND ONE YEAR PERIOD RATES FOR SUPRAMAX WAS FIRM AT AROUND US$ 18, 000 -18,500 PER DAY
COALspot.com (Singapore): The Supramax charter rates up sharply last week (ended 24th July 2009), especially India / Far East region said, Capt ...
Monday, 27 July 09
COKING COAL, IRON-ORE LIKELY TO BENEFIT NON-INTEGRATED STEEL PRODUCERS
Economictimes reported that, The second half of the financial year 2008-09 was one of the toughest periods for steel companies, especially the non-i ...
Monday, 27 July 09
GMR ENERGY BUYS EMCO POWERGEN SUBSIDIARY
DNA India reported that, Thane-based transformer manufacturer Emco Ltd has sold its stake in unlisted power generation subsidiary Emco Energy to Ban ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Vedanta Resources Plc - India
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- Formosa Plastics Group - Taiwan
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- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- White Energy Company Limited
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
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- Chamber of Mines of South Africa
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- VISA Power Limited - India
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- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
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- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
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- Kobexindo Tractors - Indoneisa
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- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- The University of Queensland
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
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- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Planning Commission, India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
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- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
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- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
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