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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 $7.8 billion in Morgan Stanley and has also invested in private equity fund Blackstone.
Source: Reuters
(http://www.reuters.com/article/marketsNews/idAFN0315307920090703?rpc=44&sp=true)
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Monday, 20 July 09
CHINA COAL PRODUCES 52.7 MLN TONNES OF COAL IN 1H, UP 5.4 PCT
China Mining reported that, China Coal Energy Co., the country's second largest coal producer, said Saturday that it produced 52.67 million tonnes ...
Monday, 20 July 09
INDONESIA PRODUCES 72 MILLION MT IN FIRST HALF OF YEAR: OFFICIAL
Indonesia produced 72 million mt of coal in the first half of 2009, or 31.3% of the government’s target this year, a senior government officia ...
Sunday, 19 July 09
JINDAL S&P IN TALKS TO BUY SA COAL MINE FOR RS 350-400 CR (US$ 80 - 90 MILLION)
Economic Times reported that, Naveen Jindal-led Jindal Steel & Power (JSPL) is acquiring a thermal coal mine in South Africa, a top company exec ...
Saturday, 18 July 09
REN POWER CZ COMMISSIONS ANOTHER PHOTOVOLTAIC POWER STATION
COALspot.com (Press Release): REN Power CZ, a company in the Czech Coal Group, has put into operation another photovoltaic power station. The plant ...
Saturday, 18 July 09
THE FUTURE FOR SUPRAMAX FOR NEXT 3 YEARS TILL 2012 WOULD BE AROUND US$ 13,500 PER DAY - CAPT. REDDY
COALspot.com ( Singapore): The market moved up sharply this week , which was quite unexpected.
The BDI was up by 557 which is an increase of 18 ...
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Showing 6586 to 6590 news of total 6871 |
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- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- SMC Global Power, Philippines
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