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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 $7.8 billion in Morgan Stanley and has also invested in private equity fund Blackstone.
Source: Reuters
(http://www.reuters.com/article/marketsNews/idAFN0315307920090703?rpc=44&sp=true)
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Tuesday, 07 July 09
TATA POWER AID THE INDONESIAN COAL MINES
BL reported that Mr Prasad Menon MD of TATA Power aid the Indonesian coal mines PT Kaltim Prima Coal and PT Arutmin Indonesia in which TATA Power ha ...
Tuesday, 07 July 09
ECONOMIC SURVEY 2008-09 OPEN UP COAL TO FUEL POWER PLANTS
TOI reported that the coal ministry's efforts at opening doors for full private entry through open bidding in coal mining got a boost, with the Eco ...
Tuesday, 07 July 09
POWER - STATION COAL MAY RISE ON CHINA DEMAND, SUPPLIES, UBS SAYS
Power-station coal prices in Asia may increase in 2010 because of higher demand from China, the second-largest energy-consuming nation, and supply c ...
Saturday, 04 July 09
FREIGHT FUTURE FOR 3 YEARS UNTIL 2012 WAS FAIRLY SOFT AROUND PANAMAX / US$ 16,000, SUPRAMAX / US$ 13,000 PER DAY
COALspot.com (Singapore): According to Vistaar shipping, an experinced ship operator in Singapore, the freight market was soft with bit nervousness ...
Saturday, 04 July 09
MINING CONTRACT SOUGHT FOR COAL AREA IN MASBATE
Because of its coal deposits, a town in Masbate is one of the sites in the country being sought out for exploration and development by mining compan ...
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- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- The University of Queensland
- Electricity Authority, New Zealand
- PTC India Limited - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
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