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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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Saturday, 04 July 09
S. AFRICA'S RICHARDS BAY TO CAP NEW COAL VOLUMES, MININGMX SAYS
South Africa’s Richards Bay Coal Terminal is proposing restrictions on the quotas it awards to coal exporters from the so-called Phase 5 expansi ...
Saturday, 04 July 09
DALRYMPLE BAY COAL TERMINAL EXPANSION COMPLETE
BABCOCK & Brown Infrastructure has completed expansion of the Dalrymple Bay Coal Terminal (DBCT) near Mackay, Queensland.
The terminal is now ...
Friday, 03 July 09
CHINA SHENHUA TO DOUBLE COAL CAPACITY BY 2014-PAPER
China Shenhua Energy Co Ltd plans to double its annual coal production capacity by 2014 from this year's level, the China Securities Journal report ...
Friday, 03 July 09
UKRAINE CUTS COAL PRODUCTION 9.3 PERCENT IN H1
Ukraine reduced coal production approximately 9.3%, or by 3.673 million tonnes, to 35.879 million tonnes in the first half of 2009 compared to the s ...
Thursday, 02 July 09
PETCOKE BOOMS AS CEMENT MAKERS TRY TO REPLACE COAL
* Cement makers led by Asia chase petcoke to replace coal
* Petcoke prices up $10/T Feb-Jun, set to rise further
* Domestic U.S. petcoke demand ma ...
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- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
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- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Indian Energy Exchange, India
- PTC India Limited - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
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