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Thursday, 13 August 09
RIO PREPARES COAL IPO AFTER FAILING TO FIND BUYER
 Bloomberg reported that, Rio Tinto Group, the world’s third- largest mining company, is preparing an initial public offering for its U.S. coal unit after failing to find a buyer.
“We have made the decision that this is our preferred option for divestment,” Rio spokesman Nick Cobban said today by phone from London. Preparation for an IPO “is starting now and is expected to be completed by the end of the year,” he said.
Rio posted a U.S. Securities and Exchange Commission filing yesterday for a share offer of at least $500 million in Cloud Peak Energy Inc., which includes four of the mines in the Rio Tinto Energy America unit located in Wyoming and Montana, Cobban said. The sale, managed by Credit Suisse AG, Morgan Stanley and RBC Capital Markets, won’t include the Colowyo mine, he said.
The $500 million figure is “indicative” rather than reflecting the amount that will be raised, Cobban added.
Rio earmarked the assets for sale in 2007 to help repay debt from the purchase of Canadian aluminum producer Alcan Inc. for $38.1 billion. Planned disposals became more difficult as a global recession pummeled commodity prices. Rio shelved the sale of a unit making borates for glass and ceramics in May after failing to get what it called an “acceptable” price.
Arch Coal Inc., the second-biggest U.S. producer of the energy fuel, agreed in March to pay Rio $761 million for the Jacobs Ranch mine, the biggest mine within Rio Tinto Energy America, according to Rio’s Web site.
Alpha Natural
Alpha Natural Resources Inc. was close to purchasing the remaining mines in May until the U.S. coal producer agreed instead to pay $2 billion for rival Foundation Coal Holdings Inc., said a person familiar with the situation at the time.
The four remaining mines, which produce thermal coal in the so-called Powder River Basin, are Spring Creek, Cordero Rojo, Antelope and a 50 percent stake in the Decker mine, according to Rio’s Web site. The company first lodged the proposal to spin off Cloud Peak with the SEC last August.
The mines, excluding Colowyo, may raise as much as $1 billion, Charles Kernot, a mining analyst at Evolution Securities Ltd. in London who has a “sell” recommendation on Rio shares, wrote today in a report.
“If Rio Tinto can raise the anticipated amount of cash this would be good news for the group,” Kernot wrote. By releasing the filing, Rio may hope that other parties may make “a clean bid for the whole entity,” he added.
Fund Raising
Rio has raised $3.7 billion this year selling Latin American iron ore and potash deposits to Vale SA, part of its Alcan packaging unit to Bemis Co. of the U.S. and a stake in a Chinese aluminum smelter. Australia’s Amcor Ltd. said last month it was studying funding options for the rest of Rio’s packaging unit. Rio said in May it was considering bids for parts of its Alcan engineered products unit.
The company agreed in June to raise $21 billion by selling shares and creating an iron-ore venture with BHP Billiton Ltd., after it scrapped a $19.5 billion investment from state-owned Aluminum Corp. of China.
Rio said in 2007 when announcing its plan to sell Rio Tinto Energy America that the unit was the second-largest U.S. coal producer. Output last year was a record 133.3 million metric tons, including 38.2 million tons from Jacobs Ranch, according to Rio’s annual report.
Peabody Energy Corp. is the largest U.S. coal producer.
Source: Bloomberg
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Friday, 14 August 09
GUACOLDA STARTS THIRD COAL-FIRED UNIT
Macorship reported that, Chile’s Empresa Electrica Guacolda said that the third unit at its Guacolda coal-fired power plant began supplying po ...
Thursday, 13 August 09
NOBLE'S PROFIT DOUBLES ON GLOUCESTER COAL ACQUISITION
Bloomberg reported that, Noble Group Ltd., a Hong Kong-based supplier of raw materials from soybeans to coal, said second- quarter profit more than ...
Thursday, 13 August 09
CHINA COAL-PRICES UNCHANGED, BUT LIKELY TO MOVE HIGHER
Alibaba reported that, Spot coal prices in China's top coal port Qinhuangdao were unchanged from a week earlier, but are still looking bullish in t ...
Thursday, 13 August 09
INDONESIA'S BERAU COAL SEES 2010 OUTPUT UP 16 PCT
Reuters reported that, Indonesia's fifth-largest coal miner, PT Berau Coal, expects 2010 production to be nearly 16 percent higher than this year, ...
Thursday, 13 August 09
JAYPEE GROUP. L&T INK RS 4,000-CRORE (US$ 824,818,084) DEAL
Second order bagged by L&T in the supercritical segment.
Jaiprakash Power Ventures Ltd (JPVL), promoted by the $7-billion Jaypee group, has s ...
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- Cement Manufacturers Association - India
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- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
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- Standard Chartered Bank - UAE
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
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- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
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- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
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- Attock Cement Pakistan Limited
- Australian Coal Association
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
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- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
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- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
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- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- MS Steel International - UAE
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
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- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
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- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
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- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
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- LBH Netherlands Bv - Netherlands
- Planning Commission, India
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