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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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Wednesday, 05 August 09
PEOPLE'S MINING SHOULD BE REGULATED UNDER RPP MINERBA
The Indonesian Institute of Science (LIPI) has called on the government to include a specific provision for people’s mining in the draft govern ...
Tuesday, 04 August 09
SRI LANKA IS LOOKING FOR 650,000 TON OF COAL NEXT YEAR FOR ITS FIRST 900 MW POWER PLANT.
COALspot.com ( Sri Lanka) : Lanka Coal Company Limited was issued a tender on 23 July 2009 to purchase 650,000 +/- 20% MT Bituminous Coal per a ...
Monday, 03 August 09
ONE YEAR CHARTER RATES FOR SUPRAMAX WAS AT AROUND USD 18,500 - VISTAAR SINGAPORE
COALspot.com (Singapore) : The freight market was flat this week with hardly any change in the BDI.The cape was up by about 4 pct and closed at 5,38 ...
Saturday, 01 August 09
APGENCO SAYS BOUGHT 500,000T MALAYSIAN COAL
The Malaysian Insider reported that, Indian state utility Andhra Pradesh Power Generation Corporation Ltd (Apgenco) has bought 500,000 tonnes of Mal ...
Thursday, 30 July 09
KOMIPO OFFERED 3 MILLION MT IN TENDER, TEN TIMES OVERSUBSCRIBED
Korea Midland has received offers for 3 million mt of bituminous steam coal in its latest tender despite the power utility seeking only 300,000 mt, ...
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- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
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- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
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- Global Coal Blending Company Limited - Australia
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- Ministry of Finance - Indonesia
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- Standard Chartered Bank - UAE
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- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
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- Aditya Birla Group - India
- Australian Commodity Traders Exchange
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- Goldman Sachs - Singapore
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- Aboitiz Power Corporation - Philippines
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- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Planning Commission, India
- Indogreen Group - Indonesia
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- Banpu Public Company Limited - Thailand
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- Kepco SPC Power Corporation, Philippines
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- Indian Energy Exchange, India
- Australian Coal Association
- Electricity Authority, New Zealand
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- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
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- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Chamber of Mines of South Africa
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- Mercuria Energy - Indonesia
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- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
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- Sakthi Sugars Limited - India
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- The Treasury - Australian Government
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- Singapore Mercantile Exchange
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- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
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- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
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- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
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- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
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- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
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- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
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- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
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