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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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Thursday, 30 July 09
PNOC FORGES JOINT VENTURES AS STEPS UP COAL OPERATIONS
The Philippine National Oil Co.-Exploration Corp. has entered joint venture agreements with food and beverage conglomerate San Miguel and Filipinas ...
Thursday, 30 July 09
NAMANE OF SOUTH AFRICA IN SUDAN COAL DEAL, BUSINESS REPORT SAYS
Namane of South Africa in Sudan Coal Deal, Business Report Says
Namane Resources Ltd. of South Africa signed a coal-supply agreement with the Nat ...
Wednesday, 29 July 09
RP COAL DEMAND TO SURGE BY 2014 - PHILIPPINES UPDATE
CEBU, Philippines - With the entry of new coal-fired power generation plants in the Philippines, the Department of Energy (DOE) projected an increas ...
Wednesday, 29 July 09
INDIA HUNGRY FOR OUR COKING COAL ASSETS
The Australian reported that, INDIA is about to embark on a program of rapid coal sector acquisitions in Australia as it looks to plug a huge annual ...
Tuesday, 28 July 09
SHENZHEN ENERGY INKS COAL PURCHASE CONTRACT WITH CHINA SHENHUA
China Knowledge reported that, Shenzhen Energy Group Co Ltd has signed a five-year contract with China Shenhua Energy Co Ltd, which is engaged in th ...
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- Heidelberg Cement - Germany
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- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
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- IEA Clean Coal Centre - UK
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- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
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- Attock Cement Pakistan Limited
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- Sojitz Corporation - Japan
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- Indian Oil Corporation Limited
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- TNB Fuel Sdn Bhd - Malaysia
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- Bhushan Steel Limited - India
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- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Energy Development Corp, Philippines
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- Global Business Power Corporation, Philippines
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- Coal and Oil Company - UAE
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- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
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- White Energy Company Limited
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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- Mjunction Services Limited - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
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- Singapore Mercantile Exchange
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- Edison Trading Spa - Italy
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
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- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
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- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
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- Rashtriya Ispat Nigam Limited - India
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- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
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