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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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Monday, 27 July 09
MIDDLE EAST COAL TO MOVE ON $1B EAST KALIMANTAN PROJECT
The Jakarta globe reported that, Middle East Coal reiterated on Monday that it would push ahead its $1 billion development program for East Kutai Re ...
Monday, 27 July 09
SHORT AND ONE YEAR PERIOD RATES FOR SUPRAMAX WAS FIRM AT AROUND US$ 18, 000 -18,500 PER DAY
COALspot.com (Singapore): The Supramax charter rates up sharply last week (ended 24th July 2009), especially India / Far East region said, Capt ...
Monday, 27 July 09
COKING COAL, IRON-ORE LIKELY TO BENEFIT NON-INTEGRATED STEEL PRODUCERS
Economictimes reported that, The second half of the financial year 2008-09 was one of the toughest periods for steel companies, especially the non-i ...
Monday, 27 July 09
GMR ENERGY BUYS EMCO POWERGEN SUBSIDIARY
DNA India reported that, Thane-based transformer manufacturer Emco Ltd has sold its stake in unlisted power generation subsidiary Emco Energy to Ban ...
Sunday, 26 July 09
CESC PLANS 2000 MW POWER PLANT IN BIHAR
Jai Bihar reported that, RPG flagship company CESC Ltd on Friday unveiled its plan to set up a 2,000 MW power generation plant at Pirpainti near Bha ...
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- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
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- Siam City Cement PLC, Thailand
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- Banpu Public Company Limited - Thailand
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- Tata Chemicals Ltd - India
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- Africa Commodities Group - South Africa
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- Eastern Coal Council - USA
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- The State Trading Corporation of India Ltd
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- PTC India Limited - India
- Vizag Seaport Private Limited - India
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- Latin American Coal - Colombia
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- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
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- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
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- Renaissance Capital - South Africa
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- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
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- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- The University of Queensland
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
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- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Planning Commission, India
- Price Waterhouse Coopers - Russia
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- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
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- White Energy Company Limited
- Intertek Mineral Services - Indonesia
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- Xindia Steels Limited - India
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- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
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