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Friday, 25 September 09
INDONESIA STOCK EXCHANGE EXAMINES BUMI DEAL WITH CHINESE SOVEREIGN WEALTH FUND
 The Jakarta globe reported that, The Indonesia Stock Exchange is looking into the $1.9 billion financing deal between PT Bumi Resources, the country’s largest coal producer, and a Chinese sovereign wealth fund that would require the Bakrie group company to ultimately pay 19 percent interest at maturity, an exchange director said on Thursday.
Eddy Sugito, a director of the exchange, known as the IDX, said the bourse was seeking an explanation of the phrase “debt-like instruments,” which was how Bumi described the nature of the investment being purchased by China Investment Corp., the sovereign wealth fund.
Eddy said the IDX would analyze Bumi’s disclosure to the exchange, as well as media reports on the deal, before deciding whether to request further explanations from Bumi.
Bumi president director Ari S Hudaya on Wednesday announced that CIC would invest $1.9 billion in “debt-like instruments” offered by Bumi and that the money would be used to restructure Bumi’s debts and finance capital expenditure.
Ari said $600 million was repayable in four years, $600 million in five years and the remaining $700 million in six years. The investment attracts a 12 percent annual cash coupon, with a total internal rate of return of 19 percent, with the balance payable at the time of final maturities.
Ari Pitojo, an equity analyst at PT Mandiri Sekuritas, said the market needed an explanation from Bumi about the nature of the “debt-like instruments” and the high internal rate of return.
Dileep Srivastava, Bumi’s vice president for investor relations, told the Jakarta Globe that there was no reason for the market to worry about the 19 percent rate on the debt.
“[This deal] has huge potential because we have common interests, and it’s the first big investment by CIC in Indonesia,” Dileep said. He would not elaborate on “debt-like instruments,” but he hinted that Bumi’s assets could be offered as collateral to CIC.
“I can’t disclose the details yet as I am bound by the confidentiality agreement,” he said. “All I can say is that the security packages that are being required will be the same as earlier packages [offered to creditors].
“If you want to buy a new house, and you don’t have money, what do you use to get a loan?”
Pardomuan Sihombing, the head of research at PT Paramitra Alfa Sekuritas, said on Thursday that the 12 percent annual interest rate was relatively cheap.
“When compared to Indonesian government dollar bonds, which have an 11 percent annual interest rate, the 1 percent premium for a corporate loan is very cheap,” Pardomuan said.
He said Bumi’s ability to maintain sufficient cash flow and repay the debt would depend on its earnings growth, which could be threatened by a plunge in global coal prices.
“If Bumi’s earnings growth remains stable at near its current growth rate, I think they would have no trouble repaying the debts. But there would be trouble if coal prices slump again in later years,” Pardomuan said.
Bumi posted earnings of $125 million in the first quarter of this year. It has not yet released second-quarter earnings, nor has it issued any earnings forecast for this year.
The company’s total debt, including short-term debt, stood at $3.4 billion in the first quarter, compared to assets of $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
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Friday, 23 October 09
INDIAN GROUP INTERESTED IN MOZAMBICAN COAL
Mining Weekly reported that, India’s leading steelmaker, the Steel Authority of India Limited (Sail), has confirmed that it is seeking to acqu ...
Friday, 23 October 09
AUSTRALIA APPROVES CHINESE TAKEOVER OF FELIX RESOURCES
* Australia give conditional approval to China's Felix deal
* Chinese owner must list the assets on Australian exchange
Reuters reported that, ...
Friday, 23 October 09
IVANHOE TARGETING 20 MILLION TONS OF COAL OUTPUT IN MONGOLIA
Bloomberg reported that, Ivanhoe Mines Ltd., developing a $4 billion copper and gold mine in Mongolia with Rio Tinto Group, is targeting long-term c ...
Friday, 23 October 09
XSTRATA PLANS $1BN AUSTRALIAN COAL PORT
Xstrata Plc, the world's biggest exporter of steam coal, plans to build a new $1 billion coal port in Australia, it said.
The proposed Balaclava ...
Friday, 23 October 09
MEXICO'S CFE SEEKS 6.24 MLN T COAL FOR 2010-12
Reuters reported that, Mexico's state-owned power monopoly plans to award a tender for 6.24 million tonnes of steam coal in December, according to ...
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- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
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