We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
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 $5.5 billion.
Pardomuan said he thought commodity prices, particularly energy prices, would remain cheap prior to a full global economic recovery.
He added that information available on the Bumi-CIC deal was incomplete, and he expected Bumi to make further public disclosures about it soon.
In June, Bumi won shareholder approval to pledge the assets of two coal miners, PT Kaltim Prima Coal and PT Arutmin Indonesia, and one noncoal miner, Australian-based Herald Resources, for more loans, the amount of which the company did not disclose at the time.
Bumi’s shares have more than tripled in price this year, making it the best-performing stock in the 19-stock MSCI Indonesia Index.
Source: The Jakarta Globe
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Monday, 12 October 09
SHANDUKA BUYS SACMH RICHARDS BAY COAL ALLOCATION
* Shanduka Coal takes SACMH 500,000T export space
* RBCT must approve any change of ownership
Reuters reported that, South Africa's Shanduka Co ...
Monday, 12 October 09
INDONESIA TO CUT ROYALTIES TO BOOST LOW QUALITY COAL
Reuters reported that, Indonesia, the world's biggest exporter of thermal coal, plans to cut royalties paid by producers holding certain contracts ...
Monday, 12 October 09
SAMPUR COAL POWER PLANT AGREEMENT
Sunday Observer reported that, The construction work of the Sri Lanka-India joint venture coal power plant which costs US dollars 500 million will c ...
Saturday, 10 October 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AROUND US$ 17,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - CAPT. REDDY
COALspot.com (Singapore): The BDI again firmed up this week by almost 14 pct to 2,695 points. The cape size index moved up quite sharply by 25 pct t ...
Saturday, 10 October 09
COAL PRICES TIPPED TO SURGE BY 40% AS GLOBAL DEMAND RECOVERS NEXT YEAR
Power-station coal prices may climb by more than 40 percent in 2010 from current levels as a global economic recovery boosts demand from power plant ...
|
|
|
Showing 6351 to 6355 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- The Treasury - Australian Government
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
|
| |
| |
|
