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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, 25 September 09
FREIGHT RATE CUTS MAKING SOUTH AFRICAN COAL MORE COMPETITIVE IN ASIAN MARKETS
Mining Weekly reported that, Coaltrans South Africa MD Gerard Strahan highlighted the country’s sudden increase in coal exports to southern Ch ...
Friday, 25 September 09
XSTRATA TO BUILD ITS OWN RAIL CAPACITY TO SHIP AUSTRALIAN COAL
Bloomberg reported that, Xstrata Plc, the world’s largest exporter of coal used by power stations, will establish its own rail haulage capacit ...
Thursday, 24 September 09
INDIA CEMENT CO'S TO AWARD 200,000T COAL TENDER
Reuters reported that, India's biggest cement maker ACC Cement Ltd and Gujarat Ambuja will award on Thursday Sept 25 a tender for 100,000 tonnes ea ...
Thursday, 24 September 09
YUDEAN TO SIGN CO-OPERATION LETTER OF INTENT WITH RUSSIA COAL TRADE COMPANY
In the recent days, Gao Shiqiang, deputy manager of Yudean Group Co., Ltd. went and carried out the friendly talks with SUEK and inked the trade co- ...
Thursday, 24 September 09
ANGLO EYES DOUBLED METALLURGICAL COAL OUTPUT BY 2018
Mining group Anglo American could double its production of coal used for steel making by 2018 if all of its unapproved projects went ahead, the comp ...
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- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- PTC India Limited - India
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- The University of Queensland
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Anglo American - United Kingdom
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
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