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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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- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Bhatia International Limited - India
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- White Energy Company Limited
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
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