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Wednesday, 04 November 09
BAKRIE MAY WIN BERAU COAL BID FROM ARMADIAN
 The Bakrie group is likely to be selected as buyer of PT Berau Coal, the country’s fifth-largest coal producer, two people familiar with the matter said.
PT Armadian Tritunggal is in advanced talks to sell 90 percent of Berau Coal, the people said, asking not to be identified because the discussions are private.
Armadian is seeking about $1.3 billion for the stake, one of the people said.
Berau Coal’s profit may more than double this year to $180 million, president director Bob Kamandanu said last month.
Benchmark coal prices may average $80 a metric ton next year compared with an estimated $70 this year, he said.
Coal producers in Indonesia, the world’s largest exporter of power-station coal, produced 72 million metric tons of the fuel in the first six months of the year, or 31 percent of this year’s output target of 230 million tons.
Armadian is in talks with Recapital Advisors, backed by the Bakrie family, about the Berau Coal stake, the people said.
Handy Soetedjo, director of Armadian, declined to comment. Lalu Mara Satria Wangsa, a spokesman for the Bakrie group, didn’t immediately respond to a phone call seeking comment.
Holding company PT Bakrie and Brothers is the biggest shareholder of PT Bumi Resources, Indonesia’s largest coal producer.
Kamandanu said in May that the company hired bankers to review its assets for a possible share sale. In an interview on Tuesday, Kamandanu said he couldn’t comment on the status of bidding, adding that Armadian “is trying to finalize all the details.”
Deutsche Bank AG, Bank of America’s Merrill Lynch and PacBridge Capital Partners were hired to review the company’s assets, according to the people.
Officials at the investment banks declined to comment.
Source: The Jakarta Globe
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Wednesday, 04 November 09
BINANI HOPES TO BUY INDONESIAN COAL MINE IN 2-3 MONTHS
"We are still negotiating, but hope to conclude the deal in the next two to three months," Binani Cement Managing Director Vinod Juneja to ...
Tuesday, 03 November 09
CHINA TO BE NET COAL IMPORTER IN 2009
China is accelerating its importation of coal to cope with fallen output caused by the consolidation of small coalmines, and is likely to become a n ...
Monday, 02 November 09
RIO TINTO WARNS ON CHEAP MONGOLIAN COAL
The Age reported that, Mining giant Rio Tinto has warned that cheap coal from Mongolia as well as congestion at the Port of Newcastle in NSW could u ...
Monday, 02 November 09
ESSAR SEEKS COAL ASSETS IN SOUTH AFRICA
Paguntaka reported that, Essar Group plans to acquire coal assets in South Africa to help boost its power business in India. A senior executive of E ...
Sunday, 01 November 09
MINES REGULATION AMENDMENT BILL TO BE TABLED IN PARLIAMENT
Thaindia News reported that, A bill seeking to amend the Mines and Minerals Development Regulation Act, 1957, will be introduced in the winter sessi ...
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