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Wednesday, 23 December 09
MACARTHUR COAL OFFERS TO BUY RIVAL GLOUCESTER
 Queensland-based Macarthur Coal will offer to buy fellow Australian Gloucester Coal, in a move to add two new mines and increase coal resources.
The company, which is already the world's largest producer of low volatile pulverised injection coal, is seeking to boost production and widen its offering to take advantage of strong Asian demand for steelmaking and steam coal.
Macarthur will offer 0,84 of its own shares or A$8 a share for each Gloucester share in two separate offers, the firm said on Tuesday. The share portion is worth A$8,16 apiece based on Macarthur's closing price on Monday.
Noble Group, which is Gloucester's biggest shareholder, with 87,7%, has indicated it will support the proposal.
Further, Gloucester's independent directors said that, in the absence of a better proposal, and subject to an independent report on the fairness of the offer, they will unanimously recommend Macarthur's bid for the company.
Macarthur also said that it is in talks with Noble to buy its interest in the Middlemount mine joint venture, in central Queensland, and for a majority stake (likely 79,9%) in Donaldson Coal, which has operations in the Hunter Valley.
Noble currently owns 25,34 of Middlemount and Macarthur holds the balance.
Altogether, if the Middlemount and Donaldson transactions are completed, Macarthur will pay Noble A$175-million and 22,5-million of its shares.
Macarthur said the deals being proposed would make it Australia's leading independent coal producer, with a market capitalisation of about A$3,4-billion.
The company would have six operating mines in two states, shipping through two coal terminals.
“The proposed transactions will create a great Australian coal company,” said Macarthur chairperson Keith DeLacy.
“Gloucester and Macarthur shareholders will have exposure to high-quality producing coal miners in three separate coal basins, with strong growth potential.”
Noble, which is part owned by China Investment Corporation, said that it will take shares in Macarthur rather than cash if it accepts the Gloucester offer.
If all the transactions are completed, it will hold 23% of the merged company.
“The combination of these highly complementary assets will provide Noble with exposure to what will be the largest independent coal producer in Australia, a critical supplier to the Asian growth markets,” said Noble CEO Richard Elman.
The company acquired its majority stake in Gloucester in May this year for A$7 a share.
Source: Mining Weekly / Liezel Hill
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Thursday, 24 December 09
DRY BULK CHARTERING - SHIPPING UPDATE
Handy
Continued firm conditions for the Handymax / Supramax market in the Atlantic despite the BSI´s downward trend. As chrs scramble to cov ...
Thursday, 24 December 09
EUROSEAS LTD. ANNOUNCES TWO-YEAR TIME CHARTER AGREEMENT FOR PANAMAX BULK CARRIER
Euroseas Ltd., an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerize ...
Wednesday, 23 December 09
INDONESIA POWER CHIEF TO BUILD PLANTS OUTSIDE JAVA
Indonesia's state electricity firm plans to build new power plants outside Java island with a combined capacity of around 2,000 megawatts to resolv ...
Wednesday, 23 December 09
BUKIT ASAM SEES CHINA COAL DEMAND BOOST
* Rebound in prices to have pushed up 2009 revs
* To more than double Tarahan port capacity
Reuters reported that, Indonesian state-owned coal m ...
Tuesday, 22 December 09
CHINA CONTRACTED COAL PRICE FOR 2010 SEES SLIGHT INCREASE
A number of coal and power enterprises have concluded their annual power-coal supply contracts for 2010, and the contracted coal price saw slight in ...
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- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
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- Planning Commission, India
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- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
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- White Energy Company Limited
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- Ministry of Mines - Canada
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- Renaissance Capital - South Africa
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- Ceylon Electricity Board - Sri Lanka
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- Energy Link Ltd, New Zealand
- Parliament of New Zealand
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- Jorong Barutama Greston.PT - Indonesia
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- Australian Commodity Traders Exchange
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- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
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- Larsen & Toubro Limited - India
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- Price Waterhouse Coopers - Russia
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- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
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- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
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- Wood Mackenzie - Singapore
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- Sical Logistics Limited - India
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- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
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- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Edison Trading Spa - Italy
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- CIMB Investment Bank - Malaysia
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- Indonesian Coal Mining Association
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- Indika Energy - Indonesia
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- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
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- TNB Fuel Sdn Bhd - Malaysia
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- Samtan Co., Ltd - South Korea
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- Directorate General of MIneral and Coal - Indonesia
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- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
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- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
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