Taurus Funds Rejects Tender Offer for Wetar Copper
Taurus Funds Management Pty Ltd, partner of Saratoga Group (Soeryadjaya) and Provident Group in ASX-listed Finders Resources Limited, which controls copper producing project in Wetar Island, Maluku province decided to refuse the off-market takeover offer made by Eastern Field Developments Limited. Eastern Field is associated with IDX-listed Merdeka Copper Gold (MDKA).
Baltic Dry Already Gained 317%, Coal Transporters?
Baltic Dry Index (BDI), gauge for international transportation of dry bulk materials, including coal, has just touched its new high at 1,666 yesterday. That means the index already gained 317% since April 2016. This is also the highest level since late 2013. Yet, most coal transporters in Indonesia were still in red zone this year.
Revisiting The Troubled Apexindo
Oil and gas price improved significantly this year, but drilling rig provider Apexindo Pratama Duta (APEX) yet to recover. It is true that the Company posted net profit of US$13.75 million in the first nine months of 2017 against loss of US$11.08 million in the corresponding period last year, but this was mostly related to non-operational gains.
Sinarmas Joins Major Indonesian Groups in Gold Business
Golden Energy and Resources Limited, a company controlled by Sinarmas Group engaged in coal business, has decided to acquire 10% shares of ASX-listed Westgold Resources Ltd for A$66.96 million. This marks the first major investment committed by Sinarmas Group in gold industry after becoming major player in thermal coal through acquisitions, including Berau Coal (BRAU).
Coal Journal
Thermal coal returned to US$96 per ton last week despite reports from General Administration of Customs about China’s declining import last month. The same day, however, SXcoal.com reported that market sentiment has shifted to upbeat in China’s coastal thermal coal market as demand continues to pick up, while spot supply tightens further.
The Changing Dynamics of Nickel & Aluminium (2)
China, the world’s largest consumer of nickel, imported 16,240 tons of refined nickel and nickel alloy last month, grew 7.96% year-on-year. In the first ten months of 2017, the country imported 171,621 tons, collapsed 48.72% from the corresponding period last year. Import of nickel ores and ferronickel (including nickel pig iron), however, grew significantly to support prices.
The Collapse of Energy World Corporation Shares & Series of Pressures on Sengkang Energy Assets
Shares of Energy World Corporation Ltd (EWC.AX) dropped further by 4.55% to A$0.21 Friday (Nov 24). That means the stock already collapsed by 50% since August 2017 due to, among others, uncertainties surrounding its energy assets and projects in South Sulawesi province, Indonesia.
Speculations on Ande-Ande Lumut OIl Project
Ande-Ande Lumut oil project in Natuna Sea is among major oil and gas projects whose development has been delayed for quite sometime now. Australian company Santos Limited, which acquired 50% interest in the block four years ago, yet to start the US$900 million project.
Acquisition Opportunities in Oil & Gas Blocks
WTI and Brent crude are now traded at US$58 and US$63 per barrel, representing 21% and 29% year-on-year gain respectively. Some predict the commodity would stay above US$60 per barrel for quite sometime. In the meantime, financial pressures at state oil and gas company Pertamina might create lot more acquisition opportunities in Indonesia.
Palm Oil Journal
Genting Plantations Berhad, one of the most aggressive Malaysian companies in Indonesia, posted net profit of RM232.9 million in the first nine months of 2017, jumped by 72% from the corresponding period last year, despite 10% decline in third quarter. This Company enjoyed strong improvement in its Indonesian operations.