Wed, Jan25, 2011
A commissioner at PT Adaro Energy Tbk (ADRO), Indonesia’s second-largest coal producer, has purchased 300,000 shares of the company at Rp 1,830 per share to increase his ownership of the growing company.
Malaysian national Lim Soon Huat, who has been a commissioner at Adaro since October 2008, made the deal on Friday, Jan. 20, when the firm’s stock price closed at Rp 1,820 a share, according to a file submitted to the Indonesia Stock Exchange (IDX).
The stock purchase was done for investment, the file said, without disclosing the total shares Soon Huat owned. Soon Huat has over 15 years experience in the financial industry and corporate management in Singapore, Thailand, Malaysia, Hong Kong, China and Indonesia.
Major international ratings agency Fitch Ratings recently said it might upgrade Adaro’s credit rating to investment grade from the current BB+ with stable outlook, on the company’s strong financial fundamentals amid rising demand for coal.
Adaro’s shares traded at Rp 1,840 at 10:23 a.m. on Wednesday, gaining 0.55 percent from the previous day’s close when the broader stock index was in the red.
sourced: The Jakarta Post
Showing posts with label ownership. Show all posts
Showing posts with label ownership. Show all posts
Wednesday, January 25, 2012
Thursday, November 3, 2011
Xstrata, miners’ union reach deal over disputed share scheme
Warring parties strike a deal just in time for the seven-day deadline set by the Department of Mineral Resources
Thu, 3 Nov. 2011
Diversified miner Xstrata and the National Union of Mineworkers (NUM) have reached an agreement over Xstrata’s disputed employee share-ownership scheme, the Department of Mineral Resources said on Wednesday.
Over the past seven days, the department has been facilitating discussions to resolve the two parties’ dispute over Xstrata’s share scheme, which the NUM rejected on the grounds that it was rigged in favour of managers.
Xstrata held firm to its decision to allocate these shares using three different employee bands, which prompted members of the NUM to go on strike on October 16.
With no end in sight, the department summoned both parties to its offices last week and gave them seven days to hammer out their differences in meetings facilitated by advocate Sandile Nogxina, the department’s former director-general and special adviser to Minister of Mineral Resources Susan Shabangu .
The union suspended the strike to facilitate these negotiations.
The parties struck a deal resolving the dispute, which will see Xstrata allocating shares equally over all staff levels and the department recognising the share scheme as compliant with the requirements of the Mining Charter, giving Xstrata the credits it needs to meet its 26% black economic empowerment ownership obligations across both its coal and alloys divisions.
The agreement will also see the NUM calling off its strike with immediate effect.
"We applaud both NUM and Xstrata on the co-operative spirit that they demonstrated during these negotiations in the national interest," said Mr Nogxina.
Commenting on the deal, NUM spokesman Lesiba Seshoka said Xstrata could have avoided the strike by "simply doing what they have done now, which is acceding to our demand".
"We had initially conceived this (share-ownership plan) as an incentive scheme, but during the discussions, we recognised the opportunity it provided to fulfil the spirit of the Mining Charter, as it provides a shareholding to Xstrata’s workers, 84% of whom are historically disadvantaged South Africans," said Songezo Zibi, corporate affairs manager at Xstrata. "This means Xstrata South Africa is fully compliant with the 26% ownership requirement of the charter."
(sourced Businessday)
Thu, 3 Nov. 2011
Diversified miner Xstrata and the National Union of Mineworkers (NUM) have reached an agreement over Xstrata’s disputed employee share-ownership scheme, the Department of Mineral Resources said on Wednesday.
Over the past seven days, the department has been facilitating discussions to resolve the two parties’ dispute over Xstrata’s share scheme, which the NUM rejected on the grounds that it was rigged in favour of managers.
Xstrata held firm to its decision to allocate these shares using three different employee bands, which prompted members of the NUM to go on strike on October 16.
With no end in sight, the department summoned both parties to its offices last week and gave them seven days to hammer out their differences in meetings facilitated by advocate Sandile Nogxina, the department’s former director-general and special adviser to Minister of Mineral Resources Susan Shabangu .
The union suspended the strike to facilitate these negotiations.
The parties struck a deal resolving the dispute, which will see Xstrata allocating shares equally over all staff levels and the department recognising the share scheme as compliant with the requirements of the Mining Charter, giving Xstrata the credits it needs to meet its 26% black economic empowerment ownership obligations across both its coal and alloys divisions.
The agreement will also see the NUM calling off its strike with immediate effect.
"We applaud both NUM and Xstrata on the co-operative spirit that they demonstrated during these negotiations in the national interest," said Mr Nogxina.
Commenting on the deal, NUM spokesman Lesiba Seshoka said Xstrata could have avoided the strike by "simply doing what they have done now, which is acceding to our demand".
"We had initially conceived this (share-ownership plan) as an incentive scheme, but during the discussions, we recognised the opportunity it provided to fulfil the spirit of the Mining Charter, as it provides a shareholding to Xstrata’s workers, 84% of whom are historically disadvantaged South Africans," said Songezo Zibi, corporate affairs manager at Xstrata. "This means Xstrata South Africa is fully compliant with the 26% ownership requirement of the charter."
(sourced Businessday)
Monday, October 17, 2011
Xstrata's S.Africa ops disrupted by strike
Mon Oct 17, 2011
JOHANNESBURG (Reuters) - The South African operations of global miner Xstrata were disrupted on Monday after hundreds of workers joined a walk-out in protest over an employee share ownership programme, the company said.
Xstrata spokesman Songezo Zibi said the impact of the strike on its coal and alloys operations was yet to be determined.
"All Xstrata Coal South Africa's operations are affected and a number of Xstrata Alloys operations have also been impacted," he said in a statement.
Xstrata's South African operations produced 8.4 million tonnes of thermal coal and 581,000 tonnes of ferrochrome, used to make stainless steel, in the six months to the end of June.
The alloys operations also produce vanadium and platinum group metals.
The National Union of Mineworkers (NUM) said last week it wanted employees to be compensated equally under a proposed share ownership programme, regardless of rank, while the company's plan compensates employees based on their level.
Around 5,180 workers or 43 percent of Xstrata's total workforce in South Africa are members of the NUM.
The union said it expected all of the workers to participate in the strike, although it was still counting the numbers of those who have walked off the job. Spokesman Lesiba Seshoka said other unions, which represent additional workers at Xstrata, may join the strike.
"The strike is extensive and full-blown," Seshoka said.
He said the union expected the company to respond to its demands later on Monday, although no formal meetings had been scheduled.
Xstrata's Zibi said all discussions regarding the employee share ownership programme were suspended due to the strike.
The company employs just under 12,100 workers in South Africa, and three-quarters of them belong to unions.
Xstrata shares were down 0.64 percent in London at 1333 GMT, compared with a 0.13 percent fall in the FTSE 100 index.
Companies with operations in South Africa set up employee share programmes to increase worker ownership, particularly black ownership.
South Africa's black economic empowerment drive is aimed at rectifying the ownership and income disparities of white-minority apartheid rule.
(sourced Reuters)
Wednesday, September 7, 2011
S.Africa's miners may strike against Xstrata
Sep7, 2011
JOHANNESBURG (Reuters) - South Africa's National Union of Mineworkers (NUM) said on Tuesday it had referred its dispute with coal producer Xstrata over an employee share ownership programme to arbitration and may strike if the talks fail.
"The NUM and Solidarity (trade union) have agreed to take the matter to (arbitration), paving the way for a possible massive strike action against the company," Eddie Majadibodu, NUM 's Chief Negotiator at Xstrata, said in a statement.
The unions are opposing the company's stand that employees should benefit from the share ownership programme according to their grades.
(sourced Thomson Reuters)
JOHANNESBURG (Reuters) - South Africa's National Union of Mineworkers (NUM) said on Tuesday it had referred its dispute with coal producer Xstrata over an employee share ownership programme to arbitration and may strike if the talks fail.
"The NUM and Solidarity (trade union) have agreed to take the matter to (arbitration), paving the way for a possible massive strike action against the company," Eddie Majadibodu, NUM 's Chief Negotiator at Xstrata, said in a statement.
The unions are opposing the company's stand that employees should benefit from the share ownership programme according to their grades.
(sourced Thomson Reuters)
Saturday, August 27, 2011
South Africa reviews mining laws to strengthen penalties
Saturday, 27 Aug 2011
Reuters reported that South African government is reviewing its mining law to strengthen the penalty provisions for non compliance of the mining charter, which aims to transfer ownership to previously excluded blacks.
Mr Andre Andreas, director of mineral policy development at the Department of Mineral Resources, told parliament that "We are looking at beefing up the penalty provisions that may be imposed on mining companies for non compliance to serve as a deterrent and to ensure there is greater compliance."
Parliament is conducting public hearings on the charter, which aims at transforming the mining industry by transferring 26% of the key sector into black hands by 2014.
(sourced from Reuters)
Reuters reported that South African government is reviewing its mining law to strengthen the penalty provisions for non compliance of the mining charter, which aims to transfer ownership to previously excluded blacks.
Mr Andre Andreas, director of mineral policy development at the Department of Mineral Resources, told parliament that "We are looking at beefing up the penalty provisions that may be imposed on mining companies for non compliance to serve as a deterrent and to ensure there is greater compliance."
Parliament is conducting public hearings on the charter, which aims at transforming the mining industry by transferring 26% of the key sector into black hands by 2014.
(sourced from Reuters)
Wednesday, August 24, 2011
S.Africa to review penalties on mining charter
Wed Aug 24, 2011
CAPE TOWN (Reuters) - South Africa is reviewing its mining law to strengthen the penalty provisions for non-compliance of the mining charter, which aims to transfer ownership to previously excluded blacks, a government official said on Wednesday.
"We are looking at beefing up the penalty provisions that may be imposed on mining companies for non-compliance to serve as a deterrent and to ensure there is greater compliance," Andre Andreas, director of mineral policy development at the Department of Mineral Resources, told parliament.
Parliament is conducting public hearings on the charter, which aims at transforming the mining industry by transferring 26 percent of the key sector into black hands by 2014.
Tuesday, August 23, 2011
Zimbabwe government gives foreign companies 14 day deadline
Tuesday, 23 Aug 2011
Reuters reported that Zimbabwe’s government has given foreign companies including miners and banks a 14 day ultimatum to submit plans on how they propose to transfer majority stakes to local owners or risk losing permits.
However, immediately thereafter the country’s central bank governor Mr Gideon Gono launched a scathing attack on the minister responsible for the indigenization policy saying the threats could irreparably harm the nerve centre of the recovering economy.
Before a new unity government in 2009 Zimbabwe economy had shrank by as much as half over the preceding decade amid hyperinflation, property seizures and civil unrest. The country is the number two platinum producer in the world and rich in gold and diamonds.
Mr Gono’s comments is a clear sign of the divisions that still exists within the unity government between the opposition MDC and President Robert Mugabe who has been leader of the country for more than 30 years and championed the legislation which was enacted in 2008.
Under Zimbabwe’s indigenization policy mining companies were granted until the beginning of June to submit proposals about transferring majority ownership but the government then rejected 175 of these plans from mines because they had proposed selling only a 25% stake and making social responsibility investments to obtain credits for the remainder.
The targeted firms include platinum miners Zimplats, which is majority owned by Impala Platinum (Implats), and Mimosa, an Implats' 50:50 joint venture with Aquarius Platinum.
Others include Rio Tinto's Murowa diamond mine, British American Tobacco and local units of British banks, Standard Chartered and Barclays.
Indigenisation and Empowerment Minister Saviour Kasukuwere wrote to the companies on July 28, informing them they had failed to provide acceptable details of how they propose to transfer 51 percent shareholdings to local people within the five years stipulated by law, the state controlled Herald newspaper said.
The newspaper reported that the companies risk losing their operating licences if they do not submit plans on transfer of ownership that are deemed acceptable.
(sourced from Reuters)
Reuters reported that Zimbabwe’s government has given foreign companies including miners and banks a 14 day ultimatum to submit plans on how they propose to transfer majority stakes to local owners or risk losing permits.
However, immediately thereafter the country’s central bank governor Mr Gideon Gono launched a scathing attack on the minister responsible for the indigenization policy saying the threats could irreparably harm the nerve centre of the recovering economy.
Before a new unity government in 2009 Zimbabwe economy had shrank by as much as half over the preceding decade amid hyperinflation, property seizures and civil unrest. The country is the number two platinum producer in the world and rich in gold and diamonds.
Mr Gono’s comments is a clear sign of the divisions that still exists within the unity government between the opposition MDC and President Robert Mugabe who has been leader of the country for more than 30 years and championed the legislation which was enacted in 2008.
Under Zimbabwe’s indigenization policy mining companies were granted until the beginning of June to submit proposals about transferring majority ownership but the government then rejected 175 of these plans from mines because they had proposed selling only a 25% stake and making social responsibility investments to obtain credits for the remainder.
The targeted firms include platinum miners Zimplats, which is majority owned by Impala Platinum (Implats), and Mimosa, an Implats' 50:50 joint venture with Aquarius Platinum.
Others include Rio Tinto's Murowa diamond mine, British American Tobacco and local units of British banks, Standard Chartered and Barclays.
Indigenisation and Empowerment Minister Saviour Kasukuwere wrote to the companies on July 28, informing them they had failed to provide acceptable details of how they propose to transfer 51 percent shareholdings to local people within the five years stipulated by law, the state controlled Herald newspaper said.
The newspaper reported that the companies risk losing their operating licences if they do not submit plans on transfer of ownership that are deemed acceptable.
(sourced from Reuters)
Sunday, August 21, 2011
S.Africa to exceed mine transformation target: minister
Sun Aug 21, 2011
By Ed Stoddard, Reuters
JOHANNESBURG (Reuters) - South Africa's Mines Minister Susan Shabangu said she is confident that a government-set ownership target for blacks in the mining sector would be exceeded and, if the process was done right, the policy may no longer be needed.
The government's mining charter calls for 26 percent of the mining industry in Africa's largest economy to be transferred to black owners by 2014 as part an empowerment drive to rectify the disparities of white apartheid rule.
"I am confident that we will exceed the 26 percent by 2014... We have seen progress," Shabangu told Reuters on Saturday on the sidelines of a mining conference.
Investors have been unnerved by nationalization talks by radical elements in the ruling African Nation Congress, which has focused attention on issues such as profits, safety and racial imbalances in ownership.
The industry has in the past made scant progress on the transformation process and an annual review of the industry on this score is currently taking place, a process Shabangu said was helping to keep companies on track.
"What we are saying is that every year we have got to go and do reviews," she said.
Only 8.9 percent of mines were owned by blacks in 2009, well below a target of 15 percent.
Shabangu said changing or raising targets was not on the cards, but she wanted to see black-owned mining companies that were sustainable. If this was achieved, the empowerment policy in the industry might no longer be needed, she said.
"It's about making sure whatever companies are there, are sustainable. As soon as they become sustainable they can roll on their own without necessarily setting targets," Shabangu said.
One problem has been companies that got into the sector with little or no experience, that were not been viable or that were seen as fronts for white capital.
Mine safety is another major issue and Shabangu on Thursday said the pursuit of profits was behind amounting death toll in the industry.
The minister said she planned to publicly comment on a report submitted by the platinum industry on rock falls and fatalities.
"On the basis of that report we have to take steps to put into place to avoid or minimise rock falls in the platinum sector," she said.
South Africa is the worlds largest platinum producer and a major supplier of gold and coal.
By Ed Stoddard, Reuters
JOHANNESBURG (Reuters) - South Africa's Mines Minister Susan Shabangu said she is confident that a government-set ownership target for blacks in the mining sector would be exceeded and, if the process was done right, the policy may no longer be needed.
The government's mining charter calls for 26 percent of the mining industry in Africa's largest economy to be transferred to black owners by 2014 as part an empowerment drive to rectify the disparities of white apartheid rule.
"I am confident that we will exceed the 26 percent by 2014... We have seen progress," Shabangu told Reuters on Saturday on the sidelines of a mining conference.
Investors have been unnerved by nationalization talks by radical elements in the ruling African Nation Congress, which has focused attention on issues such as profits, safety and racial imbalances in ownership.
The industry has in the past made scant progress on the transformation process and an annual review of the industry on this score is currently taking place, a process Shabangu said was helping to keep companies on track.
"What we are saying is that every year we have got to go and do reviews," she said.
Only 8.9 percent of mines were owned by blacks in 2009, well below a target of 15 percent.
Shabangu said changing or raising targets was not on the cards, but she wanted to see black-owned mining companies that were sustainable. If this was achieved, the empowerment policy in the industry might no longer be needed, she said.
"It's about making sure whatever companies are there, are sustainable. As soon as they become sustainable they can roll on their own without necessarily setting targets," Shabangu said.
One problem has been companies that got into the sector with little or no experience, that were not been viable or that were seen as fronts for white capital.
Mine safety is another major issue and Shabangu on Thursday said the pursuit of profits was behind amounting death toll in the industry.
The minister said she planned to publicly comment on a report submitted by the platinum industry on rock falls and fatalities.
"On the basis of that report we have to take steps to put into place to avoid or minimise rock falls in the platinum sector," she said.
South Africa is the worlds largest platinum producer and a major supplier of gold and coal.
Friday, February 4, 2011
Arcelor, Nunavut closer to control of Baffinland
Thu Feb 3, 2011 11:41am GMT
* Arcelor, Nunavut hold 67 pct shares,
* Represents 64 percent of fully dilutes shares
Feb 3 (Reuters) - ArcelorMittal (ISPA.AS: Quote) and Nunavut Iron Ore inched closer to taking control of Baffinland Iron Mines (BIM.TO: Quote) as they took an additional 6.2 million shares in the junior explorer, raising their ownership to 64 percent.
The world's No. 1 steelmaker and private equity-backed Nunavut, which were earlier locked in a battle to get Baffinland's Mary River project in the Canadian Arctic, made a joint bid of C$1.50 a share for Baffinland last month.
Between them, ArcelorMittal and Nunavut now hold 67 percent of all outstanding shares and 45 percent of outstanding 2007 warrants, representing 64 percent of fully diluted shares.
ArcelorMittal and Nunavut have agreed to split their ownership of Baffinland at 70 percent and 30 percent.
The C$590 million offer is set to expire on Friday.
Shares of Baffinland, which owns nine high-grade deposits that could hold enough iron ore to supply all of Europe for years to come, closed at C$1.50 on Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Unnikrishnan Nair, aftab.ahmed@thomsonreuters.com; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net)
* Arcelor, Nunavut hold 67 pct shares,
* Represents 64 percent of fully dilutes shares
Feb 3 (Reuters) - ArcelorMittal (ISPA.AS: Quote) and Nunavut Iron Ore inched closer to taking control of Baffinland Iron Mines (BIM.TO: Quote) as they took an additional 6.2 million shares in the junior explorer, raising their ownership to 64 percent.
The world's No. 1 steelmaker and private equity-backed Nunavut, which were earlier locked in a battle to get Baffinland's Mary River project in the Canadian Arctic, made a joint bid of C$1.50 a share for Baffinland last month.
Between them, ArcelorMittal and Nunavut now hold 67 percent of all outstanding shares and 45 percent of outstanding 2007 warrants, representing 64 percent of fully diluted shares.
ArcelorMittal and Nunavut have agreed to split their ownership of Baffinland at 70 percent and 30 percent.
The C$590 million offer is set to expire on Friday.
Shares of Baffinland, which owns nine high-grade deposits that could hold enough iron ore to supply all of Europe for years to come, closed at C$1.50 on Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Unnikrishnan Nair, aftab.ahmed@thomsonreuters.com; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net)
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