Shareholders in Xstrata approved its £4.1bn ($5.9bn) rights issue on Monday, but there was a sizeable protest vote against its $2bn acquisition of Colombian coal assets from Glencore, its biggest shareholder. The Anglo-Swiss mining group got the go-ahead to issue two new shares for every existing share at a discounted price of 210p each, with more than 95 per cent of votes cast backing the three resolutions related to the rights issue. Xstrata will use the proceeds to repair its balance sheet, cutting its debt burden from $16.3bn to $12.7bn.
Coal – Indo Govt to regulate minimum coal selling prices. As reported by Jakarta Post, Energy and Mineral Resources Ministry Mr. Purnomo said that a government team was working out how to formulate the index which will be used as the coal prices benchmark. He added the index will refer to several existing coal price indexes, including Argus's Indonesian Coal Index (ICI), Barlow Jonker's index and the Global index.The index will be launched monthly.
Coal –As reported by the Tex Report, the contract negotiations for the fiscal year 2009 (starting in April 2009) with Japanese electric power companies are expected to show some progress in the week of 2nd March. In the said week representatives of Xstrata Coal visit every day electric power companies of Tohoku Electric Power, Hokuriku Electric Power, Chugoku Electric Power and so on. For reference the appointment with Tohoku Electric Power seems to have been put off from end February.
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