Quelques infos ....de Nava Bharat sur Maamba
-http://myiris.com/shares/research/FSL/NAVBHAFA_20091106.pdf
-http://www.moneycontrol.com/news_html_files/news_attachment/2009/Nava%20Bharat%20Ventures%20Ltd%20Nov%202009.pdf
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................EXTRAITS..............
Mining Division
The extraction of coal has commenced at the mine in Indonesia and the company expects the
first shipment of coal from Dec 2010. We maintain our revenue estimates from coal trading at
INR 378.0 in FY10E and INR 2221.0 in FY11E. NBV has entered into a PPP agreement with the
Govt of Zambia to acquire 65% stake in a coal mine in Zambia.
Valuation and View
We believe that NBVL's focus on the power business will lead to strong growth in the revenue
of the company going forward. We have revised our EPS estimates to INR 61.5 (vs. INR 49.3)
and INR 57.9 (vs. INR 60.6) for FY10E and FY11E respectively. The stock currently trades at
5.9x FY11E earnings. We maintain our price target at INR 396/share. We will revise our rating
when more clarity regarding the Zambian coal mines emerges by Dec 2009.
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Coal Mine at Zambia
NBVL has entered into a PPP agreement with the Govt of Zambia to acquire 65% stake in a coal mine
in Zambia. The company will make an equity infusion to the tune of USD 140 million in this venture
over a three year period. The company will divulge further details when a formal deal is signed.
According to some media reports, the Zambian government had invited global bids, which closed in
March, to privatize Maamba Collieries Ltd (MCL), largest coal mine of the country. The rider was
that the winning company will also have to set up a 300MW power project, the fuel for which
would be sourced from the coal mine, to meet the demand for power at the country's copper mines.
The transaction is likely to be consummated by December 2009. The company won against rivals
that included Vedanta Resources Plc, South Africa's Londoloza Resources Corp., Borneo Mining
SA, London-based Aldwych International Ltd and the Zambezi Consortium Ltd comprising investors
from Mauritius and Zambia.
According to Zambia Development Agency, a total of 78.2 million tonnes of coal reserves is estimated
available in the MCL assigned area, of which 60.2 million tonnes is proven and 18 million tonnes is
probable. There are two open cast mines operating at Maamba in the Kanzize and Izuma basins
with an annual capacity to produce between 600,000 and 800,000 metric tonnes of saleable coal,
depending on demand and other constraints.
« L'aventure n'existe pas. Elle est dans l'esprit de celui qui la poursuit, et dès qu'il peut la toucher du doigt, elle s'évanouit pour renaître bien plus loin, sous une autre forme, aux limites de l'imagination. »
( Pierre Mac Orlan )
( Pierre Mac Orlan )