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Saturday, 17 September 11
GVK ACQUIRES HANCOCK COAL AND INFRASTRUCTURE FOR US$ 1.26 BILLION
 COALspot.com - GVK group, India’s leading infrastructure developer,confirmed arrangements for the acquisition of a strategic part of large, high quality coal resource and infrastructure development project in Queensland, Australia with an intent of furthering its strategic interests in the natural resources and energy sectors.
GVK acquires a shareholding up to 79% in the Alpha and Alpha West, a 100% shareholding in the Kevin’s Corner Coal Project, a 100% shareholding in the rail and port project. These projects are together one of the largest integrated coal development projects in the world, GVK says.
Alpha Coal Project
Alpha Coal Project is the most advanced coal project in the Galilee Basin with a JORC compliant resource of 3.6 billion tonnes, with 2.0 billion tonnes reserves in Measured + Indicated categories. Alpha has finalized its Bankable Feasibility Study (BFS) and will be developed as an open-cut mine which will produce over 30 million tonnes per annum of high grade thermal coal for export to markets within Asia. First coal production is expected by the end of 2014.
Kevin’s Corner Coal Project
Kevin’s Corner Coal Project is an advanced coal project with a JORC compliant resource of 4.3 billion tonnes, with 1.3 billion tonnes reserves in Measured + Indicated categories. Kevin’s Corner is proposed to be developed as an open cut and underground operation producing up to 30 million tonnes per annum. The development process for Kevin’s Corner will derive significant benefit from the prior development of the immediately adjacent Alpha coal project and it is expected to complete its BFS by June 2012.
Alpha West Coal Project
Alpha West Coal Project has a large JORC compliant resource of 1.8 billion tonnes (included in Alpha above) with the potential to produce 24 million tonnes per annum of high grade, export thermal coal, through underground mining operations. The current drilling program is likely to define additional tonnage.
Rail Project
Rail Project is the development of a privately owned and operated 495 km standard gauge, rail link from the Galilee basin to Abbot Point port. The rail project is expected to have the capacity to transport up to 120 million tonnes per annum of coal from the coal projects in the Galilee Basin to the port at Abbot Point. The rail project has been declared as an “Infrastructure Facility of Significance” by the Queensland state government under the State Development and Public Works Organisation Act 1971. This declaration should facilitate the acquisition of land for the rail corridor and the progress with other aspects of development process.
Abbot Point Port Project
Abbot Point Port Project will be a privately owned and operated port development project at Abbot Point with a dedicated export capacity of 60 million tonnes per annum. The project has received “Preferred Developer” status from North Queensland Bulk Ports Corporation and is ideally located to key Asian export markets, being the most northern coal port in Australia.
Initially GVKNRPL will hold 90% and GVKPIL will hold a 10% stake in the projects. GVKPIL has an option to increase it’s stake upto 49%, subject to necessary approvals from the Foreign Investment Review Board (Australia).
This acquisition offers the following benefits to GVKPIL:
►Good investment opportunity with significant value upside
► An option to enter into long term coal supply contracts, for the purchase of up to 20 million tonnes per annum (to supply around 7,500 megawatts of power generating capacity). GVKPIL and its subsidiary GVK Energy have been aggressively trying to secure fuel supply agreements in an energy deficient market for its proposed power plants. This will allow GVKPIL to secure adequate fuel supplies for GVK Energy Limited into the foreseeable future.
►An option to take a lead role in GVK Coal Infrastructure (Singapore) Pte Limited, the company that will own the rail and port projects, on mutually agreed terms with GVKNRPL.
"We are extremely excited about closing this transaction and working with Mrs Gina Rinehart on bringing these projects to fruition", said, GVK Chairman Dr. GVK Reddy. He further said, "In the last few years Mrs Rinehart has developed these Projects to the advanced stage that they are in today, which speaks volumes about her capacity and capability to develop large and complex Projects. These are truly world class coal assets in both quality and scale and we look forward to the opportunity of jointly developing these projects to their full potential. Alpha, along with the associated rail and port, is one of the most advanced integrated coal projects in the world. While this builds a strong resource business for GVK it will also significantly enhance the value to GVKPIL shareholders as we will now be able to increase the capacity of our coal power business with an assured in house supply of raw material”.
The GVK Group and the Hancock Group wish to secure long term relationship through this joint participation and in order to strengthen this relationship, the GVK Group has invited Mrs. Georgina Hope Rinehart to join the board of GVKPIL as a non-executive director.
Mrs. Georgina Hope Rinehart, Chairman, Hancock Group said, "We are very pleased at the stage our projects in Queensland have reached, being the most advanced integrated projects in the Galilee Basin in Queensland. We are delighted that this project will be to the best of our knowledge the largest project to date to be undertaken by both Australian and Indian companies. We would like to congratulate Dr GVK Reddy and family on this, the biggest deal we know of between Australia and India. We are delighted to be working with Dr GVK Reddy and G V Sanjay Reddy and GVK and we are also very pleased with this strategic alliance with a country (via GVK) that needs our coal and which should help to propel these mines to successful development and on-going operations over decades. We wish GVK all the best for this world class and very exciting project".
The immediate focus will be to progress the Alpha Coal Project and the associated port and rail projects to financial closure by 2012 and to complete the BFS for Kevin's Corner and continue drilling to increase the size of the known resource. GVK has already seen significant interest in this project from global strategic and financial investors, who wish to take an equity stake in these projects.
GVK Vice Chairman Mr. G V Sanjay Reddy said, “This will be a landmark deal in the economic co-operation between India and Australia and we are proud to be the group, together with our new friends at Hancock, that will be responsible for opening up the Galilee Basin and the creation of significant infrastructure and new jobs in Queensland. We look forward to working closely with the local, state and federal governments in promoting the economic development of Australia. Also most importantly we look forward to the opportunity of working with Mrs. Gina Rinehart as our partner in Alpha and Alpha West.”
Ernst & Young Private Limited was the sole Financial Advisor to GVK for the acquisition and Amarchand & Mangaldas & Suresh A. Shroff & Co. has acted as the Legal Advisors to GVK and Minter Ellison Lawyers has acted as Australian Legal Advisors to GVK.
For additional info on this acquisition click here
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Wednesday, 05 October 11
WITH CHINA ON HOLIDAY, DRY BULK MARKET REMAINS STAGNANT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has remained to healthy levels after last month’s rally, but with China going on holiday this week, things are looking sta ...
Tuesday, 04 October 11
INDONESIA RAISES COAL BENCHMARK (HBA) FOR FIRST TIME IN 4 MONTHS
COALspot.com - Indonesia raised the monthly reference price for sales in October by 2.56 percent, the first increase since June.
The Ministry of ...
Tuesday, 04 October 11
COAL MINING GROUP WANTS EXPORT TAX, NOT EXCISE - JG
One of the leading English news paper in Indonesia, The Jakarta Globe reported that, the government shall reimpose a duty on coal exports, classifyi ...
Sunday, 02 October 11
INDIAN COAL IMPORTS PICKED UP - CAPT. REDDY
COALspot.com - The BDI dropped by 1 pct and Cape index dropped by 6 pct closing at 1,899 points and 3,136 points respectively. However all other seg ...
Saturday, 01 October 11
2012 TO BE ANOTHER CHALLENGING YEAR - CEO, REMI MARITIME
Shipowners are facing another challenging year in 2012 said Mr. Leonidas Polemis CEO of Remi Maritime Corporation, urging caution towards operating ...
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- Timah Investasi Mineral - Indoneisa
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- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
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- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Australian Coal Association
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Parliament of New Zealand
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
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