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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, 28 September 11
ATLAS RESOURCES TO SELL 25% STAKE IN IPO - INSIDER STORIES
Insider Stories reported that, coal producer PT Atlas Resources Tbk, that is controlled by Indonesian businessman Andre Abdi, plans to sell 783.33 m ...
Tuesday, 27 September 11
A STRONG REBOUND FOR THE CAPE MARKET - BRS
A strong rebound for the Cape market, as cargoes continued to flow into the market and tonnage remained tight in the Atlantic, according to Barry Ro ...
Tuesday, 27 September 11
INTRACO SEALS US$25.3 MIO ORDER - INSIDER STORIES
Insider Stories reported that, Heavy equipment distributor PT Intraco Penta Tbk (INTA) obtained a US$25.3 million order on hand of heavy equipments ...
Sunday, 25 September 11
THE CHARTER RATES FOR INDONESIA TO INDIA WAS FIRM - VISTAAR
COALspot.com - The freight market moved up sharply with the cape Index up by 11 pct pushing the BDI by almost 6 pct and closing at 1,920 point ...
Saturday, 24 September 11
GOVT PLANS TO RENEGOTIATE ALL CONTRACTS INCLUDING FREEPORT - JP
The Jakarta Post reported that, the Energy and Mineral Resources Ministry has confirmed plans to renegotiate all mining contracts including those wi ...
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- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Planning Commission, India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
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