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Friday, 23 October 09
AUSTRALIA APPROVES CHINESE TAKEOVER OF FELIX RESOURCES
 * Australia give conditional approval to China's Felix deal
* Chinese owner must list the assets on Australian exchange
Reuters reported that, Australia approved Chinese firm Yanzhou Coal Mining Co's $2.9 billion takeover of coal-miner Felix Resources Ltd on Friday, but said the local firm's assets must be run by an Australia-based company.
The deal is also conditional on listing the local unit on the Australian market and trimming Yanzhou's holding, but it does not change Australia's declared bias against takeovers of greenfield resource projects or major mining companies.
"I won't say this is a dramatic shift in government policy," said Ian Ramsay, a law professor of University of Melbourne.
"We are seeing government policy evolve in relation to foreign investment decisions and that is certainly the case in relation to investments by Chinese companies in Australian resources sector."
Chinese state-owned companies have been looking to buy up Australian mining assets to secure supplies of raw materials for its rapidly growing economy, the world's third largest.
But bilateral ties have been strained by Canberra's opaque and sometimes lengthy process for vetting foreign investments, with some high-profile deals falling through before a decision is reached or after strict conditions have been imposed.
"The government is looking for an acceptable middle ground. This does send a pretty positive message and I say this because these are not unduly onerous undertakings," Ramsay said.
LOCAL LISTING, EXECUTIVES
The Australian government has stipulated that Yanzhou Coal must list the local unit on the Australian stock market by 2012 and cut its ownership to less than 70 percent, Assistant Treasurer Nick Sherry said in a statement.
Sherry said Yanzhou had already accepted these conditions, as well as promised to base the local unit's chief executive and chief financial officer in Australia.
Yanzhou further agreed to market coal produced at all of its Australian mines "on arms-length terms with reference to international benchmarks and in line with market practices."
Felix, which has mines in Queensland and New South Wales states, produced 4.8 million tonnes of coal in the year to June. Analysts expect the deal to boost Yanzhou's output by about 10 percent.
"With these undertakings provided by Yanzhou, I consider that this acquisition is consistent with Australia's national interest," Sherry added.
In March, Canberra rejected Chinese state-owned firm Minmetals' $2.26 billion bid for all of local miner OZ Minerals on national security grounds.
Other mooted deals have also been derailed.
Anglo-Australian miner Rio Tinto walked away from a $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Thursday, 03 November 11
DRY BULK MARKET OFFICIALLY IN THE RED ON LOWER CARGO DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept falling yesterday, on lower iron ore demand, which has caused the industry’s benchmark, the BDI (Baltic Dry Index) to ...
Wednesday, 02 November 11
MMTC TO BUY 3.73 MILLION TONS OF COAL FOR 2011- 2013
COALspot.com - India’s state-owned coal and mineral trader MMTC looking for 3.73 million tons of power plant coal for the period 2011 - 2012/ ...
Wednesday, 02 November 11
PANAMAX MARKET BECAME QUIETER AFTER THE RECENT RECOVERY - BRS
There were substantial losses across the board this week: the BDI lost 6.3% to end at 2,018 and the BCI 8.2% to end 3,274. In the smaller sizes the ...
Tuesday, 01 November 11
BORNEO LUMBUNG BUYS 23.8% INTEREST IN BUMI
COALspot.com - PT. Borneo Lumbung Energi (BORN), an Indonesian coking coal producer announces that it has signed a sale and purchase agreement, cond ...
Tuesday, 01 November 11
BAKRIE FORMS STRATEGIC PARTNERSHIP WITH BORNEO - REDUCING DEBT BY USD 1 BILLION
Press Release - Enhancing the standing of “Indonesia Inc.” at the London Stock Exchange PT Bakrie & Brothers Tbk (“BNBR” ...
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- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Economic Council, Georgia
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
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