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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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Friday, 28 October 11
RISING COAL PRICES TO WORSEN CHINA'S WINTER POWER CRUNCH - CRI ENGLISH
CRI English reported that, the rising price of coal is fueling concerns about a power crunch set to plague China this winter, analysts said.
The ...
Thursday, 27 October 11
CAPESIZE REACHING NEW HIGHS - FEARNLEYS
Handy
Pacific market has mixed sentiments with tonnages fixed at firm levels and some tonnages in feast failing on subs.For indo-india, large eco ...
Thursday, 27 October 11
DRY BULK MARKET EDGES DOWN AS CHINAS IRON ORE DEMAND LOSES GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A plunge in Chinese iron ore demand, as a result of high steel inventories and a bleak outlook regarding steel prices, has prompted the dry bulk mar ...
Thursday, 27 October 11
BUKIT ASAM 3Q PROFIT SURGES 66.91%
Insider Stories reported that, the state-controlled coal miner PT Bukit Asam Tbk (PTBA) experienced a 66.91% increase in its net profit during a per ...
Wednesday, 26 October 11
MOODYS SEES MORE GROWTH FOR INDONESIAN COAL MINERS - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s coal mining industry looks set to grow despite an uncertain global economic outlook, according to ...
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- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Australian Coal Association
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Economic Council, Georgia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
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