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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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Monday, 24 October 11
CAPESIZE RENTAL RATES RISE FOR THIRD DAY AS MORE SHIPS HIRED - HELLENIC SHIPPING
Rates to hire capesize vessels advanced for a third day on signs of increased demand to transport iron ore, used to make steel.Daily rates for the s ...
Sunday, 23 October 11
CHINA LOOKING TO RESELL INDONESIAN COAL CARGOES - BARCLAYS
Commodity Online reported that, Anecdotal evidence has suggested that China is even looking to resell Indonesian cargoes back into the seaborne coal ...
Saturday, 22 October 11
THE SHORT-PERIOD RATES FOR PANAMAX REMAINED FIRM - CAPT. REDDY
COALspot.com - "The market seemed to slow down a bit this week, and all sectors were down by about One to five percent", said Capt. Reddy, ...
Saturday, 22 October 11
WILL THE PROPOSED 26 PERCENT PROFIT SHARING CLAUSE IN THE MINING BILL SPEED UP THE PRODUCTION OR SCARE AWAY INVESTORS? - DIPESH DIPU
A draft law has been approved by a ministerial panel headed by Finance Minister Pranab Mukherjee of India which, if passed by the Cabinet, will make ...
Saturday, 22 October 11
INDONESIA'S GOLDEN ENERGY SLASHES ITS IPO PRICE - THE JAKARTA GLOBE
The Jakarta Globe reported that, Golden Energy Mines, a coal mining company affiliated with Sinar Mas Group, lowered its target in an initial public ...
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- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Bhatia International Limited - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
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