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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 $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Thursday, 20 October 11
CAPESIZE - TUBARAO /QINGDAO BEING FIXED AT STRONG US$ 29.75 PMT
Handy
The Atlantic market is quite steady, and market seems to be around the same levels as last week. Fewer fixtures reported though. ...
Thursday, 20 October 11
BRACKEN INTERNATIONAL MINING LISTS ON FRANKFURT STOCK EXCHANGE
Press Release - Bracken International Mining (Code:1BM) listed on the Deutsche Börse’s Frankfurt Stock Exchange today at €1.00 with ...
Thursday, 20 October 11
CAPESIZES, SUPRAMAXES LEAD GAINS FOR DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Struggling to find additional support, but still managing to post gains, the dry bulk market has stabilized itself on higher levels again yesterday, ...
Wednesday, 19 October 11
METALLURGICAL COAL PRICES TO DROP BELOW US$240/TONNE - WOOD MACKENZIE
Wood Mackenzie Says Metallurgical Coal Prices to Drop Below US$240/tonne by Q4 2012 But Long-term Demand Fundamentals Remain Robust
Wood Mackenzi ...
Wednesday, 19 October 11
SUPRAMAX MARKET WAS VERY FIRM LAST WEEK - BRS
With all sectors contributing positively, the BDI ended the week at 2,173 points (+8.6%), its highest level so far in 2011. The BCI stood at 3,587 ( ...
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- Indian Oil Corporation Limited
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- White Energy Company Limited
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Australian Coal Association
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- MS Steel International - UAE
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
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