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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 $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Friday, 30 September 11
MINING BILL CLEARED, FIRMS TO SHARE 26% PROFITS WITH LOCALS - NDTV
NDTV reported that, The Union Cabinet cleared the draft mining bill aimed at regulating mining activities Friday. The bill proposes a profit-sharing ...
Friday, 30 September 11
INDIAN IRON ORE MARKET GETTING ACTIVE - FEARNLEYS AS
Handy
The Atlantic market continued its strong trend with fresh cargoes entering the market. Vessels open US Gulf fixed tick above US$ 27k back to t ...
Friday, 30 September 11
KRISHNAPATNAM PORT WINS GLOBAL PORT & COAL PORT OF THE YEAR AWARDS
COALspot.com - Krishnapatnam Port, a dynamic new generation world class port located in the East Coast of India has been adjudged the winner in the ...
Thursday, 29 September 11
INDONESIA'S MINERS FACE AN UNCERTAIN FUTURE - RUPERT WALKER
An evolving regulatory framework for the country's minerals industry could threaten its profitability and stifle investment.
The five-year surge ...
Thursday, 29 September 11
DRY BULK MARKET FALLS MID-WEEK, FURTHER DROP EXPECTED NEXT WEEK ON CHINA HOLIDAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market, as reflected by the Baltic Dry Index (BDI) retreated by 0.36% yesterday reaching 1,920 points, with the Capesize segment suffer ...
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- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Planning Commission, India
- CNBM International Corporation - China
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- PTC India Limited - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
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