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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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Saturday, 10 September 11
THE FREIGHT MARKET LIKELY TO BE FIRM NEXT WEEK - CAPT. REDDY
COALspot.com - The freight market continued the upward trend during last week with BDI crossing 1,800 points and closing at 1,838 points up by 5.63 ...
Friday, 09 September 11
SUPRA BARA SECURES $20 MILLION LOAN - JP
The Jakarta Post reported that, Coal miner PT Supra Bara Energi says it has secured a US$20 million loan facility from BNP Paribas to buy heavy equi ...
Friday, 09 September 11
CAPESIZE CAN SECURE USD 17-18K SHORT PERIOD - FEARNBULK
Handy
The US Gulf has remained relatively steady, slightly more activity in the South Atlantic with owners aiming for low to mid USD 20k´s f ...
Thursday, 08 September 11
UKRAINES COAL PRODUCTION TO RISE 8% - IFANDP
Industrial fuels & power reported that, Ukraine will increase its coal output by about 8% this year compared to last year, said the country&rsqu ...
Thursday, 08 September 11
DRY BULK MARKETS RALLY COMES TO AN END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was widely expected by analysts and shipbrokers alike, the latest rally of the dry bulk market came to a halt yesterday, with the Baltic Dry Inde ...
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- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
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