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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, 08 September 11
TRADA MARITIME BUYS GUNUNG BARA UTAMA
Insider Stories reported that, PT Trada Maritime Tbk (TRAM) has purchased convertible bonds issued by PT Awesome Coal from Zakia Limited. The memora ...
Thursday, 08 September 11
PETROSEA ADDS US$730 MIO CONTRACT
Coal mining contractor PT Petrosea Tbk (PTRO), a majority owned subsidiary of energy integrated company PT Indika Energy Tbk (INDY), has secured a U ...
Wednesday, 07 September 11
ANOTHER EXCEPTIONALLY STRONG WEEK FOR THE CAPESIZE MARKET - BRS
The very strong rise in Cape rates pushed through an overall improvement in the BDI this week, although relatively little benefit from the Capes has ...
Wednesday, 07 September 11
INDIA HIT BY INDONESIAS COAL PRICE - TEMPO INTERACTIVE
TEMPO Interactive, an Indonesian online news portal reported that, The Indian government has complained about the price increase of Indonesian coal, ...
Wednesday, 07 September 11
SAMPUR POWER AGREEMENT SIGNED - DAILY NEWS
Daily News, Sri Lank's national news paper reported that, the agreement for the setting up of a 500 MW coal-fired power plant at Sampur, Trincomale ...
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- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
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- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Parliament of New Zealand
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
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- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
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- Bangladesh Power Developement Board
- Anglo American - United Kingdom
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- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
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- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
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- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Latin American Coal - Colombia
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- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
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- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
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- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
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