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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 $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Tuesday, 30 August 11
FAUJI CEMENT CONSUMED MORE THAN 1 MILLION TONS OF LOCAL COAL
Cooper Minerals Inc.based in Vancouver, BC, Canada, is a junior exploration company engaged in the acquisition, exploration and development of miner ...
Sunday, 28 August 11
FREIGHT MARKET COULD BE FIRM NEXT MONTH - VISTAAR
COALspot.com - The freight market continued the upward trend first half of the week . However, towards the end of the week lost momentum and the BDI ...
Saturday, 27 August 11
JAPANESE BULK CARRIER SETS RECORD ON NORTHERN SEA ROUTE - BARENTS OBSERVER
The Northern Sea Route will see its third record in less than a month when the largest ever bulk carrier to take the route leaves Murmansk next week ...
Saturday, 27 August 11
RBCT-INDIA ROUNDS FIXED AT AROUND US$ 12K - FEARNBULK
Handy
Stable but very positional markets across all segments in the Atlantic: the gap between owners and charterers rate ideas is building up as o ...
Friday, 26 August 11
TUAH TURANGGA AGUNG ACQUIRES AN ADDITIONAL 40% SHARES IN BARA PRIMA AGUNG
COALspot.com - PT Tuah Turangga Agung, a subsidiary of PT United Tractors Tbk, has signed an acquisition agreement to acquire 40% of PT Bara Prima A ...
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- Planning Commission, India
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- McConnell Dowell - Australia
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- Antam Resourcindo - Indonesia
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- Merrill Lynch Commodities Europe
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- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
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- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Parliament of New Zealand
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
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- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
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- Miang Besar Coal Terminal - Indonesia
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- Altura Mining Limited, Indonesia
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- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
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- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
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- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Agrawal Coal Company - India
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- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
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- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
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- Indian Energy Exchange, India
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