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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, 26 August 11
INTRACO EYES US$200 MIO COAL TAKEOVER - INSIDER STORIES
Heavy equipment distributor PT Intraco Penta Tbk, that was founded by Halex Halim, is scouting a coal acquisition with the valuation above US$200 mi ...
Thursday, 25 August 11
OPG EXPECTS COAL PRICES TO REMAIN FIRM IN THE SHORT TERM
COALspot.com - Revenue of OPG, the developer and operator of Group Captive power plants in India up 188% to £33.15m and Income from continuing ...
Thursday, 25 August 11
PAITON POWER LOOKING FOR 3.96 MILLION TONS OF COAL
COALspot.com - PT Pembangkit Jawa Bali (PJB) is looking for 3.96 million tons coal with calorific value 4,800 kcal/kg on as received basis. Accordin ...
Tuesday, 23 August 11
ICMA CALLS GOVERNMENT TO REVIEW EXPORT BAN REGULATION
COALspot.com - Chairman of the Indonesian Coal Mining Association (ICMA) Bob Kamandanu asks the government to review the regulation that being draft ...
Tuesday, 23 August 11
ADARO ENERGY ACQUIRES 75% STAKE OF PT MUSTIKA INDAH PERMAI FOR US$ 222.5 MILLION
COALspot.com - PT Alam Tri Abadi, a wholly owned subsidiary of PT Adaro Energy Tbk, signed a share purchase agreement to acquire a 75% stake of PT M ...
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- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- White Energy Company Limited
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- The University of Queensland
- Siam City Cement - Thailand
- PTC India Limited - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
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