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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, 19 August 11
AUSTRALIAS' ATH TO ACQUIRE 60% OF APUAH COAL MINE IN INDONESIA
COALspot.com - Australian listed company, Atech Holdings Limited (ATH) has entered into a conditional binding term sheet to acquire 60 percent stake ...
Friday, 19 August 11
INDIA IMPORTS LESS INDONESIAN COAL THAN CHINA IN JULY
COALspot.com - Indonesia shipped 31.30 Million tons of coal in July 2011, up by 10.69 percent compared to June's export of about 28.27 ...
Thursday, 18 August 11
INDONESIAS PROPOSED LOW GRADE COAL EXPORT BAN WILL NOT HAVE A SIGNIFICANT IMPACT ON INDIA - MISWIN MAHESH
COALspot.com - The Indonesian government is currently in the process of drafting a new regulation that could ban the export of low-grade coal by Jan ...
Thursday, 18 August 11
MARUBENI ACQUIRED 42.86% OF YTL JAWA POWER
COALspot.com - Marubeni Corporation (Marubeni) has completed the acquisition of 42.86 percent of the shares of YTL Jawa Power Holdings BV from YTL P ...
Wednesday, 17 August 11
CME LAUNCHES ARGUS COKING COAL SWAP FUTURES
COALspot.com - Argus media reported that, leading exchange CME Group will list an Australian coking coal swap futures contract for trading on the Ny ...
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- Coal and Oil Company - UAE
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- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
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- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
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- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
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- Karbindo Abesyapradhi - Indoneisa
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- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
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- Merrill Lynch Commodities Europe
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- Indogreen Group - Indonesia
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- Alfred C Toepfer International GmbH - Germany
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- Standard Chartered Bank - UAE
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- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
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- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
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- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
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- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
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- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- VISA Power Limited - India
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- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Interocean Group of Companies - India
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- The State Trading Corporation of India Ltd
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- PowerSource Philippines DevCo
- Economic Council, Georgia
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- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
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- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
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- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
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- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
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- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
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- Savvy Resources Ltd - HongKong
- The University of Queensland
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
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- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
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- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
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- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
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- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
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- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Australian Coal Association
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- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- GMR Energy Limited - India
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