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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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Wednesday, 17 August 11
TAVESCO KILLARA ENERGY TO ACQUIRE COAL CONCESSIONS IN EAST KALIMANTAN
COALspot.com - Killara Resources Limited, an Australian listed company has formed PT Tavesco Killara Energy (TKE), a joint company with PT Tavesco I ...
Wednesday, 17 August 11
BUMI'S H1 UNDERLYING OPERATING PROFIT $62 MILLION
COALspot.com - Bumi PLC , posted underlying first-half operating profit of $62 million and production at PT Bumi Resources and PT Berau increased to ...
Wednesday, 17 August 11
SHIP OWNERS COULD FACE PAIN ON THE BACK OF GLOOMY ECONOMYS PREDICTIONS - HELLENIC SHIPPING
The latest market turmoil, coupled with the renewed risk of a global recession could very well signal more troubled times for ship owners of all shi ...
Tuesday, 16 August 11
CHALLENGER ENTERED INTO CSPA WITH PELANGI KERTANEGARA TO ACQUIRE 100% STAKE
COALspot.com - Challenger Deep Resources Corp., through its wholly owned subsidiary, P.T. Bestindo Energy, has exercised its option to purchase an a ...
Monday, 15 August 11
ADARO ENERGYS NET INCOME MORE THAN DOUBLES IN FIRST HALF 2011
COALspot.com - Indonesian’s second largest coal producer, Adaro Energy, booked net profit US$ 268 million in the first half 2011, rose two-fol ...
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- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- PTC India Limited - India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
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