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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 $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Friday, 05 August 11
RIO TINTO SIGNS MOU WITH JINDAL STEEL AND POWER ON ADVANCING HISMELT TECHNOLOGY
Press Release - Rio Tinto has signed a Memorandum of Understanding (MoU) with Jindal Steel and Power Limited (JSPL) to take the next step in g ...
Friday, 05 August 11
THE WORLDS LARGEST COAL MINER TO INVEST IN INDO MINES
COALspot.com - Golden Energy Mines (GEMS) might go for initial public offering (IPO) by the end of September 2011. The company is planning to off lo ...
Friday, 05 August 11
DRY BULK MARKET FINALLY TAKES A BREATHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market at last caught a break mid-week after a constant fall which saw the industry’s benchmark, the BDI (Baltic Dry Index) falli ...
Thursday, 04 August 11
THE HBA CONTINUES TO FALL IN AUGUST
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has set the August 2011 coal reference price at US$ 117.21 per ton slightly low ...
Wednesday, 03 August 11
DEWA RETURNS TO US$2.65 MIO NET PROFIT - INSIDER STORIES
Coal mining contractor PT Darma Henwa Tbk (DEWA), that most of its revenue is contributed by Kaltim Prima Coal and Arutmin Indonesia, returned to ne ...
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- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Australian Coal Association
- The Treasury - Australian Government
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- The University of Queensland
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
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