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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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Thursday, 21 July 11
DRY BULK RATES EDGE FURTHER DOWN ON WEAK MARKET SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market fell once again on Wednesday marking the ninth straight day of losses. The industry’s benchmark, the Baltic Dry Index (BDI ...
Wednesday, 20 July 11
ANTWERP RECEIVES THE CAPESIZE MG COURAGE
The deepening of the Western Scheldt has made the port of Antwerp easily accessible not only to Ultra Large Container Ships of over 10,000 TEU but a ...
Wednesday, 20 July 11
KALIMANTAN GOLD APPOINTS COMMISSIONER TO SUBSIDIARY
Kalimantan Gold Corporation Limited has announced the appointment of Dr. Bambang Setiawan as Commissioner (a senior advisor) to the Board of PT Kali ...
Wednesday, 20 July 11
CHALLENGER GETS TABANG PROJECT IUP PERMIT
COALspot.com - Challenger Deep Resources Corporation has been getting exploration permit or Izin Usaha Pertambangan (IUP) for its Tabang coal in Eas ...
Wednesday, 20 July 11
TCM COAL PROJECT IN SOUTH KALIMANTAN MOVES TO FINAL FEASIBILITY STUDY
COALspot.com - Pan Asia Corporation Ltd has executed a formal agreement with an underground mining group KOPEX to undertake a final feasibilit ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Posco Energy - South Korea
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- ASAPP Information Group - India
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Mintek Dendrill Indonesia
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