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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 $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Friday, 15 July 11
BUKIT ASAM 1H COAL SALES UP 44 PERCENT
The state-controlled PT Tambang Batubara Bukit Asam Tbk (PTBA) is estimated to post 6.5 million tons of coal sales in the first half of this year, a ...
Thursday, 14 July 11
INDO GOVT. SETS JULY COAL REFERENCE PRICE AT US$ 118.24 PER TON
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia sets coal spot price benchmark for July 2011 at US$ 118.24 per ton, US$ 0 ...
Thursday, 14 July 11
DRY BULK MARKET KEEPS FALLING ON WEAK CAPESIZE SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on retreating on Wednesday, with the Baltic Dry Index (BDI) falling to 1,383 points, from 1,411 of the previous day. Capesi ...
Thursday, 14 July 11
UNITED TRACTORS BUYS DUTA SEJAHTERA - INSIDER STORIES
Insider Stories reported that, PT United Tractors Tbk (UNTR), via a wholly-owned subsidiary PT Tuah Turangga Agung, will acquire PT Duta Sejahtera a ...
Wednesday, 13 July 11
ANOTHER FIRMER WEEK FOR THE CAPES - BRS
Barry Rogliano Salles reported that, there were mixed results for the dry bulk market this week: the Capesize and Panamax markets performed well gai ...
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- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Aditya Birla Group - India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
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