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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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Tuesday, 12 July 11
INDONESIAN MINERS PLAN $70M INVESTMENT TO UPGRADE QUALITY OF COAL - THE JAKARTA GLOBE
One of the leading english language news paper in indonesia, the Jakarta globe reported that, as the government implements a ban on the export of po ...
Tuesday, 12 July 11
DRY BULK MARKET BEGINS WEEK ON RETREAT MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was evident by the end of the previous week, the dry bulk market’s growth momentum was about to lose steam, something proven yesterday, whe ...
Monday, 11 July 11
REFLECTIONS ON THE FLEET REACHING ONE BILLION TONNES - CLARKSONS / HELLENIC SHIPPING
“A billion gross tonnes of shipping” has a nice ring to it. It presents the industry as a business of substance, with its 85,000 ships w ...
Sunday, 10 July 11
UNTR PROVIDES US$100 MIO TO TTA - INSIDER STORIES
PT United Tractors Tbk (UNTR) agreed to allocate US$100 million to its coal subsidiary dubbed PT Tuah Turangga Agung (TTA).The US$100 million was pa ...
Sunday, 10 July 11
HARDLY ANY CARGO FROM WC INDIA UNTIL END OF MONSOONS - VISTAAR
COALspot.com - The BDI continued to hold last week and firmed up by 27 points with cape and panama index supporting the BDI.
The BDI closed at 1, ...
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- PTC India Limited - India
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Planning Commission, India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
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