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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 $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Thursday, 30 June 11
DRY BULK MARKET SHOWS SIGNS OF FURTHER WEAKENING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be unable to shake off the additional supply of vessels, an oversupply issue of grave concern that would have occured e ...
Wednesday, 29 June 11
ANOTHER STRONG PERFORMANCE BY CAPESIZE - BRS
Another strong performance by the Capesize market this week, bringing the BCI up 8% to 1,974 points. However the Panamax market was penalised, losin ...
Monday, 27 June 11
THE IRON ORE IMPORTS BY CHINA SEEMED TO SLOW DOWN - VISTAAR
COALspot.com - The BDI was holding as previous week and was just up by 1 point and closed at 1424 points end of last week. The biggest gain was ...
Friday, 24 June 11
THE INDONESIAN GOVERNMENT WILL NOT EXTEND ALL EXPIRED MINING CONTRACTS - JAKARTA UPDATES
The Indonesian Government have decided not to extend all mining concessions under the scheme called Contract of Work and instead will take over the ...
Friday, 24 June 11
BERAU EYEING 70 PERCENT GROWTH IN EBITDA
Indonesia's coal producer PT Berau Coal Energy Tbk (BRAU) is eyeing a 60 -70 percent growth in EBITDA to US$ 560 million-US$595 million this year. ...
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- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
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