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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, 23 June 11
DRY BULK MARKET KEEPS EXHIBITING SIGNS OF WEAKNESS THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be unable to climb at new highs this week, showing signs of weakness, across most ship types. Yesterday, the Baltic Dry ...
Wednesday, 22 June 11
BOOMING INDONESIAN COAL EXPORTS - BLEEDING INDIAN POWER INDUSTRY
COALspot.com - Indonesia shipped 28.962 Million tons of coal in May 2011, up by 15.86 percent compared to April export of about 24.995 m ...
Tuesday, 21 June 11
SURGE IN PRODUCTION AND PRICES TO PUSH BUKIT ASAMS NET PROFITS ABOVE RP 3T - THE JAKARTA GLOBE
State-owned coal company Perusahaan Tambang Batubara Bukit Asam expects its net income to increase about 50 percent this year on the back of rising ...
Tuesday, 21 June 11
COURT BATTLE PUTS MASSIVE COAL PROJECT IN JEOPARDY - KOREA JOONGANG DAILY
As Korean companies race to exploit Indonesia’s abundant natural resources, two companies have been locked in a court case that has become so ...
Tuesday, 21 June 11
DRY BULK MARKET TURNS RED AGAIN ON VESSEL OVERSUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk entered this week on a negative turn, with the industry’s benchmark the Baltic Dry Index (BDI) retreating by 0.35% to end the ses ...
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Showing 5216 to 5220 news of total 6871 |
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- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- PTC India Limited - India
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Ministry of Mines - Canada
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
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