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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, 16 June 11
BOOSTING THE USE OF LOW CARBON ENERGY FOR A BETTER WORLD
Bali, Indonesia host of world renewable energy congress – Indonesia, international conference & exhibition on renewable energy and energy ...
Thursday, 16 June 11
FREIGHT MARKET FAILS TO RECOVER - DREWRY / HELLENIC SHIPPING
With demand failing to improve enough to contain the colossal increases in supply, the dry bulk freight market stayed near the dreadfully low levels ...
Thursday, 16 June 11
VALLAR CONTROLS 84.7 PERCENT STAKE IN BERAU COAL - INSIDER STORIES
Insider Stories reported that, London-based investment company Vallar Plc, via its subsidiary dubbed Vallar Investments UK Limited, today announced ...
Wednesday, 15 June 11
INDONESIA NEW COAL POLICY WORRIES INDIA POWER FIRMS - MYDIGITALFC
Tata Power, Adani group, Lanco Infratech and Reliance Power, among other Indian coal importers, are waiting to assess the impact of the Indonesian g ...
Wednesday, 15 June 11
BAYAN RESOURCES OWNS 56 PERCENT KANGAROO - INSIDER STORIES
Australia-listed coal miner Kangaroo Resources Limited (KRL) has obtained final approval from its shareholders to complete its US$277 million acquis ...
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- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- MS Steel International - UAE
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Australian Coal Association
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