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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, 17 May 11
DRY BULK MARKET ENTERS WEEK ON WEAK MODE - HELLENIC SHIPPING
In yet another sign of softening freight rates for dry bulk carriers and oversupply issues, the dry bulk market entered this week on a downward path ...
Monday, 16 May 11
INDO TAMBANG 1Q SALES REVENUE UP - INSIDER STORIES
Thai Banpu Plc last week reported a 7.83% increase in coal sales revenue from its Indonesian operating unit via PT Indo Tambangraya Megah Tbk (ITMG) ...
Sunday, 15 May 11
THE FREIGHT MARKET REMAINED SOFT - VISTAAR
COALspot.com - "The freight market overall remained soft", said Capt. Reddy, Director of Vistaar Shipping Singapore. He further added, &qu ...
Saturday, 14 May 11
WELSPUN TO ACQUIRE AN INDONESIAN COAL MINE - MEDIA
The India based Welspun Power and Steel Ltd is planning to acquire 456,000 shares in PT Batubara Energy Indonesia, representing 75% interest, accord ...
Saturday, 14 May 11
DRY BULK MARKET ON A DOWNFALL ONCE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what is now pretty clear will be yet another challenging year for dry bulk ship owners, the Baltic Dry Index returned to its usual pattern of dec ...
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- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Australian Coal Association
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
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