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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, 05 May 11
PANAMAXES LEAD DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s benchmark, the Baltic Dry Index (BDI) managed to edge higher yesterday, rising by 1.81% to 1,292 points, in the first po ...
Thursday, 05 May 11
AKR NAMES KARUNIA AS COAL CONTRACTOR
Insider Stories reported that, PT AKR Corporindo Tbk has appointed PT Karunia Bumi Khatulistiwa as the contractor of coal mining concession in North ...
Tuesday, 03 May 11
DRY BULK MARKET OUTLOOK SEEN WEAK, AS SHIP OWNERS PILE UP MORE SHIPS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the Baltic Dry Index not trading yesterday, it’s worth taking a step back to see the current freight levels. First of all, capesizes and ...
Tuesday, 03 May 11
THE HANDY MARKET CONTINUED TO SLIDE DOWN - BRS
There were marginal increases in rates for the larger sizes this week, with the Cape index remaining stable and the Panamax index logging a 5% incre ...
Monday, 02 May 11
ADARO POSTS 11.7 PERCENT INCREASE IN REVENUES ON HIGHER PRICES - THE JAKARTA POST
The Jakarta Post reported that, Indonesia’s second-largest coal producer, PT Adaro Energy Tbk, announced an 11.7 percent increase in net reven ...
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- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- The University of Queensland
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- GMR Energy Limited - India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
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