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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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Wednesday, 13 April 11
CAPESIZE VESSELS ARE DELIVERED AT A PACE OF ONE NEW VESSEL EVERY SECOND DAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In a clear sign that it will take a significant rise in global seaborne dry bulk trade in order to be able to absorb the flurry of new building tonn ...
Sunday, 10 April 11
SOFT FREIGHT MARKET TREND LIKELY TO BE CONTINUED - VISTAAR SHIPPING
COALspot.com - The freight market continued to soften further with the BDI breaking the 1,500 points and closing at 1376 points down by almost 10 pc ...
Thursday, 07 April 11
HANDY RATES SLIDING NOW - FEARNBULK
Handy
Slowly softening rates as more tonnage is accumulating in the Atlantic basin.The trans-Atlantic round is around $15k pd with trips to ...
Thursday, 07 April 11
DRY BULK MARKET PLUNGING EVEN FURTHER ON LOW CARGO DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has continued its falling pattern this week, with every day proving to be painful for ship owners, especially those of the large ...
Thursday, 07 April 11
INDIKA BUYS MITRABAHTERA AT US$ 0.183
PT Indika Energy Tbk (INDY), integrated energy company, today has exercised an option agreement to acquire 51% shareholding in newly listed coal tug ...
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- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
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