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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, 06 April 11
FORBES & MANHATTAN COAL ANNOUNCES SIGNIFICANT OFF TAKE AGREEMENT
Steady Cash Flow Will Fund Production Ramp Up
Forbes & Manhattan Coal Corp., ("Forbes Coal" or the "Company") is a produc ...
Tuesday, 05 April 11
DRY BULK MARKET DOWN ON FIRST DAY OF SECOND QUARTER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market began the second quarter on a downward pattern, with the industry’s benchmark, the Baltic Dry Index (BDI) shedding 1.45 pe ...
Monday, 04 April 11
INDONESIA INTERNATIONAL CONFERENCE FOCUS ON INDONESIA'S ECONOMY (IICFIE) 2011 MASTER PLAN TO ACCELERATE THE ECONOMIC DEVELOPMENT
Press Release - Since couple of years, Indonesia's economy show impressive growth. What is the Indonesia's Economic Corridor and the Master plan t ...
Saturday, 02 April 11
TNPL CALLS FOR 160KT OF NON-COKING COAL
COALspot.com - Tamil Nadu Newsprint and Papers Limited (TNPL), is seeking to procure another 160,000 MT +/- 5 percent of Non-Coking imported C ...
Saturday, 02 April 11
THE FREIGHT MARKETS LIKELY TO BE SOFT NEXT WEEK - VISTAAR SINGAPORE
COALspot.com - The freight market softened this week affecting all sectors with BDI down by 65 points (down by 4.10 pct) and closed at 1,520 points. ...
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- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Australian Coal Association
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
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