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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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Monday, 14 March 11
IRON ORE TRADING WORLD EUROPE 2011
Press Release - Strategy and opportunity for miners, steelmakers, end users and the financial community.
The iron ore spot market is growing at a ...
Sunday, 13 March 11
COAL NO LONGER A CHEAP ENERGY SOURCE - THE SUNDAY LEADER
The Sunday Leader reported that, the addition of power generated through coal power to the country’s national grid was initially expected to r ...
Sunday, 13 March 11
THE FREIGHT MARKET SEEMS WILL BE FIRM FOR MARCH AND APRIL - VISTAAR
COALspot.com - The freight market continued to rise with the BDI crossing 1500 points and the cape size index up by 32 pct and all other segments al ...
Friday, 11 March 11
THE HANDY MARKET IS QUITE VOLATILE
Handy
Lacklustre week as the USG is the only bright light with high volumes of petcoke/coal into the Med (paying mid 20´s bss aps USG). Litt ...
Thursday, 10 March 11
DRY BULK MARKET SHOWING SIGNS OF STRONGER RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market jumped by 3.37% yesterday, with the industry’s benchmark, the Baltic Dry Index (BDI), moving up to 1,472 points, levels no ...
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- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
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- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
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- Heidelberg Cement - Germany
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- Mercuria Energy - Indonesia
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- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
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- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Electricity Authority, New Zealand
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
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- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- MS Steel International - UAE
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- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- New Zealand Coal & Carbon
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- Interocean Group of Companies - India
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- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
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- Posco Energy - South Korea
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
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- OPG Power Generation Pvt Ltd - India
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- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
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