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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, 01 March 11
GANGAVARAM PORT, AN INDIAN MODERN PORT CREATES RECORD
COALspot.com - Gangavaram Port, the deepest and the most modern port in India creates yet another record by discharging 65349 MT Coking Coal in 24 h ...
Monday, 28 February 11
COAL INDIA HIKES PRICES BY 12% FOR SELECT CONSUMERS - ECONOMIC TIMES
Economic Times reported that, Coal India has raised prices by an average 12% for some of its consumers from Sunday, boosting its revenue by 6,000 cr ...
Saturday, 26 February 11
CIL TO HIKE COAL PRICES BY 15 PC FROM TONIGHT - THE TIMES OF INDIA
The Times of India reported that, an Indian State-run coal producer, Coal India will raise the price of coal on an average by about 15 per cent with ...
Saturday, 26 February 11
SUPRAMAX INDEX WAS UP ABOUT 10 PERCENT THIS WEEK - VISTAAR
COALspot.com - The market started on a weak note and seemed to have lost the momentum seen the previous week. The main sectors affected were Cape an ...
Saturday, 26 February 11
PEABODY ENERGY ENTERS INTO COAL SOURCING AGREEMENT ACCESSING INDONESIAN COAL FOR EXPORT
Peabody Energy today said it has entered into an agreement with Indonesia's PT Cahaya Energi Mandiri (CEM) to source 2 million tons of coal for Asi ...
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- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- GMR Energy Limited - India
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Minerals Council of Australia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- CNBM International Corporation - China
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
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