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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, 22 February 11
SUPRAMAX MARKET IS IMPROVING IN THE PACIFIC
BRS - A 10% rise in the BDI this week, mostly on the back of Panamax rates and improvements in the Supramax market in the Pacific. For the Capes, ra ...
Monday, 21 February 11
CHURCHILL MINING RECEIVES SIGNIFICANT INTEREST, PROPOSALS TO DEVELOP EAST KUTAI COAL PROJECT - PROACTIVE INVESTORS
Proactive Investors reported that, Churchill Mining has received a number of specific proposals to fund and develop its massive East Kutai coa ...
Monday, 21 February 11
ABOLISH 5% DUTY ON COAL IMPORTS: SHINDE
Indian Express reported that, with acute coal shortage of domestic coal threatening to destabilise its power generation plans, the power ministry ha ...
Saturday, 19 February 11
THE FREIGHT MARKET EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The market was quite firm this week with freight rates in South east asia and India/Feast almost up by 30 pct.
However towards end ...
Thursday, 17 February 11
COAL-GEN EUROPE 2011 REAFFIRMS THE IMPORTANCE OF COAL
Press Release: The third COAL-GEN Europe conference and exhibition, kicked off on Tuesday 15 February, with leading experts, professionals and compa ...
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- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
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