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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, 26 January 11
DRY BULK MARKET TAKES YET ANOTHER NOSEDIVE, CAPESIZES LOOK RATHER UNATTRACTIVE AT THE MOMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The downturn of the dry bulk market sees no boundariers, disproving even those who thought that at least for the capesize market, the worst had pass ...
Tuesday, 25 January 11
DRY BULK RATES CONTINUED TO TUMBLE LAST WEEK - BRS
With weather-related problems affecting the short-term outlook, and new building deliveries the longer-term picture, dry bulk rates continued to tum ...
Tuesday, 25 January 11
R-POWER TO INVEST $5BN IN INDONESIA - THE TIMES OF INDIA
The Times of India reported that, In what is being seen as one of the largest foreign investments in Indonesia, Reliance Power will infuse $5 billio ...
Monday, 24 January 11
GOVT PROMISES COAL FOR PLN DESPITE PRICE SPIKES - THE JAKARTA POST
The Jakarta Post reported that, the government says state electricity company PT PLN will receive enough coal to fire its power plants, despite pric ...
Monday, 24 January 11
DRY BULK MARKETS DOWNTURN SEES NO RELIEF - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept falling for yet another week, with the industry’s benchmark, the Baltic Dry Index (BDI) losing an additional 4.79 ...
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- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- PTC India Limited - India
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
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