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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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Thursday, 20 January 11
DRY BULK MARKETS FALL SEES NO END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Pundits indicating that the dry bulk market’s sentiment remains weak were justified, as the industry’s benchmark, the Baltic Dry Index ( ...
Wednesday, 19 January 11
DRY BULK MARKET HAS BOTTOMED OUT, AS WEATHER IN AUSTRALIA DIALS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has finally halted its plunge, after a devastating week of yet more losses. The industry’s benchmark, the Baltic Dry Index ...
Tuesday, 18 January 11
MINISTRY SEEKS COAL FROM INDONESIA - SUNDAY OBSERVER
Sunday Observer reported that, Ministry of Power and Energy is to explore the possibilities of importing quality coal from Indonesia.
Minister Pa ...
Tuesday, 18 January 11
DRY BULK MARKET HAS BOTTOMED OUT, AS WEATHER IN AUSTRALIA DIALS DOWN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has finally halted its plunge, after a devastating week of yet more losses. The industry’s benchmark, the Baltic Dry Index ...
Sunday, 16 January 11
STANCHART GLOBAL RESEARCH SEES COAL PRICE RISING ON SUPPLY DISRUPTION - BURSA MALAYSIA MARKET NEWS
Bursa Malaysia Market News reported that, Standard Chartered Global Research has upgraded its 2011 forecasts for global thermal coal prices based on ...
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- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- The University of Queensland
- Bhatia International Limited - India
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- McConnell Dowell - Australia
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
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