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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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Friday, 07 January 11
SRI LANKA NEW PORT TO OFFER SHIP FUEL IN MAY - LBO
LOB reported that, The Sri Lanka Ports Authority (SLPA) plans to start bunkering or ship fuel operations at a new port in southern Hambantota in May ...
Friday, 07 January 11
DRY BULK MARKET ON A FREEFALL, AS THE NEW YEAR EARLY DAYS DONT BRING MANY CHEERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market is facing its worst slump in more than two years, falling by 4.75% yesterday to reach 1,544 points, on top of an additional 4.2% ...
Thursday, 06 January 11
OVERSEAS & GENERAL SIGNS AGREEMENT TO EXPAND FOOTPRINT ON COAL LEASE IN INDONESIA - PROACTIVE INVESTORS
Proactive Investors reported that, Overseas & General (ASX: OGL) has entered into a joint operating agreement on the Jambi Coal Lease in Sumatra ...
Thursday, 06 January 11
BANPU EXPECTS ROSY 2011 AS COAL PRICES SKYROCKET - BANGKOK POST
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, expects minimal impact from the production stoppage at its Daning mine in China ...
Thursday, 06 January 11
COKING COAL CONTRACT PRICE MAY RISE 33% ON AUSTRALIAN FLOODS - BLOOMBERG
Bloomberg reported that, Steelmakers in Asia may be forced to pay as much as 33 percent more for hard coking coal after the worst floods in 50 years ...
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- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- The University of Queensland
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
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