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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, 22 December 10
PEABODY ENERGY TO SOURCE INDONESIAN COAL FROM PT SUPRA BARA ENERGI (SBE) - COAL GEOLOGY
Coal Geology reported that, Peabody Energy has entered into an agreement to source coal from PT Supra Bara Energi (SBE), which will be sold on the e ...
Wednesday, 22 December 10
INDONESIAN COAL LOAD PORT WEATHER CONDITION AND DELAYS
COALspot.com - The several leading shipping agents in Indonesia, said due to rainy season in Indonesia, loading activities in coal loading ports hav ...
Wednesday, 22 December 10
COAL INDIA CLOSE TO BUYING 15% STAKE IN AUSTRALIAN MINE - ECONOMIC TIMES
Economic Times reported that, Coal India (CIL) is close to buying a stake between 10% to 15% in an Australian mine owned by Peabody, a US company.
...
Wednesday, 22 December 10
CAPESIZE FUTURES MARKET RATES ARE EXPECTED TO CONTINUE THEIR DRIFT DOWN IN 2011 - BRS
Nearly two months of weekly declines in the Baltic Capesize Index were finally halted last week with a small 1% increase Friday-to-Friday. The impro ...
Wednesday, 22 December 10
DRY BULK MARKET LOOKING FOR DIRECTION AMID HOLIDAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market isn’t exhibiting a “festive” behavior, thus cheering ship owners and investors alike. Instead, the industry&rs ...
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- Tamil Nadu electricity Board
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- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
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- Planning Commission, India
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- Semirara Mining Corp, Philippines
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- Posco Energy - South Korea
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- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
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- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
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- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
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- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
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- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
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- Australian Commodity Traders Exchange
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- Indian Oil Corporation Limited
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- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
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- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
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- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
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- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
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- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
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- Sakthi Sugars Limited - India
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- Eastern Coal Council - USA
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- MS Steel International - UAE
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- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
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