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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, 30 September 10
INDONESIAN COAL FOR POWER PLANT - LANKA GAZETTE
Lanka Gazette reported that, A cargo vessel with coal on board to generate electricity for the Norochcholai Coal Power Plant will arrive in Sri Lank ...
Thursday, 30 September 10
DRY BULK MARKET HEADS SOUTH ONCE MORE WITH MARKET SENTIMENT TAKING A CAUTIOUS APPROACH - HELLENIC SHIPPING
The dry bulk market didn’t manage to maintain the slightly upward momentum it had established during the first two session of the week, with t ...
Wednesday, 29 September 10
MOZAMBIQUE: COAL IN THREE MORE TETE DISTRICTS
All africa reported that, Coal deposits have been confirmed in the districts of Changara, Cahora Bassa and Magoe, in the western Mozambican province ...
Tuesday, 28 September 10
MMTC TO AWARD CONTRACT TO CEPL AND KNOWLEDGE TO SUPPLY 0.835 MILLION TONS OF IMPORTED COAL
COALspot.com: MMTC, India’s state owned trading company has opened three coal purchase tenders today.
According to our market sources, Coas ...
Monday, 27 September 10
DRY BULK: FREIGHT RATES CONTINUE TO FALL ON LOW ACTIVITY - HELLENIC SHIPPING
The dry bulk market didn’t manage to change its fortunes during the past week, with holidays across many Asian countries, predominantly China, ...
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- Miang Besar Coal Terminal - Indonesia
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- Metalloyd Limited - United Kingdom
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- Australian Commodity Traders Exchange
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- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
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- Georgia Ports Authority, United States
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- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
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- CNBM International Corporation - China
- MS Steel International - UAE
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- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- CIMB Investment Bank - Malaysia
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- Meenaskhi Energy Private Limited - India
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- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
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- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
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- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
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- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
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- PowerSource Philippines DevCo
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- Deloitte Consulting - India
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- Formosa Plastics Group - Taiwan
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- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
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- Bulk Trading Sa - Switzerland
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- Kohat Cement Company Ltd. - Pakistan
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- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
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- Wilmar Investment Holdings
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- Binh Thuan Hamico - Vietnam
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