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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 September 10
DRY BULK MARKET SENTIMENT TURNS SOUTH AS IRON ORE DEMAND DECLINES
The dry bulk market has once again turned the tide, with the industry’s benchmark, the Baltic Dry Index (BDI) turning south during the previou ...
Monday, 20 September 10
MMTC SEEKS TO BUY 1.3 MT OF COAL FOR INDIA UTILITIES - SXCOAL
MMTC Ltd., India’s largest state- owned trading company, is seeking bids for the supply of 1.3 million tonnes of coal to feed power plants run ...
Monday, 20 September 10
KANGAROO RESOURCES SIGNS PARTNERSHIP WITH ASEAMCO FOR INDONESIAN COAL ASSETS - PROACTIVE INVESTORS
International coal producer Kangaroo Resources (ASX: KRL) has completed a new three-year agreement with Australian mining consultants ASEAMCO to del ...
Monday, 20 September 10
ICVL LOOKS FOR COAL ASSETS IN UZBEK, INDONESIA, AUSTRALIA - ECONOMIC TIMES
Economic Times reported that, International Coal Ventures, or ICVL, the special purpose vehicle floated by five state-owned firms to scout for coal ...
Monday, 20 September 10
IRON-ORE SHIPPING DEMAND MAY GAIN ONCE CHINA STEEL CUTS FINISH, SSY SAYS
Demand to transport iron ore may rebound once China ends steel-production cuts and steel prices may gain in the next several months because of the r ...
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- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- The University of Queensland
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- White Energy Company Limited
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Australian Coal Association
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
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