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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, 15 September 10
VIETNAM TO IMPORT UP TO 15 MLN TONS COAL/YR BY 2015 - VIETNAM BUSINESS
Vietnam Business reported that, Vietnam will need to import 3 million to 15 million tons of coal a year by 2015, rising to 21 million to 40 million ...
Tuesday, 14 September 10
MID HIGH TEENS FROM WCI, AND HIGH TEENS FROM ECI TO CHINA - BRS
A fairly flat market for the dry bulk segments this week, although the Panamaxes jumped on the back of strong grain exports in the Atlantic. It ...
Tuesday, 14 September 10
HIGH CHARTERING ACTIVITY NEEDS TO KEEP UP FOR DRY BULK RATES TO REMAIN HIGH
Last week’s increase of spot chartering activity pushed dry bulk freight rates to new highs, after a less than lackluster summer. As a result, ...
Monday, 13 September 10
GLENCORE BUYS STAKE IN MINER BUMI
The Jakarta globe reported that, Switzerland-based Glencore International, the world’s largest commodities trader, has quietly acquired a $200 ...
Monday, 13 September 10
IT'S JAI INDONESIA FOR OUR POWER FIRMS
Indian power producers have been compelled to look abroad for fuel to run upcoming facilities, as domestic generation is unlikely to be able to meet ...
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- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
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