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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, 01 September 10
JAKARTA TO HOST MAJOR INTERNATIONAL MINING EVENT
COALspot.com: (Press Release) In October 2010, the Indonesian Mining Association (IMA) and the Indonesian Coal Mining Association (APBI) will host t ...
Tuesday, 31 August 10
CIL MAY SET UP POWER PLANT TO UTILIZE EXCESS COAL
The Economic Times reported that, the world's largest coal producer Coal India Ltd (CIL) said it may consider setting up power plants in the countr ...
Tuesday, 31 August 10
NALCO SEEKS STAKES IN INDONESIAN COAL MINES
Economic Times reported that, National Aluminium Co. Ltd said on Tuesday it wants to buy stakes in Indonesian coal mines to secure supplies fo ...
Tuesday, 31 August 10
CAPESIZE RATES ON VOLATILE MOVEMENT
With Monday a holiday for London’s stockmarket (Bank Holiday), the dry bulk market took a breather before presenting ship owners and charterer ...
Monday, 30 August 10
MUNDRA PORT BEGINS OPERATIONS AT NEW TERMINAL IN GUJARAT
Economic Times reported that, Adani group firm Mundra Port has commenced operations at its 20-million tonnes port at Dahej in Gujarat, the company s ...
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- Georgia Ports Authority, United States
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- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
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- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
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- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
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- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- MS Steel International - UAE
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- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
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- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
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- Siam City Cement - Thailand
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- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
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- The University of Queensland
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- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
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- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
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- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
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- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- ASAPP Information Group - India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
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- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Power Finance Corporation Ltd., India
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- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- PTC India Limited - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
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- Energy Development Corp, Philippines
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
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- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
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- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
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- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
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- Kobexindo Tractors - Indoneisa
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- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
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