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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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Friday, 20 August 10
POWER COS SEEK MINING PARTNERS TO BID FOR 1,920-MW PROJECT
"A joint venture between the Maharashtra and Tamil Nadu governments for a pit-head power project, has been allotted the biggest coal block yet ...
Thursday, 19 August 10
INDONESIA EXPORTED 5.93 MLN TON OF COAL TO CHINA AND 3.52 MLN TONS TO INDIA IN JULY
COALspot.com: Indonesia shipped 3.52 million tones of thermal coal to India in July, fell 25.39 percent compared to June's exports of 4.71 million ...
Thursday, 19 August 10
WBPDCL INDIA LAUNCHES SPOT COAL TENDER
COALspot.com: The West Bengal Power Development Corporation Limited (WBPDCL ), A Govt. of West Bengal Enterprise, has launched spot contract tender ...
Thursday, 19 August 10
PANAMAX BACKED BY A STRONGER SHORT PERIOD MARKET AND SUPPORTED BY SOME FRESH REQUIREMENTS - FEARNBULK
Handy
The events of this week have confirmed our assessment of last week i.e. activity gradually picked up in the Atlantic with more enquiry seen ...
Thursday, 19 August 10
CSC TO SHIP COAL FOR NOROCHCHOLAI POWER PLANT
Daily Mirror reported that, coal for the Norochcholai Power Plant will be shipped to the country by the Ceylon Shipping Corporation (CSC) officials ...
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- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
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- LBH Netherlands Bv - Netherlands
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- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
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- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Parliament of New Zealand
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
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- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Tata Chemicals Ltd - India
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- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Australian Coal Association
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
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- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
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- Romanian Commodities Exchange
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- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
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