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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, 18 August 10
MADHUCON TO START MINING AT SUMATRA BLOCK IN 2-3 MONTHS
DNA India reported that, Hyderabad-based Madhucon Projects is set to begin mining at one of its coal blocks in Indonesia in 2-3 months, said S Vaiku ...
Tuesday, 17 August 10
HANDIES AND SUPRAS WOKE UP AGAIN AFTER SEVERAL WEEKS OF LETHARGY - BRS
A spectacular increase in Cape size rates pushed the BDI up more than 20% this week, with demand for prompt tonnage in the Pacific causing a major s ...
Monday, 16 August 10
INDIA'S TNPL TO SUPPORT TNEB WITH COAL SUPPLIES
COALspot.com: TNPL to award 300,000 MT of coal supply contract to Nehel General Trading of India. Tamil Nadu state undertaking , Tamil N ...
Monday, 16 August 10
INDONESIA'S PLN SECURED COAL SUPPLIES, LESS IMPACT BY RAINS
COALspot.com: Indonesian State Electricity Company, PT Perusahaan Listrik Negara (PLN), has secured coal supplies for all of its power plants except ...
Sunday, 15 August 10
THE FREIGHT MARKET IS EXPECTED TO REMAIN FIRM - CAPT REDDY
COALspot.com: The BDI rose by almost 22 pct despite peak holiday season which is usually quite market , where as the BCI up sharply by 46 pct which ...
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- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
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- Goldman Sachs - Singapore
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- Indonesian Coal Mining Association
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- Coal and Oil Company - UAE
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- The Treasury - Australian Government
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- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
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- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
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- SMC Global Power, Philippines
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- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
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- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
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- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
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