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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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Tuesday, 20 July 10
CHURCHILL PLANNING TO PRODUCE 35 MILLION TONNES PER ANNUM FROM ITS EAST KUTAI COAL PROJECT
According to Churchill's website, the East Kutai Coal Project is a world-class thermal coal deposit, with a JORC Mining Reserve of 961 milli ...
Tuesday, 20 July 10
DRY BULK SHIPPING MARKET FINDING SOME SUPPORT, AS OWNERS TAKE CAPE SIZES OFF THE MARKET
With the Baltic Dry Index finally having reached bottom, at least according to market analysts, the dry bulk industry is looking to begin its long r ...
Monday, 19 July 10
INDONESIA EXPORTS 24.49 MILLION TONNES OF COAL IN JUNE 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 141.249 million tons of coal in the first half of this year. In June 2010, Indone ...
Monday, 19 July 10
CHINA ONCE AGAIN DOMINATING SHIPPING FREIGHT RATES, WHILE OVERSUPPLY OF TONNAGE RAISES CONCERN
The ending of the week brought a cheerful note among dry bulk ship owners, as the sinking benchmark of the industry, the Baltic Dry Index (BDI) fina ...
Saturday, 17 July 10
THE DRY BULK MARKET CONTINUED THE DOWNWARD TREND - VISTAAR
COALspot.com: The indices continued the downward trend this week also with BDI at 1,720 points and cape size index at 1676 points and the charter ra ...
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- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Australian Coal Association
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
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