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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, 13 July 10
FURTHER LOSSES FOR BALTIC DRY INDEX ON HIGH VESSEL SUPPLY
The dry bulk market can’t catch a breath, as it has now entered the 7th straight week of losses. The industry’s benchmark, the Baltic Dr ...
Sunday, 11 July 10
OVERALL NO OR NEGLIGIBLE IMPACT IN ARUTMIN MINE - BUMI
COALspot.com: Bumi denies the media reports on an impact of unusually rains on coal production in BUMI mines.
"Arutmin is being impacted by ...
Saturday, 10 July 10
FREIGHT MARKET SITUATION MAY CONTINUE FOR NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com: The market continued to soften further with the cape and panamax index down by about 20 pct and closed at 2,102 and 1,944 points respe ...
Saturday, 10 July 10
STC OF INDIA TO ASSOCIATE WITH FUEL SUPPLIERS
COALspot.com: State Trading corporation of India, which is under Ministry of Commerce, has invited Expression of Interest from coal suppliers ...
Saturday, 10 July 10
SCOMI TO SELL STAKE IN INDONESIA OPS - THE STAR
The star online reported that, Scomi Marine Bhd will sell a stake in its marine logistics business in Indonesia to a large Indonesian company to dea ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- London Commodity Brokers - England
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
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