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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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Thursday, 08 July 10
KPCL RECEIVES 8 QUALIFIED BIDS TO SUPPLY 500,000 MT OF COAL
COALspot.com: Indian state utility KARNATAKA POWER CORPORATION LIMITED has opened price bid yesterday.
According to a participant, the quo ...
Thursday, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
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- GVK Power & Infra Limited - India
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- Goldman Sachs - Singapore
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- Petrochimia International Co. Ltd.- Taiwan
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- Anglo American - United Kingdom
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- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
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- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Posco Energy - South Korea
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- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
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- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
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- Siam City Cement PLC, Thailand
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- The University of Queensland
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
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- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
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- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
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