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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, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
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- ASAPP Information Group - India
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- IHS Mccloskey Coal Group - USA
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- Bukit Asam (Persero) Tbk - Indonesia
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- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
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- Ministry of Mines - Canada
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- Global Coal Blending Company Limited - Australia
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- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
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- Goldman Sachs - Singapore
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- Standard Chartered Bank - UAE
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- Coal and Oil Company - UAE
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- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
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- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
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- Energy Link Ltd, New Zealand
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- Baramulti Group, Indonesia
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- Chamber of Mines of South Africa
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- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Parliament of New Zealand
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- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
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- The University of Queensland
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- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
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- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
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- Bangladesh Power Developement Board
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- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
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- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
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- AsiaOL BioFuels Corp., Philippines
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- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
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- London Commodity Brokers - England
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- Africa Commodities Group - South Africa
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- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
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