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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, 30 June 10
PTBA TO SUPPLY ADDITIONAL 180 MLN TONS OF COAL TO PLN FOR 20 YEARS
COALspot.com: Indonesia's state-owned coal mining company PT Tambang Batubara Bukit Asam Tbk (PTBA) has entered into a new contract with state owne ...
Wednesday, 30 June 10
U.S. STEAM COAL EXPORTS TO SUPPORT FREIGHT RATES
Booming North American coal exports to China, driven by the country's insatiable need for steel raw materials, will provide support to freight rate ...
Tuesday, 29 June 10
EXPORT LETTER OF CREDIT PLAN DUMPED - THE JAKARTA GLOBE
The Jakartaglobe reported that, Indonesia has canceled a proposed regulation that would have required exporters of commodities such as cocoa, coffee ...
Tuesday, 29 June 10
BUMA TO MOVE AROUND 333 MLN BCM OF OVERBURDEN IN 2010
COALspot.com: PT Delta Dunia Makmur Tbk, holding company of Indonesia's second largest coal mining contractor PT Bukit Makmur Mandiri Utama (BUMA), ...
Tuesday, 29 June 10
DRY BULK'S DOWNFALL FINALLY SHOWING SIGNS OF STABILIZATION
Although the dry bulk market has begun the week where it left off, that is on a downward note, brokers and charterers appear to be on the consensus ...
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- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- White Energy Company Limited
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
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