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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, 24 June 10
DRY BULK MARKET AT LOWEST POINT IN EIGHT MONTHS
The dry bulk market’s demise has failed to turn around so far this week, with the industry’s benchmark, the Baltic Dry Index (BDI), yest ...
Wednesday, 23 June 10
WILHELMSEN SHIPS SERVICE OPENS NEW OFFICE IN KRISHNAPATNAM PORT INDIA
Wilhelmsen Ships Service has opened a branch office in Krishnapatnam port on the east coast of India according to statement released by company ...
Wednesday, 23 June 10
PTC'S INDONESIAN COAL-MINING FORAY-I: TO INVEST USD 69 MILLION VIA OVERSEAS SPV
Moving ahead with its plans to acquire coal assets abroad, the power trading major, PTC India Limited, has decided to invest a total of USD 69 milli ...
Tuesday, 22 June 10
INDIA HAS REPORTED MORE COAL IMPORTS FROM COLOMBIA
A second consecutive week of sharp corrections for the dry bulk market, although some of the softness could be attributed to Chinese holidays at the ...
Monday, 21 June 10
THE SUPRAMAX INDEX IN THE FAR-EAST (S6 ROUTE) WAS DOWN BY $ 1300 PER DAY - VISTAAR
COALspot.com: The market continued to soften in all sectors last week also with the BDI dropping by 18.07 pct and Cape index by 26.71 pct.
The BD ...
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- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Parliament of New Zealand
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Australian Coal Association
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
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