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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, 08 June 10
RUSSIA REPORTED A TENFOLD GROWTH IN COAL EXPORTS TO CHINA IN 1Q 2010 - BRS
A retreat for all the dry bulk segments this week, but especially for the Panamax and Supramax markets. The Panamax 4TC remains over US$30,000/day h ...
Monday, 07 June 10
SOUTH AFRICA COAL STAYS NEAR 18-MONTH HIGH ON EUROPEAN DEMAND - BLOOMBERG
Bloomberg Reported that, Prices for coal shipped from South Africa’s Richards Bay, the continent’s biggest export facility for the fuel, ...
Sunday, 06 June 10
THE DOWNWARD TREND FOR S6 AND S7 ROUTE IS LIKELY TO CONTINUE NEXT WEEK - VISTAAR
COALspot.com: "This seemed market heading for corrections with all sectors down", said, Capt. Reddy, MD of Vistaar Shipping Singapore, an ...
Sunday, 06 June 10
STEAM COAL MAY BECOME NEXT BOOMING COMMODITY IN AUSTRALIA - DB
Deutsche Bank predicts that thermal coal could become Australia's next booming commodity. The German investment bank's global thermal coal team ex ...
Friday, 04 June 10
INDO/INDIA AROUND THE MID 20'S LEVEL AND MID TO HIGH 20'S INDIA/CHINA
Handy
After a quiet end to last week, the Atlantic handysize market continued&nb ...
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- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
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- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
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- Sojitz Corporation - Japan
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- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
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- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
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- Latin American Coal - Colombia
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- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- The University of Queensland
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
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- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
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- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
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- Indian Energy Exchange, India
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- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
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- SMC Global Power, Philippines
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- Intertek Mineral Services - Indonesia
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- Bangladesh Power Developement Board
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- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
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- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- White Energy Company Limited
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
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- Directorate General of MIneral and Coal - Indonesia
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- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
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- Cigading International Bulk Terminal - Indonesia
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- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
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- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
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- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
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- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
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- Kobexindo Tractors - Indoneisa
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- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
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- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
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