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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, 27 May 10
DRY BULK RATES REACH 2010 HIGHS, BUT FUTURE REMAINS UNCERTAIN
This week is proving to be a milestone for the dry bulk market, as the Baltic Dry Index has propelled itself at never before seen levels for 2010. Y ...
Wednesday, 26 May 10
ADANI GROUP EYES AFRICA FOR COAL MINING PROJECTS
India Info Line reported that, After acquiring coal mines for importing Indonesian coal to run its thermal power plants in the country, the Adani Gr ...
Wednesday, 26 May 10
DRY BULK MARKET SHOOTS UP, CLOSES IN ON POST-CRISIS ERA HIGHS
In an opposite trend than that of the previous week, the Baltic Dry Index (BDI), a benchmark for tracking costs to haul commodities at sea, shot up ...
Wednesday, 26 May 10
BUMI TO CUT UP TO USD 1 BILLION DEBT IN 12 MONTHS
Press Release : PT Bumi Resources Tbk. announced yesterday that it has revived its intent to issue non preemptive shares and added this to the agend ...
Tuesday, 25 May 10
COAL PRODUCTION MAY REACH 320 MILLION TONS THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miners expect to produce as much as 320 million tons of coal this year, an increase of nearly 7 perc ...
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- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- CNBM International Corporation - China
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
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