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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, 29 April 10
SOUTH AFRICAN ROUNDS BACK TO INDIA SUPRAS CAN ACHIEVE AROUND MID 20S
Handy
Atlantic markets remain firm. Supramaxes open in USG are now achieving low/mid&n ...
Thursday, 29 April 10
KANGAROO RESOURCES INKS KEY COAL EXPORT CONTRACT WITH YUDEAN FARNON - PROACTIVE INVESTORS
Proactive Investors reprted that, Kangaroo Resources has secured an initial export sales contract for coal from the company’s operating coal p ...
Wednesday, 28 April 10
UNITED TRACTORS FOCUSES ON MINING AS IT SEEKS TO DIVERSIFY REVENUE SOURCES - JG
The Jakarta globe reported that, PT United Tractors, Indonesia’s biggest heavy-equipment distributor and mining contractor, aims to have its m ...
Wednesday, 28 April 10
DRY BULK MARKET
After a prolonged period of anticipation and a stalled dry bulk market in terms of freight rates, the industry’s benchmark, the Baltic Dry Ind ...
Tuesday, 27 April 10
CAPESIZES UP, PANAMAXES DOWN - BRS
It was Capesizes up, Panamaxes down this week as the latter experienced a correction after its recent gains. Period rates for Panamaxes remain firm ...
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- Merrill Lynch Commodities Europe
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- IEA Clean Coal Centre - UK
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- New Zealand Coal & Carbon
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- Australian Commodity Traders Exchange
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- Toyota Tsusho Corporation, Japan
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- International Coal Ventures Pvt Ltd - India
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- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
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- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- The University of Queensland
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- Price Waterhouse Coopers - Russia
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- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
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- Gujarat Sidhee Cement - India
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- Marubeni Corporation - India
- Indika Energy - Indonesia
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- Goldman Sachs - Singapore
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- Kaltim Prima Coal - Indonesia
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- The Treasury - Australian Government
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- Planning Commission, India
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- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
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- Eastern Coal Council - USA
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- Mintek Dendrill Indonesia
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- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
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- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Renaissance Capital - South Africa
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
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- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
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- Commonwealth Bank - Australia
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- Pendopo Energi Batubara - Indonesia
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- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
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- Singapore Mercantile Exchange
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