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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 $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Monday, 19 April 10
PLN TO OPERATE COAL MINES IN BID TO FUEL POWER PLANTS
The Jakarta Globe reported that, state electricity utility PT Perusahaan Listrik Negara said on Sunday that it aimed to take over operation of small ...
Sunday, 18 April 10
GOVT FORMS PANEL FOR RS 12,000-CR (US$ 2.711 BILLION) COAL INDIA IPO - ECONOMIC TIMES
Economic Times reported that, the government has formed an inter-ministerial panel to carry forward the proposed Rs 12,000-crore (US$ 2.711 billion) ...
Sunday, 18 April 10
THE FUTURES FOR THREE YEARS (2010-2012) FOR PANAMAX WAS AT AROUND US$ 21500 PER DAY - VISTAAR
COALspot.com: The BDI indices up by 3.30 pct and overall market continued to be firm except for India to Fareast.
“The cape index for the f ...
Saturday, 17 April 10
DRY BULK SHIPPING MARKET ANALYSIS - BIMCO
Strong Chinese steel market is set to cushion the flood of new Capesize vessels entering the dry bulk fleet Demand: The first quarter of 2010 saw up ...
Saturday, 17 April 10
DRY BULK MARKET EDGES HIGHER ON STRONGER DEMAND
The dry bulk market managed to inch higher by the end of the week as brokers indicated that stronger cargo demand pushed freight rates that much hig ...
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- Directorate Of Revenue Intelligence - India
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- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
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- Australian Commodity Traders Exchange
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- Planning Commission, India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
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- Economic Council, Georgia
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- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
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- ASAPP Information Group - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
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- Siam City Cement - Thailand
- Singapore Mercantile Exchange
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- Ministry of Mines - Canada
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- Trasteel International SA, Italy
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- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
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- Baramulti Group, Indonesia
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- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
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- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
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- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
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- Indonesian Coal Mining Association
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- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
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- Vizag Seaport Private Limited - India
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- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Central Electricity Authority - India
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- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
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- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
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- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Australian Coal Association
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
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- The State Trading Corporation of India Ltd
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- Thai Mozambique Logistica
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Minerals Council of Australia
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