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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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Friday, 16 April 10
KRISHNAPATNAM PORT IS IRONING ITS WAY INTO RECORD BOOKS
COALspot.com: Krishnapatnam Port achieved a new benchmark by loading 60,021 MT of Iron Ore fines in just 24 hrs surpassing its previous record of 54 ...
Friday, 16 April 10
RBCT COAL DISPUTE RESOLVED - MININGMX
Miningmx reported that, the long-simmering spat over the coal allocation for producers who will use the expanded facilities at Richards Bay Coal Ter ...
Friday, 16 April 10
COAL INDIA SELECTS MERCHANT BANKERS TO ACQUIRE OVERSEAS ASSETS -THE HINDU
An investment of about $1.8 billion is expected to be made in these deals
The Hindu reported that, Bank of America-Merill Lynch, Royal Bank of Sc ...
Thursday, 15 April 10
MAJOR THERMAL COAL CONTRACT AT 40% HIGHER PRICE THAN LAST YEAR - BUSINESS STANDARD
Business-Standard reported that, India is expected to import nearly 60 million tonnes of thermal coal this year.
After coking coal and iron ...
Thursday, 15 April 10
RICHARDS BAY ROUNDS BACK TO INDIA SUPRAS WERE FIXED AT MID 20'S
Handy
The BSI remains in a positive momentum and the Atlantic remains unchanged from last week. Fronthaul grain is active which is keeping ballast ...
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- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
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- Eastern Coal Council - USA
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- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
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- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Australian Coal Association
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- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
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- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- PTC India Limited - India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
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- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Economic Council, Georgia
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
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