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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, 08 April 10
INDONESIAN ENERGY MINISTRY SEEKS LONGER MINING CONTRACTS - THE JAKARTAGLOBE
The Jakarta Globe reported that, Energy Minister Darwin Zahedy Saleh said he would seek to amend the mining law to address investors’ complain ...
Thursday, 08 April 10
NAPOCOR GETS ONE OFFER AT COAL TENDER - ABS CBN
ABS- CBN News reported that, Philippine power producer National Power Corp. (Napocor) is likely to buy 50,000 tons of steam coal from PT Berau Coal ...
Wednesday, 07 April 10
DRY BULK MARKET LOOKING FOR DIRECTION
The dry bulk market has kept a low profile during the past week, as evidenced by the small changes of a usually rather turbulent Baltic Dry Index (B ...
Tuesday, 06 April 10
NEWCASTLE COAL EXPORTS RISE 24%, SHIP QUEUE SHORTENS - BLOOMBERG
Bloomberg reported that, Coal shipments from Australia’s Newcastle port, the world’s biggest export harbor for the fuel used in power st ...
Tuesday, 06 April 10
UAE STEEL TRADERS FEAR LOSSES ON GLOBAL HIKE
A sudden spurt in the price of iron ore in the international market has caught local steel traders and manufacturers and a host of other steel-depen ...
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- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- White Energy Company Limited
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Australian Coal Association
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
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