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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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Wednesday, 31 March 10
COAL INDIA MULLS JOINT VENTURE WITH RIO TINTO AND PEABODY - DNA
DNA reported that, Coal India Ltd. (CIL) has finalised two key contenders for its international joint venture (JV) in Australian and US each. The co ...
Wednesday, 31 March 10
DRY BULK MARKET STILL MODERATELY FALLING, BUT POSITIVE SIGNS APPEAR ON THE HORIZON - HELLENIC SHIPPING
The irregularities of the current dry bulk market have been more than evident in the fact that panamax vessels today earn more than their larger cap ...
Wednesday, 31 March 10
INDIKA ENERGYS PROFIT HIT BY FOREX LOSS AND CABOTAGE - THE JAKARTA GLOBE
The Jakarta Globe reportd that, PT Indika Energy posted a 30 percent drop in 2009 net profit due to a foreign exchange loss and impairment of intang ...
Wednesday, 31 March 10
ITMG TO UP COAL OUTPUT DESPITE PERMIT PROBLEMS - THE JAKARTA POST
The Jakarta Post reported that, the country’s third largest coal producer PT Indo Tambang Raya Megah (ITMG) said it can raise output although ...
Tuesday, 30 March 10
ANALYST SEES BDI LIFT, SUGGESTS DRY BULK SHORT SQUEEZE
Analysts at Credit Suisse are bullish on Diana and see a potential short squeeze elsewhere in the sector. The Baltic Dry Index (BDI) -- an industry ...
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- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- The University of Queensland
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
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- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Planning Commission, India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
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- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
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- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
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