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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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Saturday, 27 March 10
CHINA TO REMAIN NET COAL IMPORTER IN NEAR FUTURE - STEEL GURU
Xinhua News cited Mr Wu Chenghou a councilor with the China Coal Transportation and Marketing Association as saying that China will remain a net coa ...
Friday, 26 March 10
CHINA PLANS TO INCREASES IMPORT COAL GREATLY IN 2010
– Asia Pacific Coal Trading & Investment Outlook 2010-
COALspot.com (Press Release): China plans to increase coal import significantly ...
Friday, 26 March 10
NTPC IN TALKS FOR INDONESIAN MINE - LIVE MINT
The deal for the coal mine with 1.8 bn tonnes of reserves may be valued at $1 bn
Live Mint reported that, State-run power utility NTPC Ltd is in ta ...
Friday, 26 March 10
ESSAR GROUP SIGNS DEAL FOR INDONESIAN COAL MINE - BUSINESS LINE
Looking ahead
The coal from the Indonesian mine would provide raw material to the group's power projects
The Aries coal mines acquired by the gro ...
Thursday, 25 March 10
CHINA RAILWAY WINS $4.8 BILLION INDONESIA PROJECT - BLOOMBERG
Bloomberg reported that, China Railway Group Ltd. won a $4.8 billion order from PT Bukit Asam, Indonesia’s state-owned coal producer, for a co ...
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- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
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- SN Aboitiz Power Inc, Philippines
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- Parliament of New Zealand
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- Ministry of Finance - Indonesia
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- Marubeni Corporation - India
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- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
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- Ministry of Transport, Egypt
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- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Edison Trading Spa - Italy
- Mjunction Services Limited - India
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- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
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- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
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- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
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- Pendopo Energi Batubara - Indonesia
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- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
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- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
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- GAC Shipping (India) Pvt Ltd
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- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
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- Global Business Power Corporation, Philippines
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- Energy Development Corp, Philippines
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- Jorong Barutama Greston.PT - Indonesia
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- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
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- Baramulti Group, Indonesia
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- Bhatia International Limited - India
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- Latin American Coal - Colombia
- PTC India Limited - India
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- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
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- Sarangani Energy Corporation, Philippines
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- Georgia Ports Authority, United States
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- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
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