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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, 20 March 10
NO MAJOR CHANGES ON SUPRAMAX MARKET FOR NEXT COUPLE OF WEEKS - VISTAAR
COALspot.com: “The dry bulk freight market continued to be firm on the Panamax and Supramax and Handy size vessels”, said Capt. Reddy MD ...
Friday, 19 March 10
COAL INDIA TO HIT CAPITAL MARKETS IN JULY
India’s largest coal producer, Coal India Ltd (CIL), expects to hit the capital markets by July, company chairman Partha S. Bhattacharyya said ...
Thursday, 18 March 10
COAL IMPORTS SOAR IN NANTONG PORT OF JIANGSU PROVINCE CHINA
BloombergUTV reported that, Coal imports at Nantong Port, located in coastal China's Jiangsu Province, soared 13 times to 581,000 tonnes in the fir ...
Thursday, 18 March 10
INNER MONGOLIA TO CAP COAL OUTPUT AT 700 MLN TONS IN 2010
Alibaba / China Knowledge reported that, Inner Mongolia, China's northern border autonomous region, plans to control coal output at 700 million ton ...
Thursday, 18 March 10
THE INDIAN MARKET WAS QUIET, BUT BECAUSE OF THE TIGHT TONNAGE SITUATION STILL FIRM - FEARNLEYS AS
Handy
Activity continues to be solid in the Atlantic.
Supramax physical market is strong which pushed the BSI to a 17 month high at ...
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- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Australian Coal Association
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- MS Steel International - UAE
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
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