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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, 18 March 10
INDONESIAN COAL PRODUCTION EXPECTED TO BEAT EARLIER FORECAST
The Jakarta Globe reported that, the government expects coal output this year to exceed its initial projection of 250 million metric tons as the dri ...
Thursday, 18 March 10
COAL PILING UP AT EAST COAST PORTS ON RAKE SHORTAGE
Business Line reported that, more than three million tonnes (mt) of imported coal are awaiting evacuation at the east coast ports of Paradip, Visakh ...
Tuesday, 16 March 10
INDONESIA ROUND VOYAGES WERE GETTING BETWEEN HIGH TEENS - BRS
Another strong week for the bulk market and rates in all segments are now back above pre-Chinese New Year levels. Atlantic volumes remain robust, an ...
Tuesday, 16 March 10
MADHUCON GETS MINING LICENSE IN INDONESIA
Business-Standard reported that, PT Madhucon Indonesia, a subsidiary of the Hyderabad-based infrastructure company Madhucon Projects Ltd, has been g ...
Monday, 15 March 10
BOB KAMANDANU ON INDONESIAS PEAK COAL PRODUCTION, ENERGY SECURITY AND EXPORTS TO INDIA
Bob Kamandanu, the chairman of Indonesian Coal Producers Association (APBI), said the country has an estimated 50 to 70 years of coal reserves.
T ...
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- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
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- Salva Resources Pvt Ltd - India
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- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
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- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
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- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
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- Australian Coal Association
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- Economic Council, Georgia
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- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
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- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
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- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- The University of Queensland
- Heidelberg Cement - Germany
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- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
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- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- VISA Power Limited - India
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
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- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
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