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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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Monday, 15 March 10
CIL BOARD CLEARS 10 PROPOSALS FOR STRATEGIC PARTNERSHIP OR JVS
Economic Times reported that, Towards achieving a global footprint, state-owned Coal India (CIL) is eyeing strategic partnership or joint ventures w ...
Sunday, 14 March 10
CHINESE COAL PRICE MAY RISE TO TRADE NEAR SPOT, MACQUARIE SAYS
Bloomberg reported that, Steel mills in China, the world’s biggest producer of the alloy, may pay more for domestic coking coal this year as d ...
Sunday, 14 March 10
THERE IS NO INDICATION OF SLOWING DOWN OF IRON ORE AND COAL IMPORTS BY CHINA - VISTAAR SINGAPORE
COALspot.com: The dry bulk freight market continued the upward trend and the BDI closed 8.14 pct this week.
The Cape index up by 10.32 pct ...
Saturday, 13 March 10
INDONESIA COAL EXPORTS DROP IN FEBRUARY
COALspot.com: Indonesia, the world largest coal exporter, exported 24.38 million tons in January 2010 which fell slightly to 22.89 mln ton of coal i ...
Saturday, 13 March 10
INDONESIA TELLS BUKIT ASAM TO DITCH PARTNER IN SUMATRA RAILWAY UNLESS PROJECT STARTS
The Jakarta Globe reported that, the Indonesian government has urged state-owned miner PT Tambang Batubara Bukit Asam to look for new partners to he ...
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- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Planning Commission, India
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
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