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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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Tuesday, 09 March 10
MINING LAW OPTIMIZES SECTOR
Law No. 4 / 2009 on Mineral and Coal Mining have given a new direction for the future of mining in Indonesia, including Domestic Market Obligation, ...
Tuesday, 09 March 10
STRONG REBOUND IN ALL THE DRY BULK SEGMENTS THIS WEEK
There was a strong rebound in all the dry bulk segments this week, leading to an 18% jump in the Baltic Dry Index.
The Cape and Panamax markets s ...
Tuesday, 09 March 10
L&T POWER EYEING COAL MINES IN AUS, INDONESIA
L&T Power Development Company, a part of the Larsen & Tubro Group, plans to acquire coal mines in Australia and Indonesia, a top company off ...
Tuesday, 09 March 10
BHP AGREES SHORTER-TERM COAL DEALS WITH EUROPEAN, ASIAN CUSTOMERS
Diversified miner BHP Billiton on Monday reported that it had reached sales terms for a significant portion of its hard coking coal volumes for 2010 ...
Monday, 08 March 10
KPCL TO IMPORT 0.9 MILLION TON OF 6000 GCV COAL
COALspot.com: India's Karnataka Power Corporation Ltd is seeking to import 0.9 million metric tons of 6000 kcal/kg (adb) Gross Calorific Value stea ...
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- White Energy Company Limited
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- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
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- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
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- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Parliament of New Zealand
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- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
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- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
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- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
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- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
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- Cement Manufacturers Association - India
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- Samtan Co., Ltd - South Korea
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- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
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- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
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- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
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- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
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