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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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Sunday, 28 February 10
CONTINENTAL TARGETS COAL SALES FROM S AFRICA MINE IN Q2 - MINING WEEKLY
Mining weekly reported that, Junior coal explorer Continental Coal would start coal sales from its Vlakvarkfontein mine, in South Africa, in the sec ...
Friday, 26 February 10
BANPU PROFITS SURGE BY 54% TO RECORD B14BN ON BRISK SALES
Banpu Plc, Asean's largest coal miner, said its earnings surged to a record high of 14.23 billion baht last year, an increase of 54% on the previou ...
Thursday, 25 February 10
INDO / INDIA COAL TRIPS SUPRAS CAN ACHIEVE AROUND MID 10S - FEARNLEYS AS
Handy
The BSI regained positive momentum exactly a week ago and the Atlantic rema ...
Thursday, 25 February 10
STEEP RISE IN COAL IMPORTS REQUIRED TO POWER INDIA - MONEYLIFE
The power ministry has estimated coal imports of 48 million tonnes in FY10-11, sharply higher than the expected imports of 28mt in the current fisca ...
Wednesday, 24 February 10
CHINA IMPORTED 8.81 MLN TONS OF INDONESIAN COAL IN JANUARY 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 24.38 million tons of coal last month, compared with 27.46 million tons in a ...
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- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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