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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 $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Monday, 15 February 10
MEC INFRA TO COMMISSION INDONESIA RAIL PROJECT
A joint venture between Ras Al Khaimah Investment Authority (Rakia) RAK Investment Authority and Minerals Energy and Commodities Holdings, a f ...
Monday, 15 February 10
INDONESIA IN TALKS TO RESOLVE BANPU MINE CLOSURE
Indonesia is seeking to resolve a land permiting problem resulting in the closure of a coal mine in Kalimantan operated by a unit of Thailand's top ...
Monday, 15 February 10
PVT ENTRY IN COAL MINING TO BE DELAYED
Entry of private players in coal mining will be delayed. Contrary to expectations, the coal ministry will not move in the Budget session a bill that ...
Sunday, 14 February 10
NEWCASTLE STEAM COAL TRADES AT US$ 91 TO US$ 92
Reuters reported that prompt cargo prices for coal delivered into Europe were largely unchanged recently after a day of subdued trading.
European ...
Saturday, 13 February 10
THE FREIGHT MARKET CONTINUED TO BE WEAK THIS WEEK - CAPT. REDDY
COALspot.com (Singapore): The freight market continued to be weak this week. There have been quite a few spot vessels open Far east and have been fo ...
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- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
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- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
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- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
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- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
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- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
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- Semirara Mining and Power Corporation, Philippines
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- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
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- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
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- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
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- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
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