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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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Saturday, 13 February 10
INDONESIA ISSUES NEW MINING REGULATIONS
Indonesia has issued two new regulations under its mining law to allow firms to start obtaining mining permits, in a move that should increase certa ...
Saturday, 13 February 10
COAL INDIA 2010/11 COAL IMPORTS TO JUMP - EXEC
Coal imports by state-run Coal India Ltd are likely to soar to 6-10 million tonnes in fiscal 2010/11 from an expected 1.5-1.7 million tonnes in the ...
Saturday, 13 February 10
RULES MAY FREE $10B OF MINING PROJECTS IN INDONESIA
The government announced on Friday that it had issued two implementing regulations for the new Mining Law that will clear the way for the developmen ...
Saturday, 13 February 10
INDONESIA OFFERS TAX INCENTIVES FOR RENEWABLE ENERGY
Indonesia is offering tax incentives to develop renewable energy projects, including geothermal energy, to cut dependency on fossil fuels, a decree ...
Friday, 12 February 10
MECHEL EYES 2010 COAL OUTPUT AT 28-29 MLN T
Russian steel and coking coal producer Mechel expects coal output to reach 28-29 million tonnes this year, returning to pre-crisis levels thanks to ...
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- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
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- Trasteel International SA, Italy
- India Bulls Power Limited - India
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- Videocon Industries ltd - India
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
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- GAC Shipping (India) Pvt Ltd
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- Thiess Contractors Indonesia
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Minerals Council of Australia
- Tamil Nadu electricity Board
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- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
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- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
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