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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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Friday, 12 February 10
TATA POWER: QUARTERLY BLIP
Although the company’s revenues dipped in the December quarter, its long-term story is intact.
Lower power generation and realisations saw ...
Thursday, 11 February 10
THE INDIAN MARKET SOFTENING A BIT - FEARNRESEARCH
Handy
The BSI has gone down for 3 weeks now but it is more a reflection of the Pac market. Activity in the Atl remains solid and rates remain firm ...
Thursday, 11 February 10
SOUTH AFRICA COAL EXPORTS DROP TO INDIA, CHINA
South African coal exports to India from Richards Bay Coal Terminal fell 39% in January from December's levels while shipments to China dropped 55% ...
Thursday, 11 February 10
JSW STEEL IS CLOSE TO ACQUIRING TWO COAL MINES IN THE US
“We are in advanced stages of negotiation and the deal will be completed in a month or two,” a company official told DNA Money on the co ...
Wednesday, 10 February 10
BHP TAKES MARUWAI SALE OFF THE TABLE, MINISTRY SAYS
Australian mining giant BHP Billiton may cancel a plan to sell a stake in its coal mining project in Maruwai, East Kalimantan, an official at the En ...
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- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Planning Commission, India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- London Commodity Brokers - England
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
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