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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 February 10
EURO COAL-PROMPT SLIDES WITH OIL PRICES
* April S.African cargo trades at $83.50/T FOB, unchanged
* April DES cargo trades at $74.75 a tonne, down $1/T
* Russia's Kuzbassrazrezugol sees ...
Monday, 08 February 10
BLACK RIDGE MINING APPOINTS INDEPENDENT CONSULTANT
Australian-listed Black Ridge Mining has announced the appointment of David Tuit as an independent consultant to assist with the assessment of the c ...
Monday, 08 February 10
SOUTH AFRICAN EXPORT COAL RISES FOR FIRST TIME IN FOUR WEEKS
Prices for coal shipped from South Africa’s Richards Bay, the continent’s biggest export facility for the fuel, posted their first gain ...
Monday, 08 February 10
NTPC HOPES TO START ON 500-MW PROJECT IN SRI LANKA BY FEB-END
NTPC sources told Business Standard, “All formalities from our government and NTPC have been completed.
The opinion of the Sri Lankan atto ...
Sunday, 07 February 10
AN AUSTRALIAN FIRM HAS SIGNED A $60BN DEAL TO SUPPLY COAL TO CHINESE POWER STATIONS
Clive Palmer, chairman of the company, Resourcehouse, said it was Australia's "biggest ever export contract".
Under the deal, the firm ...
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- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
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- Eastern Energy - Thailand
- Indogreen Group - Indonesia
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- Mintek Dendrill Indonesia
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- Karbindo Abesyapradhi - Indoneisa
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- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
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- Interocean Group of Companies - India
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- Ministry of Finance - Indonesia
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- Global Business Power Corporation, Philippines
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- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Parliament of New Zealand
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- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
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- New Zealand Coal & Carbon
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- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
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- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
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- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
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- The State Trading Corporation of India Ltd
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- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
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- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- European Bulk Services B.V. - Netherlands
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- Formosa Plastics Group - Taiwan
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- Bayan Resources Tbk. - Indonesia
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- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
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- Madhucon Powers Ltd - India
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- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
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- Bhatia International Limited - India
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- International Coal Ventures Pvt Ltd - India
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- Coalindo Energy - Indonesia
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