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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, 06 February 10
FREIGHT WOULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR SHIPPING
COALspot.com (Singapore): The freight market continued to soften this week including the stock markets. The main reason seems to be Chinese ne ...
Saturday, 06 February 10
COAL MINISTRY SEEKS CUT IN IMPORT DUTY
The coal ministry wants the finance ministry to reduce the 5.1% import duty on thermal coal and continue with the existing zero import duty on cokin ...
Friday, 05 February 10
IN 2010, CHINA COAL OUTPUT TO REACH AROUND 3.3BLN T
It is expected that China's coal production in 2010 will reach around 3.3bln tons. It is predicted that in the first quarter of 2010, the tight coa ...
Thursday, 04 February 10
INDIA REMAINS FIRM - FEARNRESEARCH
CHARTERING - DRY BULK
Handy
The BSI has continued it´s downward movement for 2 weeks now.Nevertheless activity in the atlantic remains bu ...
Thursday, 04 February 10
INFRASTRUCTURE DEVELOPMENT & INFRASTRUCTURE ASIA 2010
ASIA-PACIFIC MINISTERIAL CONFERENCE ON PUBLIC-PRIVATE PARTNERSHIPS FOR INFRASTRUCTURE DEVELOPMENT & INFRASTRUCTURE ASIA 2010
IPFA TO JOIN INF ...
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- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- White Energy Company Limited
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
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