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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 $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Friday, 22 January 10
JSW ENERGY TO INVEST RS 4,500 CRORE IN COAL MINES ABROAD
The Sajjan Jindal-promoted JSW Energy is planning an investment of Rs 4,500 crore (US$ 978,260,869) to acquire coal mines abroad and another of Rs 1 ...
Thursday, 21 January 10
HANDYMAX - SHORT PERIOD OWNERS IDEAS ARE AROUND MID/LOW 20S - FEARNLEYS AS
HANDY
The BSI moved in a downward direction since last Friday reflecting minor a ...
Thursday, 21 January 10
ASF GROUP TO COMMENCE COAL SALES TO CHINA BY FEBRUARY 2010
Sydney-based China energy and resource conduit, ASF Group has struck an agreement to supply coal to China.
In September 2009, ASF announced a ven ...
Thursday, 21 January 10
INDONESIA BUKIT ASAM AGREES ON LOWER COAL PRICE
Indonesian state coal miner PT Tambang Batubara Bukit Asam Tbk has agreed with a local power plant to set 2010 coal prices at 23 percent lower than ...
Thursday, 21 January 10
CABOTAGE POLICY POSTPONED
The Transportation Ministry has decided to postpone for one year the full enforcement of the cabotage principle – a maritime term for the proh ...
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- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Australian Coal Association
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
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- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
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- Vizag Seaport Private Limited - India
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- Australian Commodity Traders Exchange
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- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
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- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Parliament of New Zealand
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
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- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
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- ICICI Bank Limited - India
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- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Marubeni Corporation - India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
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- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
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