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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, 15 January 10
GOVT BRINGS IN DOMESTIC COAL MARKET OBLIGATION
The Energy and Mineral Resources Ministry has issued a ministerial decree requiring producers of coal and other minerals to allocate a proportion ...
Friday, 15 January 10
ADARO INDONESIA STILL TOPS IN INDONESIAN COAL EXPORT RANKING
COALspot.com (Indonesia): PT. Adaro Indonesia, the world first Envirocoal producer and Indonesia's second largest thermal coal producer is top coal ...
Friday, 15 January 10
NTPC TO ADD 6,000 MW EACH YEAR IN 12TH PLAN
Will raise total generation capacity to 75,000 Mw by 2017, up from 30,644 Mw at present.
India's largest power generator NTPC, which will launch ...
Friday, 15 January 10
POSCO SAYS 2010 COKING COAL AGREEMENT MAY BE DELAYED - BLOOMBERG
Posco, South Korea’s biggest steelmaker, said an agreement on coking coal prices for this year may be delayed because major suppliers of the s ...
Friday, 15 January 10
CHINA POWER FIRMS SEEK COAL IMPORTS, SUPPLY SCARCE
China's coal-hungry power plants have turned to imported coal to cope with widespread shortages, but spot supply is scarce, traders said on Thursda ...
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- Mjunction Services Limited - India
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- Salva Resources Pvt Ltd - India
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- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
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- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
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- Minerals Council of Australia
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Sical Logistics Limited - India
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- PTC India Limited - India
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- Goldman Sachs - Singapore
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- Mintek Dendrill Indonesia
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- Georgia Ports Authority, United States
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- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Eastern Coal Council - USA
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- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
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- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
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- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
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- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Bangladesh Power Developement Board
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- Electricity Authority, New Zealand
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- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
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- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
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- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Australian Coal Association
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
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