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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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Thursday, 31 December 09
YANDICOOGINA BECOMES FIRST MINE IN AUSTRALIA TO PRODUCE 50 MILLION TONNES A YEAR
COALspot.com Press Release: Rio Tinto's Yandicoogina, Australia's largest-producing iron ore mine, has broken the 50 million tonne mark for annual ...
Wednesday, 30 December 09
INDIA CEMENTS TO FINALIZE 3 SHIPMENTS OF SOUTH AFRICAN COAL NEXT WEEK
COALspot.com (India): India Cements is looking for 3 shipments (150,000MT) of South African coal for January – March 2010 delivery on C ...
Wednesday, 30 December 09
BANPU EXPECTS STABLE COAL PRICES
2009 revenue growth will be hard to beat
Banpu Plc, Asean's largest coal miner, expects coal prices to stay firm at about US$80 per tonne in the f ...
Wednesday, 30 December 09
CIL DELISTS JAGUAR ENERGY FOR KODA LINKS
Coal India Ltd (CIL) has dropped Indonesia-based Jaguar Energy & Power Ltd from the list of companies, it intended to forge partnerships with to ...
Wednesday, 30 December 09
COAL PRICE RISE REQUEST DENIED
A proposal by the Viet Nam National Coal and Mineral Industries Group to double the price of coal has been turned down by the Ministry of Industry a ...
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- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
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- Planning Commission, India
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- Mintek Dendrill Indonesia
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- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
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- Thiess Contractors Indonesia
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- Bulk Trading Sa - Switzerland
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- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
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- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
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- Indian Oil Corporation Limited
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- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
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- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
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- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
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- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
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- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Coal and Oil Company - UAE
- PTC India Limited - India
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- Price Waterhouse Coopers - Russia
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- Intertek Mineral Services - Indonesia
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- Interocean Group of Companies - India
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- Indika Energy - Indonesia
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- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
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- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
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- Banpu Public Company Limited - Thailand
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- TNB Fuel Sdn Bhd - Malaysia
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- Tamil Nadu electricity Board
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- India Bulls Power Limited - India
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- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Australian Coal Association
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