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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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Monday, 28 December 09
INDONESIAN MINER LINKED TO FUGITIVE FINANCIER
The Energy Ministry is unlikely to approve the transfer of ownership of coal miner PT Riau Baraharum on allegations it is indirectly owned by fugiti ...
Monday, 28 December 09
SOMALI PIRATES SAY $4 MILLION RANSOM PAID FOR COAL SHIP
A helicopter dropped a $4 million ransom payment on Sunday on to the deck of a Chinese coal ship hijacked by Somali pirates in mid-October, a pirate ...
Saturday, 26 December 09
COAL INDIA, RIO TINTO MAY HOLD TALKS SOON ON TIE-UP
State owned Coal India Limited (CIL), which is in the race for acquisition of overseas coal properties to plug the demand supply shortfall of the dr ...
Saturday, 26 December 09
COKING COAL PRICES MAY RISE BY 10 - 15% FROM APRIL 2010
The price of coking coal, one of the key raw materials for steel production, is likely to increase by 10-15% in next April, the month in which m ...
Saturday, 26 December 09
COAL INDIA SECURES TWO BLOCKS IN MOZAMBIQUE
It's official now. Mozambique has awarded two coal acreages in its Maotize region with an estimated one billion tonne reserves to Coal India Ltd bu ...
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- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
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