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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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Wednesday, 09 December 09
INDONESIA'S RECAPITAL TO PAY $1.48 BLN FOR BERAU
Recapital Advisors, an Indonesian investment firm, will pay $1.48 billion in cash and notes to buy coal miner PT Berau Coal, $300 million of which i ...
Wednesday, 09 December 09
COAL INDIA YET TO IMPLEMENT IMPORT LINKED PRICES
Coal India Ltd is adopting a conservative approach in pricing despite being allowed to charge import-linked price for the country's minuscule reser ...
Wednesday, 09 December 09
INDIA NEEDS TO IMPORT 29 MILLION TONNE STEAM COAL IN 2009 - 10
Mr Sriprakash Jaiswal Indian minister of state (Independent Charge) for coal informed the Rajya Sabha that Central Electricity Authority has estimat ...
Tuesday, 08 December 09
VOLATILE COAL PRICES SPUR ASIAN HEDGING
Volatile coal prices are forcing staid Asian power firms to change the way they buy fuel, setting the scene for a hedging boom as a growing array of ...
Tuesday, 08 December 09
MEC TO SHIP 2M T INDONESIA COAL TO INDIA IN 2010 - REUTER'S INTERVIEW
The UAE's Middle East Coal plans to start operation of coal mines in Indonesia's East Kalimantan province next year with initial production of 2 m ...
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- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
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- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
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- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
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- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
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- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
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- GAC Shipping (India) Pvt Ltd
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- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Australian Coal Association
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
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