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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, 03 December 09
COAL INDIA IPO LIKELY TO HIT MARKETS BY NOVEMBER 2010
Soon investors will get to own a slice of India's largest coal mining company. Coal India its initial public offering will hit markets in November ...
Thursday, 03 December 09
PROLONGED COAL MARGIN SQUEEZE AHEAD - WESCOAL
Mining Weekly reported that, Coal junior Wescoal foresees a continued margin squeeze ahead. The JSE AltX-listed company's gross margin was reduced ...
Tuesday, 01 December 09
COAL DEMAND REBOUNDING FROM DOWNTURN - U.S. MINING EXECS
The coal industry is slowly rebounding from last year's recession with demand and prices inching upward, although inventories at U.S. power ...
Tuesday, 01 December 09
INDONESIA COAL OUTPUT SEEN LIFTED BY CHINA, INDIA
Reuters reported that, Indonesia's coal output is expected to grow by as much as 12 percent in 2010, boosted by demand from power hungry China and ...
Monday, 30 November 09
NTPC SCOUTS FOR MORE COAL BLOCKS IN INDONESIA
State-run National Thermal Power Corporation (NTPC) today said it has identified three more coal blocks in Indonesia for acquisition.
"We ha ...
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- Mintek Dendrill Indonesia
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- Coalindo Energy - Indonesia
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- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- ICICI Bank Limited - India
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- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
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- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
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- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
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- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
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- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
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- Thiess Contractors Indonesia
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- Jorong Barutama Greston.PT - Indonesia
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- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
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- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
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- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Romanian Commodities Exchange
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- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
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- Global Business Power Corporation, Philippines
- Economic Council, Georgia
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- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
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- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Australian Coal Association
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
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- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
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