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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, 29 October 09
INDIA CEMENTS SET TO ACQUIRE COAL MINE IN INDONESIA
Business-Standard reported that, India Cements is set to acquire a coal mine in Indonesia for around $20 million (around Rs 100 crore). The company ...
Thursday, 29 October 09
PTC INDIA UNIT CHASES 2.5 MTPA INDONESIAN COAL
Reuters reported that, PTC Energy is in talks with an Indonesian firm to source 2.5 million tonnes per annum (MTPA) coal for its 350-400 MW power to ...
Thursday, 29 October 09
CHINA MAY SEEK THERMAL COAL ELSEWHERE IF AUSTRALIAN EXPORT COSTS RISE, SAYS REPORT
The Australian reported that, CHINA is likely to turn to alternative markets for thermal coal if the cost and availability of Australia's exports a ...
Thursday, 29 October 09
CURRENCIES, ASIA DEMAND TO LIFT EUROPE COAL PRICE
Supportive currency movements and strong Asian demand mean the price of coal delivered into Europe is poised to rise more than 30 percent to above $ ...
Wednesday, 28 October 09
AUSTRALIAN POWER STATION COAL PRICE TOPPED USD 73 A TONNE
Reuters reported that prices of power station coal in Australia, a benchmark for Asia, crept up for the fourth week and topped USD 73 a tonne, as a ...
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- Central Electricity Authority - India
- Dalmia Cement Bharat India
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- Independent Power Producers Association of India
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- Toyota Tsusho Corporation, Japan
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- Cement Manufacturers Association - India
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- Planning Commission, India
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- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
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- Standard Chartered Bank - UAE
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- Ceylon Electricity Board - Sri Lanka
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- Interocean Group of Companies - India
- Bangladesh Power Developement Board
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- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
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- Krishnapatnam Port Company Ltd. - India
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- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Ministry of Mines - Canada
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Australian Coal Association
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- Indonesian Coal Mining Association
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- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Wood Mackenzie - Singapore
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- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
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- Directorate General of MIneral and Coal - Indonesia
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- SN Aboitiz Power Inc, Philippines
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- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
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- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
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- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
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- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
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- Binh Thuan Hamico - Vietnam
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- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
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- Bhushan Steel Limited - India
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- Eastern Coal Council - USA
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- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
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- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
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- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
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