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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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Saturday, 24 October 09
NTPC SEEKS ALTERNATE COAL SUPPLY FOR KAHALGAON
State-run NTPC is looking at alternate sources of coal to fire its Kahalgaon (Bihar) and Farakka (West Bengal) and power stations, which are facing ...
Saturday, 24 October 09
ADANI, MMTC IN RACE TO SUPPLY COAL TO GSECL
Business-Standard reported that, as many as five companies are in fray to supply 15 lakh (1.5 million) metric tonnes of non-coking steam (ther ...
Saturday, 24 October 09
INDONESIA STATE POWER FIRM PLANS TO DELAY COAL SUPPLIES
Indonesia's state-controlled electricity company is negotiating with two coal producing firms to delay plans to supply coal to a power plant in Wes ...
Friday, 23 October 09
MONGOLIA LISTS 8 POTENTIAL BIDDERS FOR COAL PROJECT
Reuters reported that, Mongolia has shortlisted eight potential partners for its huge Tavan Tolgoi coking coal project, according to Temuulen Ganzor ...
Friday, 23 October 09
2010 WILL BE 'BRIDGE YEAR' FOR COAL - CONSOL CHIEF
Mining Weekly reported that, After a difficult 2009, 2010 will likely be a “bridge” year for the US coal industry, followed by improved ...
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- Thai Mozambique Logistica
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- Central Electricity Authority - India
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- Economic Council, Georgia
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- Energy Link Ltd, New Zealand
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
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- Neyveli Lignite Corporation Ltd, - India
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- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
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- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- PTC India Limited - India
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- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
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- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
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- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
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- GVK Power & Infra Limited - India
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- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
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- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Australian Coal Association
- Minerals Council of Australia
- Anglo American - United Kingdom
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
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- Straits Asia Resources Limited - Singapore
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- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
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- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
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- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
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- PowerSource Philippines DevCo
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- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
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- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
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