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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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Friday, 23 October 09
INDIAN GROUP INTERESTED IN MOZAMBICAN COAL
Mining Weekly reported that, India’s leading steelmaker, the Steel Authority of India Limited (Sail), has confirmed that it is seeking to acqu ...
Friday, 23 October 09
IVANHOE TARGETING 20 MILLION TONS OF COAL OUTPUT IN MONGOLIA
Bloomberg reported that, Ivanhoe Mines Ltd., developing a $4 billion copper and gold mine in Mongolia with Rio Tinto Group, is targeting long-term c ...
Friday, 23 October 09
XSTRATA PLANS $1BN AUSTRALIAN COAL PORT
Xstrata Plc, the world's biggest exporter of steam coal, plans to build a new $1 billion coal port in Australia, it said.
The proposed Balaclava ...
Friday, 23 October 09
MEXICO'S CFE SEEKS 6.24 MLN T COAL FOR 2010-12
Reuters reported that, Mexico's state-owned power monopoly plans to award a tender for 6.24 million tonnes of steam coal in December, according to ...
Friday, 23 October 09
CIL PRICE HIKE LIKELY TO PUSH POWER RATES UP
Business-Standard reported that, May squeeze cement companies’ margins, but the steel sector is unlikely to be affected much.
The upward re ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Bangladesh Power Developement Board
- Economic Council, Georgia
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- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
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- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
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- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
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- Australian Commodity Traders Exchange
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- PTC India Limited - India
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- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Indogreen Group - Indonesia
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- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Cement Manufacturers Association - India
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- Electricity Authority, New Zealand
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- Merrill Lynch Commodities Europe
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- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
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- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
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- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
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- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
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- Ambuja Cements Ltd - India
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- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
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- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- White Energy Company Limited
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- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
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