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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, 21 October 09
INDONESIA'S BUKIT ASAM GETS COAL RAILWAY APPROVAL
Reuters reported that, Indonesian state coal miner PT Tambang Batubara Bukit Asam Tbk said on Wednesday it had been given government approval to sta ...
Wednesday, 21 October 09
COAL DEMAND SOARS AS ASIA ECONOMIES REBOUND - PEABODY
Reuters reported that, Demand for coal to generate electricity and make steel in China and India is expected to grow by 7 percent to 8 percent annua ...
Wednesday, 21 October 09
INDONESIAN SHOCK FOR INDIAN POWER PLANTS
Business-Standard reported that, India’s ambitious plans to generate an additional 180,000 Mw of power in the next seven years will face hurdl ...
Wednesday, 21 October 09
DUTA GRAHA PLANNING TO DELVE INTO MINING SECTOR
The Jakarta Globe reported that, PT Duta Graha, one of the country’s largest private engineering firms, says it intends to diversify into the ...
Tuesday, 20 October 09
RECAPITAL SET TO BUY INDONESIA'S BERAU COAL - SOURCES
* COULD PAY AT LEAST $1.3 BLN FOR BERAU - SOURCES
* RECAPITAL CONFIRMS IT HAS BID FOR BERAU
* BAKRIE GROUP LIKELY TO BACK BID – SOURCES
...
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- Rashtriya Ispat Nigam Limited - India
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- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
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- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
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- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
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- Metalloyd Limited - United Kingdom
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- GMR Energy Limited - India
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- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
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- London Commodity Brokers - England
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- Karbindo Abesyapradhi - Indoneisa
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- Interocean Group of Companies - India
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- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
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- Australian Coal Association
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
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- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
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- Baramulti Group, Indonesia
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
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- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
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- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Minerals Council of Australia
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- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
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