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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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Tuesday, 20 October 09
COAL PRICES TO SURGE IN 2010 DESPITE AMPLE SUPPLY
Commodity Online reported that, Coal prices are indeed destined to go higher as they follow the rise of ‘coal currencies’ such as Austra ...
Tuesday, 20 October 09
INDIA MAY CUT STAKE IN NTPC BY DECEMBER, POWER SECRETARY SAYS
Bloomberg reported that, India’s government may sell a 5 percent stake in NTPC Ltd., the country’s biggest power producer, as early as D ...
Monday, 19 October 09
COAL PRICE UP AGAIN - RICHARDS BAY TERMINAL
Export prices rose 45 cents, or 0.7%, to an average of 64.05 a metric ton in the week ended Oct. 16, according to McCloskey Group.
The week was & ...
Monday, 19 October 09
COAL MINISTRY SEEKS EXPLANATION FROM AP GENCO
The Hindu Business reported that, the Coal Ministry has asked the Power Generation Corporation of Andhra Pradesh (AP Genco) to explain why there was ...
Monday, 19 October 09
CEMENT UNLIKELY TO COST MORE DESPITE COAL PRICE HIKE
Business-Standard reported that, Cement manufacturers will not immediately hike prices of the construction material, despite a surge in their input ...
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- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Planning Commission, India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
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