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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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- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Economic Council, Georgia
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- PTC India Limited - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
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