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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, 17 October 09
US COAL MINERS LOOKING AT LOWER PROFITS
Most US coal miners are looking at sharply lower third-quarter earnings, but those that produce coal for steelmaking and export should enjoy higher ...
Friday, 16 October 09
INDONESIA EXPORTED 19,194,857 MT OF COAL IN SEPTEMBER 2009 - SOURCES
COALspot.com (Indonesia): Indonesia exported 19,194,857 MT of coal in September 2009. Out of total exported quantity, South Korea imported abou ...
Friday, 16 October 09
NAVIGATING THROUGH STORMY WATERS
To Theodore E Veniamis, the President of the Union of Greek Shipowners, the current turmoil in world shipping is due to the cyclical nature of marit ...
Friday, 16 October 09
COAL INDIA RAISES PRICE BY 11%
Trak reported that, State-owned Coal India Ltd (CIL) has raised the price of coal produced by its subsidiaries by an average of 11 percent effective ...
Thursday, 15 October 09
SOUTH AFRICAN MINING COMPANY ACCEPTED $92 MILLION BID FOR COAL MINE STAKE IN SIYANDA COAL
Paguntaka reported that, Sentula Mining Ltd. gained in Johannesburg trading after the South African company accepted a 686 million-rand ($92 million ...
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- Pipit Mutiara Jaya. PT, Indonesia
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- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- Planning Commission, India
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- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
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- Independent Power Producers Association of India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
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- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
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- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
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- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
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- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
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- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
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- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Australian Coal Association
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- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
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- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Parliament of New Zealand
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
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- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
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