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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, 14 October 09
SA'S COAL OUTPUT LIKELY TO RISE BY 2011, BOOSTED BY WATERBERG MINES
Mining weekly reported that, South Africa's coal production will struggle to meet demand over the next few years, but coal production could likely ...
Tuesday, 13 October 09
INDONESIA'S BAYAN SEES 2010 COAL OUTPUT UP 42 PCT
Reuters reported that, Indonesian coal miner PT Bayan Resources Tbk (BYAN.JK) said on Tuesday it expects its coal output to increase by 42 percent i ...
Tuesday, 13 October 09
STRAITS ASIA UPBEAT ON MEETING 2009 COAL OUTPUT
Reuters reported that, Singapore-listed coal miner Straits Asia is still optimistic about meeting its coal output target of 9 million tonnes this ye ...
Tuesday, 13 October 09
THERMAL COAL DEMAND IN CHINA DRIVES PRICE INCREASES
Metal Miner reported that, Thermal coal prices have been falling this year; contrary to many other commodities, both metals and energy that hit bott ...
Tuesday, 13 October 09
JSW ENERGY SCOUTING FOR PARTNERS, ACQUISITIONS
Business-Standard reported that, JSW Energy is planning to become an integrated power company by bringing in a partner for its transmission business ...
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- Georgia Ports Authority, United States
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- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
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- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
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- Meralco Power Generation, Philippines
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- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
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- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
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- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
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- SMC Global Power, Philippines
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- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
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- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
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- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
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- Merrill Lynch Commodities Europe
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- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
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- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
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- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
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- Globalindo Alam Lestari - Indonesia
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- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
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- Africa Commodities Group - South Africa
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- The University of Queensland
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
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- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
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- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
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- Ambuja Cements Ltd - India
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- Miang Besar Coal Terminal - Indonesia
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