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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, 13 October 09
INDIA INTERESTED IN AMERICAN COAL
UPI reported that, Coal India Ltd. in its global expansion efforts is now interested in coal properties in the United States.
The Business Standard ...
Tuesday, 13 October 09
RIVERSDALE MAY USE ZAMBEZI RIVER TO TRANSPORT MOZAMBIQUE COAL
Mining Weekly reported that, ASX-listed coal-miner Riversdale Mining would submit a feasibility study and an environmental-impact study (EIS) for it ...
Monday, 12 October 09
INDONESIAN COAL MINER SAYS PLANS IPO IN 2010
Reuters reported that, Indonesian coal miner PT Bhakti Energi Persada plans an initial public offering in the first quarter of 2010 to develop coal ...
Monday, 12 October 09
BISICHI MINING FINALIZES COAL SUPPLY CONTRACT FOR 2010-2012
Small Cap News reported that, Bisichi, the South Africa based coal mining group, has agreed a three year coal supply contract between its principal ...
Monday, 12 October 09
SHANDUKA BUYS SACMH RICHARDS BAY COAL ALLOCATION
* Shanduka Coal takes SACMH 500,000T export space
* RBCT must approve any change of ownership
Reuters reported that, South Africa's Shanduka Co ...
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- Chamber of Mines of South Africa
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- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
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- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
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- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- London Commodity Brokers - England
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- Jorong Barutama Greston.PT - Indonesia
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- Holcim Trading Pte Ltd - Singapore
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- SMG Consultants - Indonesia
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- Indian Energy Exchange, India
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- Indian Oil Corporation Limited
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- Australian Coal Association
- Uttam Galva Steels Limited - India
- White Energy Company Limited
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- The State Trading Corporation of India Ltd
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- Gujarat Electricity Regulatory Commission - India
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- SMC Global Power, Philippines
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
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- Economic Council, Georgia
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
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- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
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- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
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- Romanian Commodities Exchange
- New Zealand Coal & Carbon
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- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
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- Rio Tinto Coal - Australia
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- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
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- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- India Bulls Power Limited - India
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- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
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- PetroVietnam Power Coal Import and Supply Company
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- Wilmar Investment Holdings
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- The Treasury - Australian Government
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- Kobexindo Tractors - Indoneisa
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- Medco Energi Mining Internasional
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- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
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- Posco Energy - South Korea
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- MS Steel International - UAE
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- PowerSource Philippines DevCo
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