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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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Thursday, 08 October 09
MINING TO ATTRACT $6B: BKPM
The Jakarta Post reported that, Indonesia’s mining sector could expect investment of up to US$6 billion in the 2010-2012 period, in part becau ...
Thursday, 08 October 09
INDIA DEMAND TO HELP DIRE COAL OUTLOOK - MACQUARIE
Reuters reported that, Macquarie Securities said on Wednesday its bearish short-term outlook on thermal coal may begin improving in a year's time o ...
Thursday, 08 October 09
ESSAR UNIT WINS INR 479 CR (US$ 103,272,401) ORISSA PROJECT
The firm will develop and operate the terminal at Paradip port; the contract will stretch up to 30 years
Live Mint reported that, Essar Shipping ...
Wednesday, 07 October 09
ESSAR, JINDAL IN TAKEOVER TUSSLE FOR AUSTRALIAN COAL MINER
Reuters reported that, Privately owned Essar Group has launched a surprise A$144.2 million ($128.1 million) bid for Australian coal minnow Rocklands ...
Wednesday, 07 October 09
ADARO SECURES $500 M LOAN
The Jakarta Post reported that, The country's second largest coal producer, PT Adaro Energy announced on Wednesday that it has secured US$500 milli ...
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- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- The University of Queensland
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
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