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