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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, 07 October 09
COAL INDIA, SHIPPING CORP MAY FORM VENTURE TO IMPORT COAL
The venture may be on the lines of the firm that CIL plans with SAIL for coal imports in which both to hold 25%
Live Mint reported that, State-ru ...
Tuesday, 06 October 09
ASIA COAL-PRICE REBOUND TOWARDS $71 ON TENDER ACTIVITY
Reuters reported that, Prices of power-station coal in Australia, a benchmark for Asia, rose 4 percent in the latest week to near $71 a tonne, bolst ...
Tuesday, 06 October 09
BHARATHI CEMENT TO ADD 2.5 MT CAPACITY BY 2010
Business-Standard reported that, Bharathi Cement Corporation (BCC) commenced its commercial operations from its Nallalingayapalli manufacturing plan ...
Tuesday, 06 October 09
MOZAMBIQUE TO BUILD COAL RAILWAY
BBC reported that, Mozambique's government has announced that it has secured $500m (£313m) to build a new railway line. The transport ministe ...
Tuesday, 06 October 09
COAL INDIA AIMS TO BUY MINE ABROAD BY MARCH
*Coal India to issue its first coal import tender by Nov
*ArcelorMittal, 9 others in race to develop abandoned mines
*52 firms keen to partner coa ...
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- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Australian Coal Association
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- PTC India Limited - India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Bhatia International Limited - India
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Planning Commission, India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
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