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