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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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Monday, 05 October 09
SOUTH AFRICAN COAL RISES ON INDIAN BUYING, DOMESTIC DEMAND
Bloomberg reported that, Prices for coal shipped from South Africa’s Richards Bay, site of the world’s largest export terminal for the f ...
Monday, 05 October 09
BANPU EYES INCREASE IN COAL OUTPUT
The Nation reported that, Banpu plans to boost its coal output to 23 million tonnes next year once production begins at the East Block of its Indomi ...
Monday, 05 October 09
COAL TRADING C&O TO INVEST $100 M NEXT YEAR
The Jakarta Post reported that, Coal and Oil (C&0) Group of India plans to invest up to US$100 million in Indonesia next year to acquire coal mi ...
Sunday, 04 October 09
INDONESIAN COAL EXCHANGE FOR PRICE BENCHMARKING IN OFFING
Reuters cited Mr Bob Kamandanu chairman of the Indonesian Coal Producers Association as saying that Indonesia plans to set up a coal exchange to cre ...
Sunday, 04 October 09
GRASIM TO CONSOLIDATE CEMENT BIZ
The Statesman reported that, India's largest cement producer Aditya Birla group today said it would consolidate its cement businesses by merging Gr ...
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- Indian Energy Exchange, India
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- Aditya Birla Group - India
- Tata Chemicals Ltd - India
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- Bangladesh Power Developement Board
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- Africa Commodities Group - South Africa
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- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
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- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
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- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
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- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Mjunction Services Limited - India
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- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
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- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
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- Videocon Industries ltd - India
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
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- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- PTC India Limited - India
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- Directorate Of Revenue Intelligence - India
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- Electricity Generating Authority of Thailand
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- Interocean Group of Companies - India
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- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
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- Electricity Authority, New Zealand
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- Trasteel International SA, Italy
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- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
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- Asmin Koalindo Tuhup - Indonesia
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- Therma Luzon, Inc, Philippines
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- Romanian Commodities Exchange
- CNBM International Corporation - China
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- Parliament of New Zealand
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- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
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- Economic Council, Georgia
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- Samtan Co., Ltd - South Korea
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- Indonesian Coal Mining Association
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- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- VISA Power Limited - India
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Minerals Council of Australia
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