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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 $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Sunday, 04 October 09
GOVT THREATENS TO CANCEL COAL BLOCK ALLOTTED TO BINANI CEMENT
Economic Times reported that, The government has threatened to cancel a coal block allocated for captive use to Binani Cement saying the company see ...
Saturday, 03 October 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AROUND US$ 17,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR
COALspot.com (Singapore): The BDI firmed up this week by almost 8 pct to 2,357 points , the main reason being jump in Cape size index by almost 22 p ...
Friday, 02 October 09
C&O SEES INDONESIA COAL PURCHASES UP 20 PCT IN 2010
Reuters reported that, Dubai-based coal trader Coal & Oil (C&0) expects its coal purchases from Indonesia to increase by at least 20 percent ...
Thursday, 01 October 09
MJUNCTION LAUNCHES INDIA'S FIRST COAL SPOT PRICE INDEX
• Named 'MJcomposite, MJsteel, MJcement, MJpower' the value weighted index will benefit Indian coal buyers by minimising risk against pr ...
Wednesday, 30 September 09
INDIA CEMENTS SET TO PRODUCE POWER; EYES COAL MINE IN INDONESIA
Financial Express reported that, Tamil Nadu-based India Cements Ltd (ICL) has firmed up plans to produce power to meet its current and future requir ...
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- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Planning Commission, India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
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