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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, 30 September 09
COKING COAL PRICES MAY TOUCH $200/TN IN 2010-11
Business Standard reported that, Driven by surge in imports of coking coal by China, growth in Japanese steel output and signs of recovery in the In ...
Wednesday, 30 September 09
PURNOMO BIDS 'GOODBYE' TO ENERGY MINISTRY
The Jakarta globe reported that, In what could be construed as a resignation speech from a government official — but perhaps wasn’t &mda ...
Tuesday, 29 September 09
MINING AND ENERGY DAY 2009
The Minister of Energy and Mineral Resources, Purnomo Yusgiantoro led the ceremony marking 2009 Mining and Energy Day celebrations, held at the Depa ...
Tuesday, 29 September 09
BUKIT ASAM REDUCES ITS SALES TARGET
Tempo Interactive reported that, PT Tambang Batubara Bukit Asam Tbk has decided to reduce its sales target this year from 14.5 million tons of coal ...
Monday, 28 September 09
INDONESIA UNLIKELY TO PASS NEW MINING RULES IN 2009
Reuters reported that, Indonesia is unlikely to complete final regulations attached to a new mining and coal law this year, an official said on Mond ...
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- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
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- Kalimantan Lumbung Energi - Indonesia
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- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
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- Merrill Lynch Commodities Europe
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- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
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- Africa Commodities Group - South Africa
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- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
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- Global Business Power Corporation, Philippines
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- Agrawal Coal Company - India
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- Economic Council, Georgia
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- White Energy Company Limited
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- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
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- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
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- Aditya Birla Group - India
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
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- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- The University of Queensland
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- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
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- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
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- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
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- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
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- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
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- Kepco SPC Power Corporation, Philippines
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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