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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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Thursday, 24 September 09
S.KOREA HYUNDAI STEEL TO BUY COAL FROM SIBERIA
Reuters reported that, South Korea's Hyundai Steel said on Wednesday it will buy a maximum of 300,000 tonnes of coal per year from Siberian Anthrac ...
Thursday, 24 September 09
NO IMPORTED COAL-BASED UMPPS: TATA POWER
Will wait until policy environment becomes more favourable.
Business Standard reported that, Tata Power Company (TPC), India’s largest priv ...
Thursday, 24 September 09
BUMI RAISES $1.9 BILLION SELLING DEBT TO CHINA'S CIC
Bloomberg reported that, PT Bumi Resources, Indonesia’s biggest coal producer, said it raised $1.9 billion selling debt to China’s sover ...
Thursday, 24 September 09
MACQUARIE DOWNGRADES U.S. COAL SECTOR TO NEUTRAL
Reuters reported that, Macquarie Research downgraded the U.S. coal sector to "neutral" from "overweight" as it believes that dem ...
Thursday, 24 September 09
CHINA WILL BE IMPORTER OF COKING COAL NEXT YEAR, MCCLOSKEY SAYS
Bloomberg reported that, China, the world’s largest coal user and producer, will remain an importer of the fuel through next year, according t ...
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- Malabar Cements Ltd - India
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- Directorate General of MIneral and Coal - Indonesia
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- Heidelberg Cement - Germany
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- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
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- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
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- Indogreen Group - Indonesia
- Minerals Council of Australia
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- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
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- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
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- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
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- SMC Global Power, Philippines
- ASAPP Information Group - India
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- Meenaskhi Energy Private Limited - India
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- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
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- Ministry of Transport, Egypt
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- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
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- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
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- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
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- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
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- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
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- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
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- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
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- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Australian Coal Association
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- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
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- Mercator Lines Limited - India
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- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
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- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- The University of Queensland
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- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
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- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
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- Merrill Lynch Commodities Europe
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- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
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- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
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- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- MS Steel International - UAE
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- Karbindo Abesyapradhi - Indoneisa
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- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
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- Toyota Tsusho Corporation, Japan
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- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Chamber of Mines of South Africa
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