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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 $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Wednesday, 23 September 09
TATA POWER TO COMMISSION 2 UNITS OF MUNDRA UMPP BY FEB 2012
Business Standard reported that, the country's largest private power producer Tata Power today said it would commission 1,600 MW capacity of its 4, ...
Wednesday, 23 September 09
NAVA BHARAT TO ADD 300MW CAPACITY, RAISE RS1,386 CRORE (US$ 289,674,610)
The firm plans to place orders for equipment by the end of October and commission both the plants by April 2012 to sell power in the open market
...
Tuesday, 22 September 09
ASIA COAL-PRICES TOPS $70 AS TRADERS SEEK BARGAINS
Reuters reported that, prices of power-station coal in Australia, a benchmark for Asia, rose for the second week to top $70 a tonne this week, clawi ...
Tuesday, 22 September 09
QINHUANGDAO COAL PRICES SURGE ON STRONG DEMAND
People's Daily Online reported that, Coal prices at Qinhuangdao port, China's largest coal port, witnessed the sharpest increase in the year last ...
Tuesday, 22 September 09
SHORT PERIOD RATE FOR SUPRAMAX WAS AROUND US$ 17,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR
COALspot.com (Singapore): The dry bulk market continued to be stable with the BDI just dropping by about 5 pct to 2,356 points last week. The change ...
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- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
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- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
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- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- The University of Queensland
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Aditya Birla Group - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Parliament of New Zealand
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
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