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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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Friday, 18 September 09
STANCHART TO ADVISE BAYAN ON INDONESIA COAL FINANCING
Indonesian coal miner PT Bayan Resources Tbk said on Wednesday it has appointed Standard Chartered Bank as a financial adviser for raising at least ...
Friday, 18 September 09
COKING COAL SUPPLY TO FALL 3 MILLION TONS IN CHINA ON SHUTDOWN
Bloomberg reported that, Coking coal supply in China, the largest consumer, may fall by 3 million metric tons a month after a mine accident this mon ...
Thursday, 17 September 09
FOUR LEFT IN INDIA'S MMTC COAL IMPORT TENDER-SOURCE
Reuters reported that, India's MMTC Ltd has accepted four out of five submissions for an import tender for 12.5 million tonnes of coal, with a bid ...
Thursday, 17 September 09
INDIA SEEKS COAL
IBT commodities reported that, India is on a coal buying spree. The big Asian nation is scrambling to cover an expected shortfall in domestic supply ...
Wednesday, 16 September 09
S. LANKA, INDIA'S NTPC TO SIGN $500 MLN COAL DEAL
Reuters reported that, Sri Lanka is to sign a commercial agreement with India's National Thermal Power Corporation (NTPC.BO) to build a $500 millio ...
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- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
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