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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, 16 September 09
NAPOCOR GETS 3 OFFERS IN COAL TENDER
ABS-CBN news reported that, The Philippines' state-run National Power Corp. (Napocor) said on Wednesday it received offers from 3 Indonesian firms ...
Wednesday, 16 September 09
S.KOREA KOSEP BUYS 1.06 MLN T COAL-SOURCE
* 6,080 kcal/kg at $63-65, 4,900-5,350 kcal/kg at $56-58
* Initially about 5 mln T offered for tender
Reuters reported that, Korea South ...
Tuesday, 15 September 09
CHINA COAL EXPORT ROSE M-O-M FOR THE STRAIGHT 3 MONTHS
Alibaba reported that, In the January-August period, China coal exports slid by 55.9% to 14.83mln tons month on month. In August, China exported 1.9 ...
Monday, 14 September 09
CIL MAY REDUCE FLOOR PRICE OF E-AUCTION COAL
After receiving a lukewarm response to the forward e-auction started in two of its subsidiaries, Coal India Limited (CIL) is mulling to reduce the f ...
Monday, 14 September 09
INDONESIAN GOVT UPBEAT ABOUT $1.5B, 185-KM COAL RAILWAY PROJECT
In addition to a 30-year concession right, the government will also award a competitive pricing scheme as an incentive to lure investors in a US$1.5 ...
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- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
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- Meralco Power Generation, Philippines
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- Planning Commission, India
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- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
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- Marubeni Corporation - India
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- TeaM Sual Corporation - Philippines
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- Indika Energy - Indonesia
- The University of Queensland
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- Ambuja Cements Ltd - India
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- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
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- Gujarat Electricity Regulatory Commission - India
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- Heidelberg Cement - Germany
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- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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- Pipit Mutiara Jaya. PT, Indonesia
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- Semirara Mining Corp, Philippines
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- India Bulls Power Limited - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
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- Global Business Power Corporation, Philippines
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- Bharathi Cement Corporation - India
- White Energy Company Limited
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
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- SMC Global Power, Philippines
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- Deloitte Consulting - India
- Central Electricity Authority - India
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- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
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- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
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- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
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- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
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- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
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- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
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- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
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- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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- Rashtriya Ispat Nigam Limited - India
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- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
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- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
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