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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, 08 June 12
MINISTER DENIES COAL EXPORT TAX PLAN, ENDORSES RESTRICTIONS - THE JAKARTA POST
The Jakarta post, one of the leading english news paper in Indonesia reported that, Energy and Mineral Resources Minister Jero Wacik has denied that ...
Friday, 08 June 12
NO IMMEDIATE IMPACT ON ADARO'S RATING FROM BEP TRANSACTION - FITCH RATINGS
Fitch Ratings has said that PT Adaro Indonesia's (Adaro, 'BB+'/ Stable) ratings are not immediately affected by its parent PT Adaro Energy Tbk's ...
Thursday, 07 June 12
DRY BULK MARKET FALLS FOR 10 STRAIGHT SESSION ON OVERSUPPLY PROBLEMS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A resurgence of oversupply, coupled with national holidays in various parts of the world has contributed to yet another fall of the dry bulk market ...
Thursday, 07 June 12
COAL EXPORT TAX NOT RATIONAL: MINISTER - THE JAKARTA POST
Trade Minister Gita Wirjawan has criticized as irrational the idea to restrict coal exports by imposing an export tax, According to The Jakarta post ...
Thursday, 07 June 12
BY 2022 PLN IS EXPECTED TO BURN AROUND 125 MILLION TONS OF COAL
COALspot.com - Indonesia's state owned electricity company's (PLN) coal consumption is expected to reach 125.7 million tons by 2012.
Nur Pamudj ...
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- Orica Mining Services - Indonesia
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- Siam City Cement PLC, Thailand
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- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
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- Grasim Industreis Ltd - India
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- Aditya Birla Group - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Barasentosa Lestari - Indonesia
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- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
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- Rio Tinto Coal - Australia
- Economic Council, Georgia
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- Attock Cement Pakistan Limited
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- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
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- Maharashtra Electricity Regulatory Commission - India
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- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
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- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
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- Planning Commission, India
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- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
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- Pipit Mutiara Jaya. PT, Indonesia
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- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Global Business Power Corporation, Philippines
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- IHS Mccloskey Coal Group - USA
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- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
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- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
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- MS Steel International - UAE
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
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- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Minerals Council of Australia
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- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- ASAPP Information Group - India
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- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
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- OPG Power Generation Pvt Ltd - India
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- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
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- Vedanta Resources Plc - India
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- Toyota Tsusho Corporation, Japan
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