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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, 01 June 12
COKAL ACCEPTED ON THE CLEAN AND CLEAR LIST FOR ITS BORNEO BARA PRIMA AND BUMI BARITO MINERAL PROJECTS
- Borneo Bara Prima (BBP) Project confirmed on the Clean and Clear List 9th May 2012
- Bumi Barito Mineral (BBM) Project confirmed on the Clean and ...
Friday, 01 June 12
ADARO BUYS MAJORITY STAKE IN AFFILIATED BHAKTI ENERGI - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk entered into an option to provide a convertible loan of up to US$500 million for a period of 3 ye ...
Thursday, 31 May 12
DRY BULK MARKET UNABLE TO FIND NEW SUPPORT TO REACH HIGHER LEVELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been unable to find new support and recover to higher levels during these past few days. As a result, the Baltic Dry Index ( ...
Wednesday, 30 May 12
ORPHEUS RAISES $2.24M TO ADVANCE INDONESIAN COAL PRODUCTION ASSETS
• $2.24 million raised from a placement to new and existing institutional and sophisticated investors from Australia and overseas
• Funds ...
Wednesday, 30 May 12
ARPENI SECURES TRANSSHIPMENT CONTRACT FROM BARUNA DIRGA
Insider Stories reported that, shipping operator PT Arpeni Pratama Ocean Line Tbk (APOL) has secured a 1-year coal transhipment contract of 4 millio ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Trasteel International SA, Italy
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Australian Coal Association
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Minerals Council of Australia
- Eastern Coal Council - USA
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
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