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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, 04 May 12
DEMOLITION KEY FOR DRY BULK MARKET RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The overflow of newbuilding vessels which “spilled over” into 2012 from 2011 brought the dry bulk market to a near collapse level at the ...
Thursday, 03 May 12
DRY BULK MARKET REMAINS INACTIVE, POSTING MILD DECREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept retreating this week, although at a very low pace, on the back of a lull in demand. The industry's benchmark, th ...
Thursday, 03 May 12
MINERS DEMAND LEGAL CERTAINTY ON PRE-BAN INTERIM POLICY - THE JAKARTA POST
The Jakarta Post reported that, Mining companies represented by the Indonesian Mining Association (IMA) welcomed the government’s plan to impo ...
Thursday, 03 May 12
HANDY EAST COAST INDIA - CHINA AROUND USD 7000 - FEARNLEYS AS
Handy - Stable demand in the Atlantic offered good rates for the tonnage.
USG/Cont was worth USD 17500 and more. Baltic and Black Sea appeared to ...
Wednesday, 02 May 12
CHINA BLACKOUTS HIGHLIGHT PRICING POLICY WEAKNESS - FITCH
Fitch reported that, the likelihood of further electricity blackouts in China this summer underlines Fitch's view of the basic problem f ...
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- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Minerals Council of Australia
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- London Commodity Brokers - England
- Eastern Energy - Thailand
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- The University of Queensland
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
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