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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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Thursday, 26 April 12
BUKIT ASAMS 1Q OPERATING PROFIT MARGIN HAS INCREASED BY 6% TO RP. 1 TRILLION
COALspot.com - PT. Bukit Asam (Persero), the Indonesia’s state owned coal miner's 1Q, 2012 revenue has increased by 31% to Rp. 3.02 trillion ...
Thursday, 26 April 12
TAIPOWER TO BUY 1.15 MILLION TONS OF 5000 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 1.125million tons of sub-bituminous coal for Taipower thermal power plant through open tender ...
Thursday, 26 April 12
TAIPOWER TO BUY 375,000 MT OF 4800 GAR COAL
COALspot.com - Taiwan Power Company intends to procure 375,000 metric tons of low sulfur sub-bituminous coal for Taipower thermal power plant ...
Thursday, 26 April 12
ADK SHIPPED 28,000 TONNES OF COAL THIS MONTH
COALspot.com - Orpheus Energy (ASX:OEG) has announced that four coal barges carrying a total of approximately 28,000 tonnes of ADK (Alam Duta K ...
Thursday, 26 April 12
DRY BULK CARRIERS RENTER FLEET AFTER IDLING, ON MARKETS RECOVERY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be back on track, not only solidifying the gains of the past couple of weeks, but also racing to new heights, recuperra ...
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- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
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- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
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- Wilmar Investment Holdings
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- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
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- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Romanian Commodities Exchange
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- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
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- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
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- The University of Queensland
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- VISA Power Limited - India
- SMC Global Power, Philippines
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- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
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- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Indonesian Coal Mining Association
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- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
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- Maheswari Brothers Coal Limited - India
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- Kaltim Prima Coal - Indonesia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
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- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
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- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
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- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
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- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
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- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
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- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
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- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
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- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
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- Jindal Steel & Power Ltd - India
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