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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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Tuesday, 27 March 12
DRY BULK MARKET KEEP RISING FOLLOWING THE SAME TREND OF LAST WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept its upward momentum this week, on the same reasons of those last week. That is, the smaller ship types are still on the ris ...
Monday, 26 March 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
The Baltic Dry Index follows its upward incline for fourth consecutive week by rising to more than 900 points, up by 37% from the bottom low in the ...
Monday, 26 March 12
GOLDEN MINES FY11 REVENUE JUMPS 209% - INSIDER STORIES
Insider Stories reported that, coal miner PT Golden Energy Mines Tbk (GEMS), that is controlled by Sinar Mas Group, recorded a 209% jump in revenue ...
Saturday, 24 March 12
AUSTRALIA'S MINERAL TAX : BENCHMARK FOR OTHER COUNTRIES - SUNIL K KUMBHAT
COALspot.com - Natural resources rich counties like Australia , Indonesia , South Africa , Brazil etc are going through a spectacular resources boom ...
Saturday, 24 March 12
THE AVERAGE CHARTER RATES WAS AT CAPESIZE $ 4,546 PER DAY VS SUPRAMAX / $ 10,819 PER DAY - VISTAAR
COALspot.com - The BDI crossed 900 points this week closing at 908 points up by 3.89 pct. All other sectors were up except for cape index whic ...
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- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Minerals Council of Australia
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Aditya Birla Group - India
- Australian Coal Association
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Planning Commission, India
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
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