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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 $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Thursday, 22 March 12
ECI-CHINA HANDY RATES ARE AROUND US$ 8000 - FEARNLEYS
Handy
Another positive trend was seen last week with more cargoes entering the market. Skaw-Passero/US Gulf climbed slowly up to USD 3700, while US ...
Thursday, 22 March 12
DRY BULK MARKET KEEPS SURGING, CAPESIZES FALLING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what seems to be an establishing pattern, the dry bulk market has kept its upward momentum, edging closer to the 900 point-mark, but the larger s ...
Wednesday, 21 March 12
BUMA HAS PRODUCED 2.3 MILLION TONS OF COAL IN FEBRUARY 2012
COALspot.com - PT. Delta Dunia Makmur's overburden removal in February 2012 has reached totaled 23.8 million bcm (+2.4% YoY) while coal production ...
Tuesday, 20 March 12
SMALLER DRY BULK VESSELS STILL LEADING DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has been growing during the past couple of weeks, but contrary to the usual practice, it’s not the larger Capesizes which ...
Monday, 19 March 12
WEEKLY DRY MARKET OVERVIEW: SMALLER VESSELS LEAD RATES HIGHER - MARIA BERTZELETOU, HELLENIC SHIPPING
The upward trend of the Baltic Dry Index persists strong from the end of February, spurred from the supramax market that offsets the weakness in the ...
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- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Minerals Council of Australia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Australian Coal Association
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- The University of Queensland
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Petron Corporation, Philippines
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
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