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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, 15 March 12
RESOURCE ALAM FY11 PROFIT UP 171% - INSIDER STORIES
Insider Stories reported that, coal mining company PT Resource Alam Indonesia Tbk (KKGI) reported a 171.16% jump in net profit last year on the back ...
Wednesday, 14 March 12
GLOBAL THERMAL TRADE FLOW CHANGES WILL ENSURE SECURITY OF THERMAL COAL SUPPLY, ALBEIT AT A HIGH PRICE - WOOD MACKENZIE
Wood Mackenzie Says Global Thermal Trade Flow Changes Will Ensure Security of Thermal Coal Supply, Albeit At a High Price Seaborne thermal demand by ...
Wednesday, 14 March 12
COKAL TAKES ANOTHER STEP IN DEVELOPING INFRASTRUCTURE TO FACILITATE METALLURGICAL COAL PRODUCTION
Global coal group, Cokal Limited (ASX-CKA), has signed Memorandums of Understanding (MoU’s) to develop two river ports and two small scale coa ...
Tuesday, 13 March 12
CLARIFICATION OF GR 24 OF 2012 REQUIRING DIVESTMENT OF FOREIGN OWNERSHIP OVER TIME
ASX Announcement
Global metallurgical coal group, Cokal Limited (ASX-CKA), is responding to the recent announcement of the Indonesian Ministry of ...
Tuesday, 13 March 12
EUROPEAN COAL CONTANGO: FURTHER STEEPNESS REQUIRED TO MAKE LARGE SCALE PHYSICAL TIME SPREAD ARBITRAGE MORE ATTRACTIVE - MISWIN MAHESH, BARCLAYS CAPITAL
COALspot.com - "With the contango between the Y+1 and M+1 ARA delivered contract now averaging above the $14/t level, there is an increasing in ...
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- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Planning Commission, India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Australian Coal Association
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- The University of Queensland
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
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