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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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Monday, 20 February 12
COAL BOOM AND ENVIRONMENTAL CONCERN - SUNIL K KUMBHAT
COALspot.com - The dawn of the 21st century has seen a shift in the world's commercial balance of power, with the dominance of the US, Europe and J ...
Sunday, 19 February 12
THE SPOT FIXTURE RATES WERE REPORTED AT HIGH LEVELS - VISTAAR
COALspot.com - "The markets seems to holding back this week appears the momentum which picked up last week may slow down" - Capt. Reddy of ...
Sunday, 19 February 12
INDIKA ACQUIRES MULTI TAMBANGJAYA - INSIDER STORIES
Insider Stories reported that, PT Indika Energy Tbk (INDY) announced that wholly-owned subsidiaries have signed a conditional sale and purchase agre ...
Friday, 17 February 12
COLOMBIA COAL PRODUCTION, EXPORTS JUMP IN 2011: GOVT - COLOMBIA REPORTS
Colombia Reports reported that, colombia's coal production jumped 15.4% in 2011 to 85.8 million tonnes versus the previous year while exports rose ...
Thursday, 16 February 12
GEARING UP FOR THE EMERGING OIL & GAS OPPORTUNITIES IN MYANMAR
Press Release - Myanmar Ministry of Energy and Centre for Management Technology (CMT) to Co-host MOGP (Myanmar Oil, Gas & Power) Summit on 28 - ...
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- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
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- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
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- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
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- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
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- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
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- The State Trading Corporation of India Ltd
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Wood Mackenzie - Singapore
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- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- VISA Power Limited - India
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- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- The University of Queensland
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- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
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- White Energy Company Limited
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- Semirara Mining and Power Corporation, Philippines
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
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- Xindia Steels Limited - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- PTC India Limited - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
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- Trasteel International SA, Italy
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- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
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- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- SMC Global Power, Philippines
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- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Renaissance Capital - South Africa
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- Wilmar Investment Holdings
- Indian Energy Exchange, India
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- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
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