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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 $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Thursday, 05 January 12
DRY BULK MARKET TAKES A PLUNGE OF LOW ACTIVITY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was widely expected the first days of the new year are characterized by significantly low chartering across the board of the dry bulk market, pus ...
Wednesday, 04 January 12
NEWBUILDING ORDERS PICKED UP IN 2011, BUT 2012 EXPECTED TO BE A DIFFERENT STORY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the BDI (Baltic Dry Index) starting the year on a sour note, losing 114 points and ending yesterday’s session, the first of the new year, ...
Wednesday, 04 January 12
MAHAGENCO TO IMPORT LOW MOISTURE COAL
COALspot.com - Maharashtra State Power Generation Co. Ltd. is the state power generation utility owned by Government of Maharashtra, intends to proc ...
Tuesday, 03 January 12
INDONESIA COAL REFERENCE PRICE FELL AGAIN
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has sets the January 2012 coal reference price at US$ 109.29 per ton or US$ 3.3 ...
Tuesday, 03 January 12
WHICH WAY WILL THE DRY BULK MARKET HEAD ON FIRST WEEK OF THE YEAR? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Dry bulk ship owners will be wondering which way will the BDI (Baltic Dry Index), the industry’s benchmark, will head during the first days of ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- The University of Queensland
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
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