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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, 08 December 11
INDIA MAY SEE 41% ANNUAL GROWTH OF ITS COAL DEMAND DURING THE NEXT 5 YEARS - ICAP SHIPPING
India’s Ministry of Coal expects that India’s coal demand may face an annual 41% rise during the next 5 years, while its coal deficit is ...
Thursday, 08 December 11
HAREDA KRIDA GETS CONTRACT FROM BAYAN - INSIDER STORIES
Insider Stories reported that, coal miner PT Bayan Resources Tbk (BYAN), through its subsidiary dubbed PT Gunungbayan Pratamacoal (GPB), has signed ...
Thursday, 08 December 11
CAPESIZES LIFT DRY BULK MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Capesize vessels yesterday helped lift the dry bulk market which had been falling since the start of the week on lower cargo demand. As a result the ...
Wednesday, 07 December 11
ABM INVESTAMA EYES RP6.3 TRIO REVENUE - INSIDER STORIES
Insider Stories reported that, an energy integrated company PT ABM Investama Tbk is eyeing a 1.5 folds increase in revenue this year from Rp4. ...
Tuesday, 06 December 11
DRY BULK MARKET ENDS RALLY, STARTS WEEK WITH FALL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After a series of increases which saw the dry bulk market’s benchmark, the Baltic Dry Index (BDI) increasing close to 1,900 points and rates o ...
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- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
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