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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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Friday, 02 December 11
DRY BULK CARRIERS BACK IN THE SPOTLIGHT AS MARKET SPEEDS UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the tanker and container markets suffering dearly, it seems that the tide has once again turned in favor of the dry bulk carriers, despite over ...
Thursday, 01 December 11
DRY BULK MARKET RISES TO NEW HEIGHTS ON RENEWED DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept on rising this week, with the industry’s benchmark, the Baltic Dry Index (BDI) climbing to 1,846 points on Wednes ...
Tuesday, 29 November 11
SOUTH AFRICAN COAL INTO CHINA, THE ACTIVITY WAS SLOW - BRS
Capesize
The Capesize market in Atlantic stayed pretty firm last week with transatlantic rounds being fixed in the high twenties. Sentiment was les ...
Tuesday, 29 November 11
GOLDEN GATE BRIDGE OF INDONESIA COLLAPSED AT KUKAR, EAST KALIMANTAN
COALspot.com - A suspension bridge in Indonesia’s east Kalimantan province over the Mahakam river collapsed on Saturday, killing at least elev ...
Tuesday, 29 November 11
BUKIT ASAM SCOUTS RP3 TRILLION PROFIT - INSIDER STORIES
The state-controlled coal miner PT Bukit Asam Tbk (PTBA) expects to post a Rp3 trillion net income this year, reaching its target which is 50% above ...
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- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
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