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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 $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Tuesday, 22 November 11
NTPC TO BUY 2 MMT OF IMPORTED COAL FOR ITS FOUR PLANTS
COALspot.com - NTPC Limited, incorporated in 1975 as a public sector company wholly owned by Government of India, the largest thermal power generati ...
Tuesday, 22 November 11
ABM INVESTAMA SETS IPO AT RP 3,750
Insider Stories reported that, Integrated energy company PT ABM Investama Tbk has determined the IPO price at Rp3,750 (approximately US$ 0.415) per ...
Tuesday, 22 November 11
A SURPRISINGLY STRONG WEEK FOR THE CAPES - BRS
Positive gains for most of the segments this week, the exception being the Handysizes. Overall the BDI ended the week at 1,895 points (+3.3% week-on ...
Tuesday, 22 November 11
APPETITE FOR DRY BULK VESSELS SLOWS DOWN AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was down at the beginning of the week, as demand for Capesize vessels was particularly low. The industry’s benchmark, the ...
Monday, 21 November 11
CAPESIZES DRIVE MARKET LOWER, ANALYSTS DIVIDED ON DRY BULK OUTLOOK IN THE LONG RUN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market ended the week on a sour note, with the industry’s benchmark heading downwards to 1,895 points, which represented a slight ...
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- India Bulls Power Limited - India
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- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
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- MS Steel International - UAE
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- Wood Mackenzie - Singapore
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- Central Electricity Authority - India
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- The Treasury - Australian Government
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- Vedanta Resources Plc - India
- Minerals Council of Australia
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- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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- White Energy Company Limited
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- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
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- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
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- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Australian Coal Association
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- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
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- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
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- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
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- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
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- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
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- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
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- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
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- Heidelberg Cement - Germany
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- The State Trading Corporation of India Ltd
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- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
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