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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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Saturday, 12 November 11
BBJ WILL RELEASE A COAL CONTRACT
Jakarta Futures Exchange will soon release a coal futures contracts during the quarter 1 / 2012.
Director of the Jakarta Futures Exchange (BBJ) S ...
Saturday, 12 November 11
DRY BULK MARKET REGAINS SOME OF THE LOST GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market managed to edge forward yesterday, putting an end and halting the losses accumulated over the course of the past weeks, which ha ...
Friday, 11 November 11
PETROCOM ENERGY PLANS $40M TO BUILD COAL PLANT IN CILEGON - JP
The Jakarta Post reported that, Hong Kong-based Petrocom Energy Ltd has unveiled plans to invest up to US$40 million on a proposed coal-blending fac ...
Friday, 11 November 11
GOVT WAITS LEGAL DECISION ON BUKIT ASAM, ADARO DISPUTE - JP
The Jakarta Post reported that, The government says that it will not interfere in the settlement process of the dispute between state coal miner PT ...
Thursday, 10 November 11
INDONESIAN REFERENCE COAL PRICE FELL AGAIN
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has set the November 2011 Indonesian Coal Reference Price for thermal coal at U ...
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- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
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- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Thai Mozambique Logistica
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- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Xindia Steels Limited - India
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- Coal and Oil Company - UAE
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- Mjunction Services Limited - India
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- Anglo American - United Kingdom
- Independent Power Producers Association of India
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- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Kumho Petrochemical, South Korea
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- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
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- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
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- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
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- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
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- Posco Energy - South Korea
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- VISA Power Limited - India
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- Videocon Industries ltd - India
- Bhatia International Limited - India
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- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
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- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
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- Romanian Commodities Exchange
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- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
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- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
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- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
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- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
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- SMG Consultants - Indonesia
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- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
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- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
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- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Australian Coal Association
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
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- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
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- Savvy Resources Ltd - HongKong
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- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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