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Saturday, 17 September 11
INDIA'S GVK ACQUIRES HANCOCK COAL AND INFRASTRUCTURE PROJECTS IN AUSTRALIA
 COALspot.com - GVK group, India’s leading infrastructure developer, today confirmed arrangements for the acquisition of a strategic part of large, high quality coal resource and infrastructure development project in Queensland, Australia with an intent of furthering its strategic interests in the natural resources and energy sectors.
According to an E-Mail statement received by COALspot.com from the company, GVK Coal Developers (Singapore) Pte Limited (GVKCDPL), a step down subsidiary of GVK Natural Resources Pte Limited (GVKNRPL), (a GVK Group company) in joint venture with GVK Power and Infrastructure Limited (GVKPIL) has entered into various acquisition documents with Hancock Prospecting Pty Limited and certain of its affiliated entities (the Hancock Group) to acquire
► a shareholding up to 79% in the Alpha (‘Tad’s Corner’) and Alpha West (‘Paul’s Corner’) Coal Projects, located in the Galilee Basin in Queensland. Hancock Group retains the remainder of the shareholding;
►a 100% shareholding in the Kevin’s Corner Coal Project, located immediately adjacent to Alpha; and
► a 100% shareholding in the rail and port project connecting the above coal projects to the port of Abbot Point and Abbot Point T3 expansion project, whilst retaining some tonnage capacity for the Hancock Group
These projects are together one of the largest integrated coal development projects in the world. Some of the key highlights of the project are:
►The coal project consists of a 7.9 billion tonnes compliant with Australia’s Joint Ore Reserves Committee (JORC) resource categorisation, with 3.3 billion tonnes reserves in Measured + Indicated categories and with potential for more tonnage ;
► The infrastructure project involves the development, ownership and operation of an integrated infrastructure development consisting of a 495 km rail line and a 60 million tonnes per annum port at Abbot Point.
► At full production the three coal projects are together expected to supply about 84 million tonnes per annum to the global sea-borne coal market. The first phase of production, expected to start in 2014, envisages a total production of over 30 million tonnes per annum of high quality thermal coal.
►The coal mines will deliver a very high quality thermal coal with a Gross Calorific Value (as received) of about 5800-6000 kcal/kg and low ash and low sulphur content.
► The total investment in the first phase is estimated at approximately US$ 10 billion. This includes capital expenditure on the mines, rail line and port.
► Most of the coal from the project is intended for delivery into the Asian region as Letters of Intent for approximately 45 million tonnes per annum have already been signed or are in the process of finalisation with major utility companies in China, Japan, Korea, Taiwan and Vietnam.
► It is envisaged that GVK Energy, a subsidiary of GVKPIL will enter into a long-term coal supply contract for up to 20 million tonnes per annum.
► This is the only project in the Galilee Basin with a rail declaration, port allocation, native title and cultural heritage agreements for the entire project and Hancock is the only developer as on date to have actually mined, processed and transported coal proving the robustness of the Bankable Feasibility Study assumptions and the projects coal quality via international markets agreeing to conduct commercial scale trial burns.
► The projects are undergoing environmental assessment under the Alpha Project's EIS - the Alpha Project was declared a 'significant project requiring an EIS' under the State Development and Public Works Organisation Act 1971. The final approval is expected by the end of the year.
The consideration for the acquisition is US$ 1.26 billion to be paid in a phased manner to the Hancock Group with US$ 500 million payable now at Closing. Of the balance amounts, US$ 200 million will be paid one year from Closing and US$ 560 million will be paid on financial close for the project (anticipated to be in 2012) but in any event, no later than 3 years from Closing.
The funding for the acquisition is tied up with banks. The financing documents for funding the acquisition are being executed with the banks and the transaction is expected to Close and assets transferred in about two weeks.
About GVK
GVKPIL is one of India’s largest infrastructure developer with experience and expertise spanning areas such as Energy, Airports, Roads and Urban Infrastructure. In addition, GVK is also involved in many other businesses held by it privately including Real Estate, Hotels, Pharmaceuticals, Resources, etc. As on date GVK has invested over Rs.10,000 Crores (US$ 2.2 Billion) in various projects and has on hand projects in the pipeline of over Rs. 25,000 Crores (US$ 5.5 Billion).
For additional info on this acquisition click here
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Wednesday, 19 August 20
COAL INDIA TRADE UNIONS DEFER DAY-LONG STRIKE: PTI
The unions had decided to go on strike against the commercial mining and the proposed divestment or buyback of shares of Coal India Ltd (CIL).
...
Wednesday, 19 August 20
MISC MARKS ITS MAIDEN FORAY INTO MAJOR DEEP-WATER PROJECT IN LATIN AMERICA WITH MERO 3 FPSO
MISC Berhad (MISC) is pleased to announce its acceptance of Letter of Intent (LOI) from Petróleo Brasileiro S.A. (Petrobras) for the provisi ...
Wednesday, 19 August 20
MARKET INSIGHT - GEORGE LAIOS | INTERMODAL
Since the Covid-19 outbreak, governments and central banks around the globe have been using their ammunition and stimulus packages to keep their ec ...
Wednesday, 19 August 20
INDIA SAW A SHARP DECLINE IN ENERGY COAL IMPORTS IN JANUARY - JUNE 2020; –27 PER CENT YOY - BHP
Energy coal prices were weak in the second half of financial year 2020, BHP says in its Economic and Commodity Outlook FY20.
Accordi ...
Wednesday, 19 August 20
COAL PRICES TO REMAIN SUBDUED THIS FISCAL AMID WEAK DEMAND, HIGH INVENTORY - THE HINDU BUSINESS LINE
Coal offtake is improving gradually as lockdown eases
Coal prices are expected to remain subdued to weak demand and high inventory l ...
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- Riau Bara Harum - Indonesia
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- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
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- New Zealand Coal & Carbon
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- White Energy Company Limited
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- Trasteel International SA, Italy
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- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
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- Orica Australia Pty. Ltd.
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- Africa Commodities Group - South Africa
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- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
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- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
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- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
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- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
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- India Bulls Power Limited - India
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- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
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- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
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- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
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- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
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- Sindya Power Generating Company Private Ltd
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- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
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- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
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- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
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