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Saturday, 17 September 11
GVK ACQUIRES HANCOCK COAL AND INFRASTRUCTURE FOR US$ 1.26 BILLION
 COALspot.com - GVK group, India’s leading infrastructure developer,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.
GVK acquires a shareholding up to 79% in the Alpha and Alpha West, a 100% shareholding in the Kevin’s Corner Coal Project, a 100% shareholding in the rail and port project. These projects are together one of the largest integrated coal development projects in the world, GVK says.
Alpha Coal Project
Alpha Coal Project is the most advanced coal project in the Galilee Basin with a JORC compliant resource of 3.6 billion tonnes, with 2.0 billion tonnes reserves in Measured + Indicated categories. Alpha has finalized its Bankable Feasibility Study (BFS) and will be developed as an open-cut mine which will produce over 30 million tonnes per annum of high grade thermal coal for export to markets within Asia. First coal production is expected by the end of 2014.
Kevin’s Corner Coal Project
Kevin’s Corner Coal Project is an advanced coal project with a JORC compliant resource of 4.3 billion tonnes, with 1.3 billion tonnes reserves in Measured + Indicated categories. Kevin’s Corner is proposed to be developed as an open cut and underground operation producing up to 30 million tonnes per annum. The development process for Kevin’s Corner will derive significant benefit from the prior development of the immediately adjacent Alpha coal project and it is expected to complete its BFS by June 2012.
Alpha West Coal Project
Alpha West Coal Project has a large JORC compliant resource of 1.8 billion tonnes (included in Alpha above) with the potential to produce 24 million tonnes per annum of high grade, export thermal coal, through underground mining operations. The current drilling program is likely to define additional tonnage.
Rail Project
Rail Project is the development of a privately owned and operated 495 km standard gauge, rail link from the Galilee basin to Abbot Point port. The rail project is expected to have the capacity to transport up to 120 million tonnes per annum of coal from the coal projects in the Galilee Basin to the port at Abbot Point. The rail project has been declared as an “Infrastructure Facility of Significance” by the Queensland state government under the State Development and Public Works Organisation Act 1971. This declaration should facilitate the acquisition of land for the rail corridor and the progress with other aspects of development process.
Abbot Point Port Project
Abbot Point Port Project will be a privately owned and operated port development project at Abbot Point with a dedicated export capacity of 60 million tonnes per annum. The project has received “Preferred Developer” status from North Queensland Bulk Ports Corporation and is ideally located to key Asian export markets, being the most northern coal port in Australia.
Initially GVKNRPL will hold 90% and GVKPIL will hold a 10% stake in the projects. GVKPIL has an option to increase it’s stake upto 49%, subject to necessary approvals from the Foreign Investment Review Board (Australia).
This acquisition offers the following benefits to GVKPIL:
►Good investment opportunity with significant value upside
► An option to enter into long term coal supply contracts, for the purchase of up to 20 million tonnes per annum (to supply around 7,500 megawatts of power generating capacity). GVKPIL and its subsidiary GVK Energy have been aggressively trying to secure fuel supply agreements in an energy deficient market for its proposed power plants. This will allow GVKPIL to secure adequate fuel supplies for GVK Energy Limited into the foreseeable future.
►An option to take a lead role in GVK Coal Infrastructure (Singapore) Pte Limited, the company that will own the rail and port projects, on mutually agreed terms with GVKNRPL.
"We are extremely excited about closing this transaction and working with Mrs Gina Rinehart on bringing these projects to fruition", said, GVK Chairman Dr. GVK Reddy. He further said, "In the last few years Mrs Rinehart has developed these Projects to the advanced stage that they are in today, which speaks volumes about her capacity and capability to develop large and complex Projects. These are truly world class coal assets in both quality and scale and we look forward to the opportunity of jointly developing these projects to their full potential. Alpha, along with the associated rail and port, is one of the most advanced integrated coal projects in the world. While this builds a strong resource business for GVK it will also significantly enhance the value to GVKPIL shareholders as we will now be able to increase the capacity of our coal power business with an assured in house supply of raw material”.
The GVK Group and the Hancock Group wish to secure long term relationship through this joint participation and in order to strengthen this relationship, the GVK Group has invited Mrs. Georgina Hope Rinehart to join the board of GVKPIL as a non-executive director.
Mrs. Georgina Hope Rinehart, Chairman, Hancock Group said, "We are very pleased at the stage our projects in Queensland have reached, being the most advanced integrated projects in the Galilee Basin in Queensland. We are delighted that this project will be to the best of our knowledge the largest project to date to be undertaken by both Australian and Indian companies. We would like to congratulate Dr GVK Reddy and family on this, the biggest deal we know of between Australia and India. We are delighted to be working with Dr GVK Reddy and G V Sanjay Reddy and GVK and we are also very pleased with this strategic alliance with a country (via GVK) that needs our coal and which should help to propel these mines to successful development and on-going operations over decades. We wish GVK all the best for this world class and very exciting project".
The immediate focus will be to progress the Alpha Coal Project and the associated port and rail projects to financial closure by 2012 and to complete the BFS for Kevin's Corner and continue drilling to increase the size of the known resource. GVK has already seen significant interest in this project from global strategic and financial investors, who wish to take an equity stake in these projects.
GVK Vice Chairman Mr. G V Sanjay Reddy said, “This will be a landmark deal in the economic co-operation between India and Australia and we are proud to be the group, together with our new friends at Hancock, that will be responsible for opening up the Galilee Basin and the creation of significant infrastructure and new jobs in Queensland. We look forward to working closely with the local, state and federal governments in promoting the economic development of Australia. Also most importantly we look forward to the opportunity of working with Mrs. Gina Rinehart as our partner in Alpha and Alpha West.”
Ernst & Young Private Limited was the sole Financial Advisor to GVK for the acquisition and Amarchand & Mangaldas & Suresh A. Shroff & Co. has acted as the Legal Advisors to GVK and Minter Ellison Lawyers has acted as Australian Legal Advisors to GVK.
For additional info on this acquisition click here
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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
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