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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- MS Steel International - UAE
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
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