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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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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- The University of Queensland
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
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