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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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Wednesday, 22 November 23
INDIA: GOVERNMENT PLANS 1.4 BILLION TONNE COAL OUTPUT BY 2027 - LIVEMINT
The Union coal ministry on Monday announced plans to increase India’s coal production to 1.404 billion tonne by 2027, with an eye to further ...
Wednesday, 22 November 23
OBLIGATION. INDONESIA AIMS TO START COLLECTING LEVIES FROM COAL MINERS IN JANUARY - REUTERS
Indonesia plans to start collecting levies from coal miners in January to be used to compensate miners who sell coal to the state utility at lower ...
Tuesday, 21 November 23
INDIAN COAL POWER PLANTS’ CAPACITY UTILISATION WILL IMPROVE TO 65% THIS FISCAL: - CRISIL
Coal-based thermal power units’ plant load factor (PLF) or capacity utilisation will improve to 65 percent in the current fiscal year despite ...
Tuesday, 14 November 23
CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES TRANSFORMATIVE TRANSACTION INCLUDING THE ACQUISITION OF 11 NEWBUILD LNG CARRIERS FOR $3.1 BILLION
Capital Product Partners L.P. announced that it has entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime ...
Tuesday, 14 November 23
COAL INDIA BEATS Q2 PROFIT VIEW ON HIGH POWER DEMAND AMID WEAK MONSOON - REUTERS
Coal India on Friday reported better-than-expected second-quarter profit, helped by high power demand and boosted production amid a weak monsoon.
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- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
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- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Interocean Group of Companies - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- The University of Queensland
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- White Energy Company Limited
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
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