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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- The University of Queensland
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Planning Commission, India
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
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