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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, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Aditya Birla Group - India
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- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
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- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
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- Gujarat Electricity Regulatory Commission - India
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- Australian Commodity Traders Exchange
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- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
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- Energy Development Corp, Philippines
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- Economic Council, Georgia
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- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
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- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
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- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
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- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- The University of Queensland
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
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- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
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- Indonesian Coal Mining Association
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- Price Waterhouse Coopers - Russia
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- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Sakthi Sugars Limited - India
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- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
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- Sindya Power Generating Company Private Ltd
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- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Marubeni Corporation - India
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- Romanian Commodities Exchange
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- GVK Power & Infra Limited - India
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- Bukit Baiduri Energy - Indonesia
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- Commonwealth Bank - Australia
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- London Commodity Brokers - England
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
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- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
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- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
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- The State Trading Corporation of India Ltd
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- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
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- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
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- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
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- Merrill Lynch Commodities Europe
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