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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- The University of Queensland
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
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