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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, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- PTC India Limited - India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
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