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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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Saturday, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
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- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
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- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
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- Rio Tinto Coal - Australia
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- The University of Queensland
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- Binh Thuan Hamico - Vietnam
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- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Parliament of New Zealand
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- Ministry of Transport, Egypt
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- Savvy Resources Ltd - HongKong
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- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
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- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
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- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
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