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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
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