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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, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
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- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- MS Steel International - UAE
- CNBM International Corporation - China
- Australian Coal Association
- Central Java Power - Indonesia
- London Commodity Brokers - England
- VISA Power Limited - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
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