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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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Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
...
Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
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- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Economic Council, Georgia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Australian Coal Association
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- London Commodity Brokers - England
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