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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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Wednesday, 19 October 22
WHAT WILL THE GAS MARKET LOOK LIKE IN A NET ZERO WORLD? - WOOD MACKENZIE
The global gas and LNG market faces a number of ‘great unknowns’. With the market in turmoil uncertainty abounds – from the scale ...
Wednesday, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
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- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Planning Commission, India
- VISA Power Limited - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
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