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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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Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Planning Commission, India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
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