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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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Tuesday, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
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- Maharashtra Electricity Regulatory Commission - India
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- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
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- Bulk Trading Sa - Switzerland
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- Mintek Dendrill Indonesia
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- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
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- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Xindia Steels Limited - India
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- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
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- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
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- Parry Sugars Refinery, India
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- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
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- Chamber of Mines of South Africa
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- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Planning Commission, India
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
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- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
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- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
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- Banpu Public Company Limited - Thailand
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- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
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- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
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- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
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