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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, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Planning Commission, India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- The University of Queensland
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
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