COALspot.com keeps you connected across the coal world

Submit Your Articles
We welcome article submissions from experts in the areas of coal, mining, shipping, etc.

To Submit your article please click here.

International Energy Events


Search News
Latest CoalNews Headlines
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



If you believe an article violates your rights or the rights of others, please contact us.

Recent News

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 ...


   3 4 5 6 7   
Showing 21 to 25 news of total 6871
News by Category
Popular News
 
Total Members : 28,627
Member
Panelist
User ID
Password
Remember Me
By logging on you accept our TERMS OF USE.
Free
Register
Forgot Password
 
Our Members Are From ...

  • KPMG - USA
  • Adaro Indonesia
  • Ince & co LLP
  • Electricity Authority, New Zealand
  • Infraline Energy - India
  • Kumho Petrochemical, South Korea
  • Inco-Indonesia
  • Global Business Power Corporation, Philippines
  • Shree Cement - India
  • Aditya Birla Group - India
  • U S Energy Resources
  • Singapore Mercantile Exchange
  • Arutmin Indonesia
  • NALCO India
  • EMO - The Netherlands
  • Indian Energy Exchange, India
  • Economic Council, Georgia
  • Indonesia Power. PT
  • CCIC - Indonesia
  • Coal Orbis AG
  • Tata Power - India
  • Latin American Coal - Colombia
  • Arch Coal - USA
  • Sindya Power Generating Company Private Ltd
  • IOL Indonesia
  • ACC Limited - India
  • Australian Coal Association
  • McConnell Dowell - Australia
  • Semirara Mining Corp, Philippines
  • Bharathi Cement Corporation - India
  • Ambuja Cements Ltd - India
  • Enel Italy
  • Energy Development Corp, Philippines
  • WorleyParsons
  • Samtan Co., Ltd - South Korea
  • KEPCO - South Korea
  • Vale Mozambique
  • Mjunction Services Limited - India
  • Kapuas Tunggal Persada - Indonesia
  • Madhucon Powers Ltd - India
  • Petrosea - Indonesia
  • Ceylon Electricity Board - Sri Lanka
  • Jatenergy - Australia
  • NTPC Limited - India
  • Bhushan Steel Limited - India
  • Petrochimia International Co. Ltd.- Taiwan
  • KOWEPO - South Korea
  • Thailand Anthracite
  • GAC Shipping (India) Pvt Ltd
  • Inspectorate - India
  • SRK Consulting
  • San Jose City I Power Corp, Philippines
  • Neyveli Lignite Corporation Ltd, - India
  • Aboitiz Power Corporation - Philippines
  • Berau Coal - Indonesia
  • Maybank - Singapore
  • Xstrata Coal
  • Africa Commodities Group - South Africa
  • Permata Bank - Indonesia
  • SUEK AG - Indonesia
  • Central Java Power - Indonesia
  • Interocean Group of Companies - India
  • PLN Batubara - Indonesia
  • Commonwealth Bank - Australia
  • Indogreen Group - Indonesia
  • Sakthi Sugars Limited - India
  • Gupta Coal India Ltd
  • Eastern Coal Council - USA
  • Merrill Lynch Bank
  • Oldendorff Carriers - Singapore
  • Samsung - South Korea
  • Billiton Holdings Pty Ltd - Australia
  • Kalimantan Lumbung Energi - Indonesia
  • Merrill Lynch Commodities Europe
  • Trasteel International SA, Italy
  • Coeclerici Indonesia
  • White Energy Company Limited
  • GB Group - China
  • Eastern Energy - Thailand
  • Intertek Mineral Services - Indonesia
  • Star Paper Mills Limited - India
  • Iligan Light & Power Inc, Philippines
  • PetroVietnam
  • Argus Media - Singapore
  • Pinang Coal Indonesia
  • CNBM International Corporation - China
  • CoalTek, United States
  • Sinarmas Energy and Mining - Indonesia
  • PLN - Indonesia
  • Bayan Resources Tbk. - Indonesia
  • Maharashtra Electricity Regulatory Commission - India
  • Alfred C Toepfer International GmbH - Germany
  • Ministry of Mines - Canada
  • JPower - Japan
  • Thermax Limited - India
  • Bukit Asam (Persero) Tbk - Indonesia
  • Fearnleys - India
  • Metalloyd Limited - United Kingdom
  • Coastal Gujarat Power Limited - India
  • European Bulk Services B.V. - Netherlands
  • Coal and Oil Company - UAE
  • Malabar Cements Ltd - India
  • TNB Fuel Sdn Bhd - Malaysia
  • Binh Thuan Hamico - Vietnam
  • Sarangani Energy Corporation, Philippines
  • Tamil Nadu electricity Board
  • Bahari Cakrawala Sebuku - Indonesia
  • Panama Canal Authority
  • Altura Mining Limited, Indonesia
  • Humpuss - Indonesia
  • Essar Steel Hazira Ltd - India
  • Core Mineral Indonesia
  • Orica Mining Services - Indonesia
  • GN Power Mariveles Coal Plant, Philippines
  • Vedanta Resources Plc - India
  • Ministry of Transport, Egypt
  • Tanito Harum - Indonesia
  • globalCOAL - UK
  • Asia Cement - Taiwan
  • PowerSource Philippines DevCo
  • Globalindo Alam Lestari - Indonesia
  • ANZ Bank - Australia
  • Central Electricity Authority - India
  • Vijayanagar Sugar Pvt Ltd - India
  • Chettinad Cement Corporation Ltd - India
  • Jaiprakash Power Ventures ltd
  • Sojitz Corporation - Japan
  • Maruti Cements - India
  • Port Waratah Coal Services - Australia
  • Thai Mozambique Logistica
  • Truba Alam Manunggal Engineering.Tbk - Indonesia
  • Cemex - Philippines
  • MEC Coal - Indonesia
  • Price Waterhouse Coopers - Russia
  • Siam City Cement - Thailand
  • Baramulti Group, Indonesia
  • Meralco Power Generation, Philippines
  • Total Coal South Africa
  • Shenhua Group - China
  • Bank of China, Malaysia
  • Krishnapatnam Port Company Ltd. - India
  • Dong Bac Coal Mineral Investment Coporation - Vietnam
  • Meenaskhi Energy Private Limited - India
  • Mintek Dendrill Indonesia
  • Cigading International Bulk Terminal - Indonesia
  • Ind-Barath Power Infra Limited - India
  • TeaM Sual Corporation - Philippines
  • ASAPP Information Group - India
  • Power Finance Corporation Ltd., India
  • IHS Mccloskey Coal Group - USA
  • Maersk Broker
  • Global Coal Blending Company Limited - Australia
  • Grasim Industreis Ltd - India
  • Surastha Cement
  • Russian Coal LLC
  • Semirara Mining and Power Corporation, Philippines
  • Romanian Commodities Exchange
  • SN Aboitiz Power Inc, Philippines
  • TGV SRAAC LIMITED, India
  • Standard Chartered Bank - UAE
  • Bank of Tokyo Mitsubishi UFJ Ltd
  • Orica Australia Pty. Ltd.
  • Edison Trading Spa - Italy
  • Carbofer General Trading SA - India
  • JPMorgan - India
  • Malco - India
  • APGENCO India
  • GVK Power & Infra Limited - India
  • Electricity Generating Authority of Thailand
  • Antam Resourcindo - Indonesia
  • Wilmar Investment Holdings
  • Lanco Infratech Ltd - India
  • Minerals Council of Australia
  • Pendopo Energi Batubara - Indonesia
  • Filglen & Citicon Mining (HK) Ltd - Hong Kong
  • Global Green Power PLC Corporation, Philippines
  • Indo Tambangraya Megah - Indonesia
  • IBC Asia (S) Pte Ltd
  • Videocon Industries ltd - India
  • Karbindo Abesyapradhi - Indoneisa
  • Timah Investasi Mineral - Indoneisa
  • Xindia Steels Limited - India
  • Kaltim Prima Coal - Indonesia
  • UBS Singapore
  • TRAFIGURA, South Korea
  • Bangladesh Power Developement Board
  • Indian School of Mines
  • Planning Commission, India
  • Cargill India Pvt Ltd
  • Manunggal Multi Energi - Indonesia
  • Rashtriya Ispat Nigam Limited - India
  • EIA - United States
  • UOB Asia (HK) Ltd
  • Siam City Cement PLC, Thailand
  • Deutsche Bank - India
  • Toyota Tsusho Corporation, Japan
  • Qatrana Cement - Jordan
  • Coaltrans Conferences
  • Wood Mackenzie - Singapore
  • Kohat Cement Company Ltd. - Pakistan
  • SGS (Thailand) Limited
  • GNFC Limited - India
  • Pipit Mutiara Jaya. PT, Indonesia
  • Miang Besar Coal Terminal - Indonesia
  • Glencore India Pvt. Ltd
  • World Bank
  • Medco Energi Mining Internasional
  • MS Steel International - UAE
  • Bhoruka Overseas - Indonesia
  • Bangkok Bank PCL
  • Salva Resources Pvt Ltd - India
  • Gujarat Mineral Development Corp Ltd - India
  • Clarksons - UK
  • Japan Coal Energy Center
  • Noble Europe Ltd - UK
  • ETA - Dubai
  • Makarim & Taira - Indonesia
  • Borneo Indobara - Indonesia
  • Therma Luzon, Inc, Philippines
  • Offshore Bulk Terminal Pte Ltd, Singapore
  • Parry Sugars Refinery, India
  • Mitsui
  • Adani Power Ltd - India
  • Formosa Plastics Group - Taiwan
  • ING Bank NV - Singapore
  • Bank of America
  • VISA Power Limited - India
  • Barasentosa Lestari - Indonesia
  • The India Cements Ltd
  • Uttam Galva Steels Limited - India
  • Cosco
  • Asia Pacific Energy Resources Ventures Inc, Philippines
  • Larsen & Toubro Limited - India
  • ICICI Bank Limited - India
  • Indonesian Coal Mining Association
  • Tata Chemicals Ltd - India
  • New Zealand Coal & Carbon
  • Straits Asia Resources Limited - Singapore
  • Chamber of Mines of South Africa
  • Vitol - Bahrain
  • PetroVietnam Power Coal Import and Supply Company
  • South Luzon Thermal Energy Corporation
  • Kartika Selabumi Mining - Indonesia
  • Ministry of Finance - Indonesia
  • Mitsubishi Corporation
  • Banpu Public Company Limited - Thailand
  • OCBC - Singapore
  • London Commodity Brokers - England
  • Leighton Contractors Pty Ltd - Australia
  • Agrawal Coal Company - India
  • Anglo American - United Kingdom
  • Posco Energy - South Korea
  • GMR Energy Limited - India
  • Coal India Limited
  • Rudhra Energy - India
  • Mitra SK Pvt Ltd - India
  • Bukit Baiduri Energy - Indonesia
  • Ernst & Young Pvt. Ltd.
  • India Bulls Power Limited - India
  • The University of Queensland
  • Kepco SPC Power Corporation, Philippines
  • AsiaOL BioFuels Corp., Philippines
  • SMG Consultants - Indonesia
  • Asian Development Bank
  • Mechel - Russia
  • J M Baxi & Co - India
  • Moodys - Singapore
  • Attock Cement Pakistan Limited
  • CESC Limited - India
  • Coalindo Energy - Indonesia
  • Thiess Contractors Indonesia
  • Platts
  • Sical Logistics Limited - India
  • Mercuria Energy - Indonesia
  • Directorate Of Revenue Intelligence - India
  • PTC India Limited - India
  • Independent Power Producers Association of India
  • The State Trading Corporation of India Ltd
  • RBS Sempra - UK
  • Credit Suisse - India
  • Vizag Seaport Private Limited - India
  • Cebu Energy, Philippines
  • BNP Paribas - Singapore
  • OPG Power Generation Pvt Ltd - India
  • Gujarat Sidhee Cement - India
  • Directorate General of MIneral and Coal - Indonesia
  • GHCL Limited - India
  • PNOC Exploration Corporation - Philippines
  • Indika Energy - Indonesia
  • Jindal Steel & Power Ltd - India
  • Thriveni
  • Freeport Indonesia
  • Simpson Spence & Young - Indonesia
  • SMC Global Power, Philippines
  • BRS Brokers - Singapore
  • Heidelberg Cement - Germany
  • Savvy Resources Ltd - HongKong
  • TNPL - India
  • Goldman Sachs - Singapore
  • Gujarat Electricity Regulatory Commission - India
  • Sucofindo - Indonesia
  • McKinsey & Co - India
  • Reliance Power - India
  • bp singapore
  • KPCL - India
  • Deloitte Consulting - India
  • Holcim Trading Pte Ltd - Singapore
  • Dr Ramakrishna Prasad Power Pvt Ltd - India
  • TANGEDCO India
  • Georgia Ports Authority, United States
  • Rio Tinto Coal - Australia
  • Idemitsu - Japan
  • Renaissance Capital - South Africa
  • Kobe Steel Ltd - Japan
  • Indorama - Singapore
  • Petron Corporation, Philippines
  • Cement Manufacturers Association - India
  • Peabody Energy - USA
  • Riau Bara Harum - Indonesia
  • Australian Commodity Traders Exchange
  • Mercator Lines Limited - India
  • Kideco Jaya Agung - Indonesia
  • Sree Jayajothi Cements Limited - India
  • Thomson Reuters GRC
  • Lafarge - France
  • Bulk Trading Sa - Switzerland
  • Britmindo - Indonesia
  • Kobexindo Tractors - Indoneisa
  • Geoservices-GeoAssay Lab
  • Gresik Semen - Indonesia
  • LBH Netherlands Bv - Netherlands
  • Energy Link Ltd, New Zealand
  • Runge Indonesia
  • DBS Bank - Singapore
  • Jorong Barutama Greston.PT - Indonesia
  • CIMB Investment Bank - Malaysia
  • The Treasury - Australian Government
  • Bukit Makmur.PT - Indonesia
  • Cardiff University - UK
  • Dalmia Cement Bharat India
  • IEA Clean Coal Centre - UK
  • Indian Oil Corporation Limited
  • Bhatia International Limited - India
  • Karaikal Port Pvt Ltd - India
  • Asmin Koalindo Tuhup - Indonesia
  • Platou - Singapore
  • International Coal Ventures Pvt Ltd - India
  • Barclays Capital - USA
  • Marubeni Corporation - India
  • Maheswari Brothers Coal Limited - India
  • IMC Shipping - Singapore
  • SASOL - South Africa
  • Parliament of New Zealand
  • HSBC - Hong Kong
  • World Coal - UK