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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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Friday, 02 September 22
INDONESIA COAL PRICE REFERENCE SLIPS SLIGHTLY IN SEPTEMBER 2022
COALspot.com: Indonesian Coal Price Reference for September delivery drops 0.74 per cent month on month.
The Indonesian Coal Price R ...
Friday, 02 September 22
ABM INVESTAMA BUYS 30% GEMS SHARES FOR US$ 420 MILLION
PT ABM Investama Tbk through its indirect subsidiary, bought a 30% stake in the PT Golden Energy Mines Tbk for US$ 420 million or around Rp 6.2 tri ...
Wednesday, 31 August 22
MARKET INSIGHT - INTERMODAL
Scorching temperatures and extremely dry conditions during the Northern hemisphere summer have been drying crops. Yield prospects have subsided in ...
Tuesday, 23 August 22
HIGH COAL PRICES COULD BOOST INDONESIA'S ENERGY TRANSITION - IEEFA
Global coal prices have reached an all-time high as countries stop purchasing Russian coal amidst the Russia-Ukraine conflict. Indonesian coal comp ...
Tuesday, 23 August 22
A COMBINED US$6.8-BILLION CASH BALANCE OF INDONESIAN COAL COMPANIES COULD PROVIDE FOR TIMELY INVESTMENTS IN GREEN TRANSITION - IEEFA
A combined US$6.8-billion cash balance of Indonesian coal companies could provide for timely investments in green transition
The opp ...
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- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Planning Commission, India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Posco Energy - South Korea
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
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