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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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Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
Saturday, 20 August 22
KOSPO TO IMPORT 240000 MT OF MIN 4400 KCAL/KG NCV STEAM COAL FOR OCTOBER;LOADING FROM RUSSIAN PORTS NOT ALLOWED
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 240,000 MT of min 4,400kcal/kg to max. 4,999 kcal/kg NC ...
Wednesday, 17 August 22
INDIAN COMPANIES SWAPPING DOLLAR FOR ASIAN CURRENCIES TO BUY RUSSIAN COAL - REUTERS
Indian companies are using Asian currencies more often to pay for Russian coal imports, according to customs documents and industry sources, avoidi ...
Wednesday, 17 August 22
LNG: MAJOR INVESTMENT AND EXPANSION PHASE, DOUBLING OF LIQUEFACTION CAPACITY BY 2028 PROJECTED - CLARKSONS
Clarksons Research have released the latest version of their long standing annual review, LNG Trade & Transport, on to Shipping Intelligence Ne ...
Wednesday, 17 August 22
UNAFFORDABLE LNG PRICES UNDERMINE RAPID DEMAND GROWTH FORECASTS IN KEY ASIAN MARKETS - IEEFA
Sustained high prices may accelerate downward pressures on Asian LNG demand, clouding long-term industry outlooks
The global liquefi ...
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- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Australian Coal Association
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
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- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
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