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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- PTC India Limited - India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
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