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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, 23 February 24
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- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Economic Council, Georgia
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- White Energy Company Limited
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
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