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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Vizag Seaport Private Limited - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- White Energy Company Limited
- Aditya Birla Group - India
- GMR Energy Limited - India
- Planning Commission, India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
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