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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 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Planning Commission, India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Edison Trading Spa - Italy
- White Energy Company Limited
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
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