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