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