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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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Saturday, 15 October 11
BUNKER PRICES AND DEMANDS PUSHED FREIGHT RATES UP - VISTAAR
COALspot.com - The market continued to be firm with all segments moving up with biggest gain in Handy size segment up by 15 pct. The BDI was u ...
Saturday, 15 October 11
BENGAL COAL IMPORT TEST - THE TELEGRAPH
The Telegraph reported that, the power position in Bengal improved today but alarm bells are ringing over imported coal stocks that are running out ...
Friday, 14 October 11
CAPE DERIVATIVES MARKET HAS NOT REFLECTED OWNERS EXPECTATIONS' - FEARNBULK
Handy
The Atlantic market continued its upward trend, with fresh cargo entering the market. Skaw Passero to US Gulf climbed US$ 1500 from la ...
Friday, 14 October 11
ADARO BUYS SERVO MEDA FOR RP200 BIO - INSIDER STORIES
Insider Stories reported that, PT Adaro Energy Tbk (ADRO) announced that its subsidiary PT Alam Tri Abadi (ATI), acquired 35% stake in PT Serv ...
Thursday, 13 October 11
DRY BULK MARKETS RALLY CONTINUES, BUT ANALYSTS WARN IT WILL BE SHORTLIVED - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market continued its push forward yesterday, for yet another session, as the BDI (Baltic Dry Index), the industry’s benchmark edg ...
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- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- The University of Queensland
- The Treasury - Australian Government
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
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