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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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Monday, 10 October 11
MOZAMBIQUE CHANNEL TO BE THE NEW PIRACY HOTSPOT FOR THIS YEAR SAYS MARITIME SECURITY EXPERT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The Mozambique Channel, as well as the entrance to the Persian Gulf, are expected to become some of the new pirate hotspots for piracy, says Richard ...
Sunday, 09 October 11
FREIGHT MARKET ENDED WITH A POSITIVE DIRECTION - VISTAAR
COALspot.com - The market ended with a positive note with all the segments up except for handy size. The biggest gainer was Panamax index up by 11 p ...
Saturday, 08 October 11
INDONESIAN MINER PLANS $167M IPO TO FUEL SUMATRA COAL BOOM - JG
The Jakarta Globe reported that, coal miner Atlas Resources aims to raise as much as Rp 1.5 trillion ($167 million) in an initial public offering to ...
Friday, 07 October 11
MINING REGULATIONS , OBSTACLES AND GROWTH : INDIA VS INDONESIA - SUNIL K KUMBHAT
COALspot.com - The Govt of India has passed long pending Mines & Minerals (Regulation and Development) Bill, 2011, which seeks to replace ...
Friday, 07 October 11
$100M FOR EXPANSION INTO KALIMANTAN MINING: AKR
The Jakarta Globe, one of the leading English news paper in Indonesia reported that, AKR Corporindo, a fuel and chemical distributor, has set aside ...
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- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Australian Coal Association
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
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