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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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Wednesday, 05 October 11
WITH CHINA ON HOLIDAY, DRY BULK MARKET REMAINS STAGNANT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has remained to healthy levels after last month’s rally, but with China going on holiday this week, things are looking sta ...
Tuesday, 04 October 11
INDONESIA RAISES COAL BENCHMARK (HBA) FOR FIRST TIME IN 4 MONTHS
COALspot.com - Indonesia raised the monthly reference price for sales in October by 2.56 percent, the first increase since June.
The Ministry of ...
Tuesday, 04 October 11
COAL MINING GROUP WANTS EXPORT TAX, NOT EXCISE - JG
One of the leading English news paper in Indonesia, The Jakarta Globe reported that, the government shall reimpose a duty on coal exports, classifyi ...
Sunday, 02 October 11
INDIAN COAL IMPORTS PICKED UP - CAPT. REDDY
COALspot.com - The BDI dropped by 1 pct and Cape index dropped by 6 pct closing at 1,899 points and 3,136 points respectively. However all other seg ...
Saturday, 01 October 11
2012 TO BE ANOTHER CHALLENGING YEAR - CEO, REMI MARITIME
Shipowners are facing another challenging year in 2012 said Mr. Leonidas Polemis CEO of Remi Maritime Corporation, urging caution towards operating ...
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- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
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