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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, 28 September 11
ATLAS RESOURCES TO SELL 25% STAKE IN IPO - INSIDER STORIES
Insider Stories reported that, coal producer PT Atlas Resources Tbk, that is controlled by Indonesian businessman Andre Abdi, plans to sell 783.33 m ...
Tuesday, 27 September 11
A STRONG REBOUND FOR THE CAPE MARKET - BRS
A strong rebound for the Cape market, as cargoes continued to flow into the market and tonnage remained tight in the Atlantic, according to Barry Ro ...
Tuesday, 27 September 11
INTRACO SEALS US$25.3 MIO ORDER - INSIDER STORIES
Insider Stories reported that, Heavy equipment distributor PT Intraco Penta Tbk (INTA) obtained a US$25.3 million order on hand of heavy equipments ...
Sunday, 25 September 11
THE CHARTER RATES FOR INDONESIA TO INDIA WAS FIRM - VISTAAR
COALspot.com - The freight market moved up sharply with the cape Index up by 11 pct pushing the BDI by almost 6 pct and closing at 1,920 point ...
Saturday, 24 September 11
GOVT PLANS TO RENEGOTIATE ALL CONTRACTS INCLUDING FREEPORT - JP
The Jakarta Post reported that, the Energy and Mineral Resources Ministry has confirmed plans to renegotiate all mining contracts including those wi ...
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- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Australian Coal Association
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Central Electricity Authority - India
- The University of Queensland
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
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