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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, 21 September 11
2ND ANNUAL SHALE GAS SUMMIT
2nd Annual Shale Gas Summit 31 October – 3 November 2011 JW Marriott Hotel, Hong Kong
According to a recent EI ...
Tuesday, 20 September 11
MTD INAUGURATES ITS COAL TERMINAL IN JAVA ISLAND
Press Release – MTD Group of Malaysia, one of prominent key players in the development of infrastructure in Malaysia, today inaugurated their ...
Tuesday, 20 September 11
DRY BULK MARKET LOSING ITS EDGE, RETREATING AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After a surge during the past couple of weeks, which saw Capesize earnings boosted and the BDI (Baltic Dry Index) reaching levels of year high and c ...
Monday, 19 September 11
CHINA IMPORTS MORE THAN 10 MMT INDO COAL IN AUGUST 2011
COALspot.com - Indonesian coal exports dropped 1.642 million tons in August compared to July exports. Indonesia exports 29.662 million tons of coal ...
Monday, 19 September 11
INDOMOBIL ENTERING INTO COAL MINING BUSINESS
COALspot.Com- PT Indomobil Sukses Internasional Tbk, part of, one of Indonesia's largest conglomerates, to enter into mining industry ac ...
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- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
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