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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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- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
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- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
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- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
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- Wilmar Investment Holdings
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- Latin American Coal - Colombia
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- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
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- Electricity Authority, New Zealand
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- India Bulls Power Limited - India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
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- GMR Energy Limited - India
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- Tata Chemicals Ltd - India
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- Sakthi Sugars Limited - India
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- Petrochimia International Co. Ltd.- Taiwan
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- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
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- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
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- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- VISA Power Limited - India
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
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