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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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Sunday, 18 September 11
THE COAL IMPORTS TO INDIA, OUT OF INDONESIA LIKELY TO PICK UP - CAPT. REDDY
COALspot.com - The freight market continued the upward trend until midweek almost touching 2,000 points, however towards second half of the week the ...
Saturday, 17 September 11
INDIA'S GVK ACQUIRES HANCOCK COAL AND INFRASTRUCTURE PROJECTS IN AUSTRALIA
COALspot.com - GVK group, India’s leading infrastructure developer, today confirmed arrangements for the acquisition of a strategic part of la ...
Friday, 16 September 11
DELTA DUNIA MAKMUR REMOVED 30.9 MILLION BCM OVERBURDEN IN AUGUST 2011
COALspot.com - PT. Delta Dunia Makmur Tbk has removed 30.9 million bcm (+13.2% YoY) overburden in August 2011 while coal production was at 2.9 ...
Thursday, 15 September 11
RUSSIAN COAL EXPORTS UP 10.9% IN JAN-AUG TO 71.50 MILLION TONS - PORT NEWS / HELLENIC SHIPPING
Port News reported that, Coal exports from Russia in January-August 2011 grew by 10.9% compared with the same period last year, to 71.50 million ton ...
Thursday, 15 September 11
INDIAN GOVT PLANS TO DEVELOP 9 NEW MAJOR PORTS BY 2016 - INVEST MONEY / HELLENIC SHIPPING
The government has announced to make a investment of more than Rs 22,000 crore (approximately US$ 4,623,791,331) to develop nine new major ...
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- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Posco Energy - South Korea
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- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
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- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
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- Bulk Trading Sa - Switzerland
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- Neyveli Lignite Corporation Ltd, - India
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- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
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- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Planning Commission, India
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- ICICI Bank Limited - India
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- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
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