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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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Thursday, 15 September 11
BOTSWANA COAL AND ENERGY CONFERENCE 2011
Press Release - Botswana Coal and Energy Conference 2011 | 29-30 November 2011 | Gaborone. Botswana represents Africa’s exciting new coal and ...
Thursday, 15 September 11
DRY BULK MARKET EDGING FURTHER UP THE SCALE, CLOSING IN ON 2,000 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was up once again yesterday, reaching 1,927 points, or 1.375 higher on the day. Thus, it has kept its rising trend established d ...
Wednesday, 14 September 11
INDO STRAITS BAGS 2.4 MILLION TON COAL TRANSPORTATION CONTRACT FROM ARUTMIN
COALspot.com - PT Indo Straits Tbk (PTIS) bagged a contract to tranship about 2.40 million tons of coal over an initial period of 6 months fro ...
Wednesday, 14 September 11
DUTA PERTIWI DISCOVERS COAL RESERVE - INSIDER STORIES
Insider Stories reported that, PT Duta Pertiwi Nusantara Tbk (DPNS) yesterday steeply jumped 24.56% to Rp710 a share after the company discove ...
Wednesday, 14 September 11
GOVT SETS SEPTEMBER COAL REFERENCE PRICE AT $116.26 PER TON
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has set the September 2011 coal reference price at US$ 116.26 per ton slightly ...
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- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- London Commodity Brokers - England
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Australian Coal Association
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
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