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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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Tuesday, 13 September 11
CAPITAL COSTS OF INDIAN COAL MINING PROJECT - AN ANALYST VIEW
By Mr Dipesh Dipu, Director - Consulting (Mining), Deloitte Touche Tohmatsu India Private Limited
The coal mining sector that has been opened par ...
Tuesday, 13 September 11
INDONESIAS COAL SECTOR EYES 2012 BOOM - JG
The Jakarta Globe, Indonesian English language News paper reported that, Coal production is set to surge next year as coal miners bolster their busi ...
Tuesday, 13 September 11
DRY BULK RALLY MAINTAINS MOMENTUM AT START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept its upward momentum at the start of the week, as the industry’s benchmark, the Baltic Dry Index (BDI) was up by 2.07% ...
Monday, 12 September 11
INDONESIAN GOVERNMENT HAS ALLOCATED MORE COAL FOR 2012
COALspot.com - Indonesian government has increased the domestic market obligation allocation to 82.07 million tons of coal for 2012, which is 4 perc ...
Saturday, 10 September 11
THE FREIGHT MARKET LIKELY TO BE FIRM NEXT WEEK - CAPT. REDDY
COALspot.com - The freight market continued the upward trend during last week with BDI crossing 1,800 points and closing at 1,838 points up by 5.63 ...
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- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Planning Commission, India
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
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