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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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Friday, 09 September 11
SUPRA BARA SECURES $20 MILLION LOAN - JP
The Jakarta Post reported that, Coal miner PT Supra Bara Energi says it has secured a US$20 million loan facility from BNP Paribas to buy heavy equi ...
Friday, 09 September 11
CAPESIZE CAN SECURE USD 17-18K SHORT PERIOD - FEARNBULK
Handy
The US Gulf has remained relatively steady, slightly more activity in the South Atlantic with owners aiming for low to mid USD 20k´s f ...
Thursday, 08 September 11
UKRAINES COAL PRODUCTION TO RISE 8% - IFANDP
Industrial fuels & power reported that, Ukraine will increase its coal output by about 8% this year compared to last year, said the country&rsqu ...
Thursday, 08 September 11
DRY BULK MARKETS RALLY COMES TO AN END - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was widely expected by analysts and shipbrokers alike, the latest rally of the dry bulk market came to a halt yesterday, with the Baltic Dry Inde ...
Thursday, 08 September 11
TRADA MARITIME BUYS GUNUNG BARA UTAMA
Insider Stories reported that, PT Trada Maritime Tbk (TRAM) has purchased convertible bonds issued by PT Awesome Coal from Zakia Limited. The memora ...
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- Gujarat Electricity Regulatory Commission - India
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- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
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- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
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- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
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- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
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- Energy Development Corp, Philippines
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- International Coal Ventures Pvt Ltd - India
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- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
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- Simpson Spence & Young - Indonesia
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- Cement Manufacturers Association - India
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- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
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- South Luzon Thermal Energy Corporation
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- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
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- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Deloitte Consulting - India
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- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Australian Coal Association
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
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- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
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- Ind-Barath Power Infra Limited - India
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- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
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- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
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- Goldman Sachs - Singapore
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- The University of Queensland
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- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
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