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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, 08 September 11
PETROSEA ADDS US$730 MIO CONTRACT
Coal mining contractor PT Petrosea Tbk (PTRO), a majority owned subsidiary of energy integrated company PT Indika Energy Tbk (INDY), has secured a U ...
Wednesday, 07 September 11
ANOTHER EXCEPTIONALLY STRONG WEEK FOR THE CAPESIZE MARKET - BRS
The very strong rise in Cape rates pushed through an overall improvement in the BDI this week, although relatively little benefit from the Capes has ...
Wednesday, 07 September 11
INDIA HIT BY INDONESIAS COAL PRICE - TEMPO INTERACTIVE
TEMPO Interactive, an Indonesian online news portal reported that, The Indian government has complained about the price increase of Indonesian coal, ...
Wednesday, 07 September 11
SAMPUR POWER AGREEMENT SIGNED - DAILY NEWS
Daily News, Sri Lank's national news paper reported that, the agreement for the setting up of a 500 MW coal-fired power plant at Sampur, Trincomale ...
Tuesday, 06 September 11
INDONESIAS PROPOSED COAL EXPORT BAN MAY HAVE IMPACT ON THE INDIAN POWER SECTOR - DIPESH DIPU
COALspot.com - This is a special interview about Indonesian proposed coal export ban by 2014, with Mr. Dipesh Dipu, Director of Deloitte Touche Tohm ...
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- CNBM International Corporation - China
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Planning Commission, India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
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