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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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- Standard Chartered Bank - UAE
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- Deloitte Consulting - India
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- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
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- Bhatia International Limited - India
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- Rashtriya Ispat Nigam Limited - India
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- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
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- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
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- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
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- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
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- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
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- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- The University of Queensland
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Central Electricity Authority - India
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
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- Indian Oil Corporation Limited
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- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- PTC India Limited - India
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- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
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- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
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- Parliament of New Zealand
- Ministry of Transport, Egypt
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- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
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- ICICI Bank Limited - India
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