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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, 06 September 11
SEMEN GRESIK TO ACQUIRE COAL MINE FOR RP. 1 TRILLION
COALspot.com - PT Semen Gresik Tbk (SMGR) is planning to acquire a low calorific value coal concession (IUP). According to Semen Gresik, the coal mi ...
Tuesday, 06 September 11
DRY BULK MARKETS RALLY POWERS THROUGH TO NEW WEEK, BUT A CORRECTION COULD BE OVERDUE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s freights rates kept leaping forwards during the beginning of the week, with the industry’s benchmark, the Baltic D ...
Monday, 05 September 11
TNPL POSTPONES BID OPENING UNTIL 12 SEPTEMBER 2011
COALspot.com - TNPL has postponed submission of the offer until 12 September 2011 on request from the supplier, an Indian trader said.
Due to Ram ...
Monday, 05 September 11
INDONESIAN COAL BENCHMARK PRICE - ANALYSIS
Analyst : Sunil K Kumbhat
COALspot.com - As a part of the Government’s efforts to stop transfer pricing abuses which have resulted in the los ...
Saturday, 03 September 11
FEW SHIPS REPORTED FIXED FROM INDONESIA TO INDIA - VISTAAR
COALspot.com - The freight market continued the upward trend during last week with BDI up by about 13 pct closing at 1,740 points and cape index up ...
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- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Aditya Birla Group - India
- The University of Queensland
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
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