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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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Sunday, 28 August 11
FREIGHT MARKET COULD BE FIRM NEXT MONTH - VISTAAR
COALspot.com - The freight market continued the upward trend first half of the week . However, towards the end of the week lost momentum and the BDI ...
Saturday, 27 August 11
JAPANESE BULK CARRIER SETS RECORD ON NORTHERN SEA ROUTE - BARENTS OBSERVER
The Northern Sea Route will see its third record in less than a month when the largest ever bulk carrier to take the route leaves Murmansk next week ...
Saturday, 27 August 11
RBCT-INDIA ROUNDS FIXED AT AROUND US$ 12K - FEARNBULK
Handy
Stable but very positional markets across all segments in the Atlantic: the gap between owners and charterers rate ideas is building up as o ...
Friday, 26 August 11
TUAH TURANGGA AGUNG ACQUIRES AN ADDITIONAL 40% SHARES IN BARA PRIMA AGUNG
COALspot.com - PT Tuah Turangga Agung, a subsidiary of PT United Tractors Tbk, has signed an acquisition agreement to acquire 40% of PT Bara Prima A ...
Friday, 26 August 11
INTRACO EYES US$200 MIO COAL TAKEOVER - INSIDER STORIES
Heavy equipment distributor PT Intraco Penta Tbk, that was founded by Halex Halim, is scouting a coal acquisition with the valuation above US$200 mi ...
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- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Planning Commission, India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
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