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Friday, 23 October 09
AUSTRALIA APPROVES CHINESE TAKEOVER OF FELIX RESOURCES
 * Australia give conditional approval to China's Felix deal
* Chinese owner must list the assets on Australian exchange
Reuters reported that, Australia approved Chinese firm Yanzhou Coal Mining Co's $2.9 billion takeover of coal-miner Felix Resources Ltd on Friday, but said the local firm's assets must be run by an Australia-based company.
The deal is also conditional on listing the local unit on the Australian market and trimming Yanzhou's holding, but it does not change Australia's declared bias against takeovers of greenfield resource projects or major mining companies.
"I won't say this is a dramatic shift in government policy," said Ian Ramsay, a law professor of University of Melbourne.
"We are seeing government policy evolve in relation to foreign investment decisions and that is certainly the case in relation to investments by Chinese companies in Australian resources sector."
Chinese state-owned companies have been looking to buy up Australian mining assets to secure supplies of raw materials for its rapidly growing economy, the world's third largest.
But bilateral ties have been strained by Canberra's opaque and sometimes lengthy process for vetting foreign investments, with some high-profile deals falling through before a decision is reached or after strict conditions have been imposed.
"The government is looking for an acceptable middle ground. This does send a pretty positive message and I say this because these are not unduly onerous undertakings," Ramsay said.
LOCAL LISTING, EXECUTIVES
The Australian government has stipulated that Yanzhou Coal must list the local unit on the Australian stock market by 2012 and cut its ownership to less than 70 percent, Assistant Treasurer Nick Sherry said in a statement.
Sherry said Yanzhou had already accepted these conditions, as well as promised to base the local unit's chief executive and chief financial officer in Australia.
Yanzhou further agreed to market coal produced at all of its Australian mines "on arms-length terms with reference to international benchmarks and in line with market practices."
Felix, which has mines in Queensland and New South Wales states, produced 4.8 million tonnes of coal in the year to June. Analysts expect the deal to boost Yanzhou's output by about 10 percent.
"With these undertakings provided by Yanzhou, I consider that this acquisition is consistent with Australia's national interest," Sherry added.
In March, Canberra rejected Chinese state-owned firm Minmetals' $2.26 billion bid for all of local miner OZ Minerals on national security grounds.
Other mooted deals have also been derailed.
Anglo-Australian miner Rio Tinto walked away from a $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Saturday, 24 October 09
NTPC SEEKS ALTERNATE COAL SUPPLY FOR KAHALGAON
State-run NTPC is looking at alternate sources of coal to fire its Kahalgaon (Bihar) and Farakka (West Bengal) and power stations, which are facing ...
Saturday, 24 October 09
ADANI, MMTC IN RACE TO SUPPLY COAL TO GSECL
Business-Standard reported that, as many as five companies are in fray to supply 15 lakh (1.5 million) metric tonnes of non-coking steam (ther ...
Saturday, 24 October 09
INDONESIA STATE POWER FIRM PLANS TO DELAY COAL SUPPLIES
Indonesia's state-controlled electricity company is negotiating with two coal producing firms to delay plans to supply coal to a power plant in Wes ...
Friday, 23 October 09
MONGOLIA LISTS 8 POTENTIAL BIDDERS FOR COAL PROJECT
Reuters reported that, Mongolia has shortlisted eight potential partners for its huge Tavan Tolgoi coking coal project, according to Temuulen Ganzor ...
Friday, 23 October 09
2010 WILL BE 'BRIDGE YEAR' FOR COAL - CONSOL CHIEF
Mining Weekly reported that, After a difficult 2009, 2010 will likely be a “bridge” year for the US coal industry, followed by improved ...
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- Central Java Power - Indonesia
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- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
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- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
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- London Commodity Brokers - England
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- Planning Commission, India
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- PNOC Exploration Corporation - Philippines
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- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
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- The University of Queensland
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- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
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- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
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- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
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- Semirara Mining Corp, Philippines
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- Parliament of New Zealand
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- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
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- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
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- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- White Energy Company Limited
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
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- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
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- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
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- Energy Link Ltd, New Zealand
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- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
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- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
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- PetroVietnam Power Coal Import and Supply Company
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- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
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- Jaiprakash Power Ventures ltd
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