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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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Wednesday, 21 October 09
INDONESIA'S BUKIT ASAM GETS COAL RAILWAY APPROVAL
Reuters reported that, Indonesian state coal miner PT Tambang Batubara Bukit Asam Tbk said on Wednesday it had been given government approval to sta ...
Wednesday, 21 October 09
COAL DEMAND SOARS AS ASIA ECONOMIES REBOUND - PEABODY
Reuters reported that, Demand for coal to generate electricity and make steel in China and India is expected to grow by 7 percent to 8 percent annua ...
Wednesday, 21 October 09
INDONESIAN SHOCK FOR INDIAN POWER PLANTS
Business-Standard reported that, India’s ambitious plans to generate an additional 180,000 Mw of power in the next seven years will face hurdl ...
Wednesday, 21 October 09
DUTA GRAHA PLANNING TO DELVE INTO MINING SECTOR
The Jakarta Globe reported that, PT Duta Graha, one of the country’s largest private engineering firms, says it intends to diversify into the ...
Tuesday, 20 October 09
RECAPITAL SET TO BUY INDONESIA'S BERAU COAL - SOURCES
* COULD PAY AT LEAST $1.3 BLN FOR BERAU - SOURCES
* RECAPITAL CONFIRMS IT HAS BID FOR BERAU
* BAKRIE GROUP LIKELY TO BACK BID – SOURCES
...
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- SMG Consultants - Indonesia
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- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
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- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Savvy Resources Ltd - HongKong
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- Global Coal Blending Company Limited - Australia
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- Planning Commission, India
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- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- The University of Queensland
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
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- Bulk Trading Sa - Switzerland
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- New Zealand Coal & Carbon
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- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
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- Kideco Jaya Agung - Indonesia
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- PTC India Limited - India
- PowerSource Philippines DevCo
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- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
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- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
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- Bangladesh Power Developement Board
- Independent Power Producers Association of India
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- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
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