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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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Tuesday, 20 October 09
COAL PRICES TO SURGE IN 2010 DESPITE AMPLE SUPPLY
Commodity Online reported that, Coal prices are indeed destined to go higher as they follow the rise of ‘coal currencies’ such as Austra ...
Tuesday, 20 October 09
INDIA MAY CUT STAKE IN NTPC BY DECEMBER, POWER SECRETARY SAYS
Bloomberg reported that, India’s government may sell a 5 percent stake in NTPC Ltd., the country’s biggest power producer, as early as D ...
Monday, 19 October 09
COAL PRICE UP AGAIN - RICHARDS BAY TERMINAL
Export prices rose 45 cents, or 0.7%, to an average of 64.05 a metric ton in the week ended Oct. 16, according to McCloskey Group.
The week was & ...
Monday, 19 October 09
COAL MINISTRY SEEKS EXPLANATION FROM AP GENCO
The Hindu Business reported that, the Coal Ministry has asked the Power Generation Corporation of Andhra Pradesh (AP Genco) to explain why there was ...
Monday, 19 October 09
CEMENT UNLIKELY TO COST MORE DESPITE COAL PRICE HIKE
Business-Standard reported that, Cement manufacturers will not immediately hike prices of the construction material, despite a surge in their input ...
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- GMR Energy Limited - India
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- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- PTC India Limited - India
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- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
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- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- VISA Power Limited - India
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