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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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Friday, 09 October 09
INDIKA IN TALKS TO SELL 4M TONS OF COAL, EYEING BP ASSETS
The Jakarta Post reported that, Energy company PT Indika Energy is in talks with Indian buyers to sell 4 million tons of coal next year, one of its ...
Friday, 09 October 09
BULK-SHIPPING LINES MUST CANCEL 50% OF NEW ORDERS, PLATOU SAYS
Bloomberg reported that, Bulk-shipping lines need to cancel half of the new vessels they have on order to ease a capacity glut and revive freight ra ...
Friday, 09 October 09
THE BALTIC DRY INDEX WOKE UP: DRY BULK MARKET ON THE RISE
Hellenic Shipping News reported that, In what could prove the beginning of a new and sustainable rally for the dry bulk market, the BDI (Baltic Dry ...
Friday, 09 October 09
STRAITS ASIA INDONESIAN MINE COAL LOADER COLLAPSES
* New coal loading facility collapsed due to heavy rain
* Older coal loading facility seem unaffected so far
* UBS may cut valuation if disruption ...
Thursday, 08 October 09
COAL INDIA SAYS IMPORTS COULD JUMP 10 TIMES IN 3 YRS
Reuters reported that, Coal imports by state explorer Coal India Ltd could jump 10 times to 40-45 million tonnes in three years to meet a sharp rise ...
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- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- MS Steel International - UAE
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- VISA Power Limited - India
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
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