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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, 07 October 09
WORLD'S LEADING COAL-BASED PP PROJECT TO BEGIN TRIAL PRODUCTION NEXT YEAR IN NW CHINA
Xinhua Net reported that, a coal-based polypropylene (PP) production project in northwest China, believed to be the world's largest one, is to ...
Wednesday, 07 October 09
INDIA SAIL TO IMPORT 10-11 MLN T COAL IN FY10 - EXEC
Reuters reported that, Steel Authority of India Ltd plans to import 10-11 million tonnes of coal in the current year to March, below last year's 13 ...
Wednesday, 07 October 09
DOMESTIC SHIPPING FIRMS READY FOR NEW RULES ON COAL, INDUSTRY GROUP SAYS
The Jakarta Globe reported that, The domestic coal-shipping sector is ready for the introduction of shipping regulations requiring all power station ...
Wednesday, 07 October 09
CHINESE BANK MAY PULL OUT OF SUMATRA COAL RAILWAY
The Jakarta Globe reported that, The Export-Import Bank of China may pull out of a $1.28 billion South Sumatra coal-railway project with state-owned ...
Wednesday, 07 October 09
COAL INDIA LOOKS AT LONG-TERM PRICE CONTRACTS
Economic Times reported that, Coal India is looking at long-term price contracts, of at least three-four year periods, with foreign entities, 54 of ...
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- Pipit Mutiara Jaya. PT, Indonesia
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- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
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- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
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- PTC India Limited - India
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- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
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- IEA Clean Coal Centre - UK
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- Trasteel International SA, Italy
- Edison Trading Spa - Italy
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- Bhoruka Overseas - Indonesia
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- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
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- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
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- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
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- Simpson Spence & Young - Indonesia
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- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
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- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
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- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- MS Steel International - UAE
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
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- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
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- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- White Energy Company Limited
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- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
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- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
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