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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
COAL INDIA, SHIPPING CORP MAY FORM VENTURE TO IMPORT COAL
The venture may be on the lines of the firm that CIL plans with SAIL for coal imports in which both to hold 25%
Live Mint reported that, State-ru ...
Tuesday, 06 October 09
ASIA COAL-PRICE REBOUND TOWARDS $71 ON TENDER ACTIVITY
Reuters reported that, Prices of power-station coal in Australia, a benchmark for Asia, rose 4 percent in the latest week to near $71 a tonne, bolst ...
Tuesday, 06 October 09
BHARATHI CEMENT TO ADD 2.5 MT CAPACITY BY 2010
Business-Standard reported that, Bharathi Cement Corporation (BCC) commenced its commercial operations from its Nallalingayapalli manufacturing plan ...
Tuesday, 06 October 09
MOZAMBIQUE TO BUILD COAL RAILWAY
BBC reported that, Mozambique's government has announced that it has secured $500m (£313m) to build a new railway line. The transport ministe ...
Tuesday, 06 October 09
COAL INDIA AIMS TO BUY MINE ABROAD BY MARCH
*Coal India to issue its first coal import tender by Nov
*ArcelorMittal, 9 others in race to develop abandoned mines
*52 firms keen to partner coa ...
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- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- CNBM International Corporation - China
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
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