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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 $19.5 billion tie-up with state-owned Chinese metals firm Chinalco after several delays to the Australian approval process.
And last month, China Nonferrous Metal Mining (Group) Co Ltd dropped its bid for Australian rare-earths company Lynas Corp, citing stiff conditions imposed by Australia.
But that has not deterred China from pursuing more acquisitions. Australia's Foreign Investment Review Board has been flooded with applications, including Chinese state-owned Sinochem's bid for farm chemicals group Nufarm Ltd and Baosteel's plan to buy 15 percent of iron ore explorer Aquila Resources.
Last month, FIRB general manager Patrick Colmer said the board wanted to limit foreign investments in start-up projects to less than 50 percent and in major mining firms to 15 percent.
Source: Reuters
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Sunday, 04 October 09
GOVT THREATENS TO CANCEL COAL BLOCK ALLOTTED TO BINANI CEMENT
Economic Times reported that, The government has threatened to cancel a coal block allocated for captive use to Binani Cement saying the company see ...
Saturday, 03 October 09
SHORT PERIOD RATES FOR SUPRAMAX WAS AROUND US$ 17,000 PER DAY FOR VESSELS OPENING FAR EAST / SE ASIA - VISTAAR
COALspot.com (Singapore): The BDI firmed up this week by almost 8 pct to 2,357 points , the main reason being jump in Cape size index by almost 22 p ...
Friday, 02 October 09
C&O SEES INDONESIA COAL PURCHASES UP 20 PCT IN 2010
Reuters reported that, Dubai-based coal trader Coal & Oil (C&0) expects its coal purchases from Indonesia to increase by at least 20 percent ...
Thursday, 01 October 09
MJUNCTION LAUNCHES INDIA'S FIRST COAL SPOT PRICE INDEX
• Named 'MJcomposite, MJsteel, MJcement, MJpower' the value weighted index will benefit Indian coal buyers by minimising risk against pr ...
Wednesday, 30 September 09
INDIA CEMENTS SET TO PRODUCE POWER; EYES COAL MINE IN INDONESIA
Financial Express reported that, Tamil Nadu-based India Cements Ltd (ICL) has firmed up plans to produce power to meet its current and future requir ...
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- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- PTC India Limited - India
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
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