Peabody and ArcelorMittal receives clearance from China for Macarthur offer

Thursday, 13 October 2011

US-based giant coal company Peabody Energy and the world's biggest steelmaker ArcelorMittal have announced that they have received clearance from the Ministry of Commerce of the People's Republic of China (MOFCOM) for the $A16.00 per share cash offer to acquire all the outstanding shares of Australia-based low-volatile metallurgical coal producer Macarthur Coal Limited.

With the approval of MOFCOM, the companies have received all the necessary regulatory approvals for the acquisition.

The offer of PEAMCoal, the 60-40 joint venture formed by Peabody and Arcelor to bid for Macarthur, is still the only offer for Macarthur shares and it is scheduled to close on October 28, 2011 unless extended. PEAMCoal currently has approximately 22.78 percent relevant interest in Macarthur.

Tags: coking coal , raw mat , USA , Australia , Oceania , North America , mining , Macarthur Coal

(sourced steelorbis)

Japanese regulator clears Peabody ArcelorMittal bid for Macarthur Coal

Thursday, 25 Aug 2011

Japan's competition regulator has cleared a USD 5 billion hostile bid for Australia's Macarthur Coal by Peabody Energy and ArcelorMittal.

Macarthur is resisting the AUD 15.66 a share offer, which includes Macarthur's final dividend. Macarthur considers the offer too low and is due to respond to it by September 1.

(sourced from Reuters)

Government update on clearance of coal blocks in India

Thursday, 18 Aug 2011

216 coal blocks with geological reserves of about 50 billion tonnes have been allocated to eligible public and private companies under the Coal Mines (Nationalization) Act, 1973. Of these, 24 coal blocks have been de allocated. Of the de allocated coal blocks, two coal blocks were re-allocated to eligible companies under the said Act.

Mr Pratik Prakashbapu Patil minister of state for coal informed the Lok Sabha in view of above, the net allocated blocks are 194 with geological reserves of about 44.44 billion tonnes.

The minister said that the responsibility of developing the coal block as per the prescribed guidelines and milestones rests entirely with the allocattee companies who are required to obtain the statutory clearances including forestery and environmental clearance for both mining as well as end use project.

It is informed that at the time of advertising the coal blocks for inviting applications from eligible companies, the Ministry of Coal places in its official Website all the relevant details of each coal block considered for allocation including the location of the coal block (longitudes and latitudes), estimated coal reserves, estimated coal grade etc well in advance.

Further the guidelines for allocation of coal blocks are also placed in the Website of Ministry of Coal. It is for the companies to exercise due diligence before making application for allocation of a particular coal block.

Power ministry rejects conditional nod for Orissa UMPP coal fields

Monday, 14 Mar 2011 |By ET

The Indian power ministry has rejected the environment ministry's precondition of shelving two coal mining projects as a tradeoff for granting clearance to a third coal block of the 17,000 crore ultra mega power project at Bedabahal in Orissa. This development would make another deferment of bidding for the 4000 MW project inevitable.

Indian environment minister Mr Jairam Ramesh has granted mining approval to the coal block on the condition that NTPC and Orissa Power Generation Corporation give up their respective coal blocks, Dulanga and Manoharpur, in the vicinity.

While NTPC will mine the Dulanga block for its various power projects, Orissa Power Generation Corporation will use coal from the Manoharpur blocks to fire its 1,320 MW project at Jharsuguda.