India's GVK seeking to sell Alpha coal stakes

India's GVK Power & Infrastructure is looking to sell down its stakes in the Alpha coal project and related port and rail assets in Queensland to help fund the $10 billion cost of the projects, its Australian chief told the AFR.

GVK bought a 79% stake in the Alpha and Alpha West thermal coal projects in Queensland's Galilee Basin and 100% of the Kevin's Corner coal project next to Alpha and the rail and port project linking to the Abbot Point terminal for $1.26 billion last year.

The remaining 21% in the Alpha coal projects is owned by Gina Rinehart's Hancock Prospecting.

China plans to grow coal production by 11%

China plans to raise its coal output by 11% over four years to 3.9 billion tonnes by 2015, the country's top economic planner said, a figure that is likely to increase its reliance on imports, according to the AFR.

China is the world’s largest producer and importer of coal and the modest production target implies a deceleration in growth to around 2% a year over the next four years, compared to previous growth rates of above 10% a year.

The plan, released by the National Development and Reform Commission (NDRC) and compiled by the National Energy Administration (NEA), did not give estimates for coal imports.

Miners incensed over tax rebate rumours

The coal industry and small miners have lashed out at suggestions the diesel fuel rebate could face further cuts in the May budget, arguing it would cut exploration and force miners offshore, The Australian reports..

The coal industry receives more than $600 million in rebates under the off-road diesel fuel rebate and Australian Coal Association chief executive Nikki Williams said the move would be at odds with a long-established principle that business inputs should not be taxed.

"Reducing fuel credits is akin to introducing a proxy carbon price to supplement what is already the world's highest carbon tax," Dr Williams said.

China Steel eyes Roy Hill

Taiwan’s China Steel Corp is in late-stage talks to acquire a stake in the Roy Hill iron ore project in Western Australia, a person familiar with the matter said, marking the latest move by an Asian steelmaker to secure access to one of Australia's largest mining developments, the Australian reports.

A deal to buy a minority stake in the project will likely be signed by the end of March, the person said, without elaborating.

Leighton switches audit firm

A matter of weeks after disclosing possible malfeasance on contract bidding in the Middle East, contractor Leighton is ditching its long-standing auditor, KPMG, in favour of using the same auditor as its parent, the SMH reports.

Germany's Hochtief has been Leighton's major shareholder since the early 1980s, but only now are the companies to use the same auditor. Deloitte audits the accounts of Leighton's parent, Hochtief and its controlling shareholder, Spain's ACS.