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Thursday, 21 October 10
MEC WOOS INDIAN POWER FIRMS FOR 50% STAKE SALE - BUSINESS STANDARD
 Business-Standard reported that, Singapore-based MEC Coal plans to rope in an Indian power company as a 50 per cent equity partner. It is believed to have approached Essar Power, Reliance Power, Lanco Infratech, Navabharat Power and GVK Power for a possible alliance.
Sources said MEC needed investments to set up infrastructure and give logistical support to its mines. It also requires a 130-kilometre rail line and a jetty to evacuate coal.
"We don't comment on market speculation. MEC is already backed by committed investors and since beginning we have been exploring a number of different financing options for our coal mine, railway, port, power plant and aluminum smelter projects in Indonesia. These include swap deals with power companies and long-term off-take agreements," the company said in an e-mailed statement.
MEC Coal is a joint venture between the Trimex Group and the government of Ras Al Khaimah. It is developing one of the largest greenfield mines in Asia, located in the East Kalimantan province of Indonesia. Its Indonesian subsidiary, PT Tekno Orbit Persada, is developing the mine, which has estimated coal resources of two billion tonnes and measured reserves of 800 million tonnes.
It has two adjoining coal blocks. Each block can produce 17 million tonnes per annum (mtpa) during the first phase of the production plan. Production from these mines would begin with two million tonnes in 2010, which would increase to seven million in 2011 and nine million in 2012, the company had said. The company has already acquired 5,000 hectares for the mines and completed feasibility and environmental studies.
"The mines produce thermal coal, which is more suited to fire coal-based power plants, and hence, it is in talks with power companies which are looking at coal assets in Indonesia," said a source close to the development.
MEC's Executive Vice-Chairman, Madhu Koneru, had earlier talked about adopting a partnership strategy for India, where they would like to work with independent power producers (IPPs) by providing long-term assurance of supplying coal from its mines in Indonesia.
A report by Fitch Ratings predicts that coal imports by Indian power companies will increase significantly. "During 2009-10, India imported 70 million tonnes, and we expect it to rise to 85 million tonnes by the end of 2010-11. The power ministry has forecast that coal imports will increase to at least 100 million tonnes by 2011-12," said the report on coal-fired power.
Source: Business-Standard (by Katya B Naidu)
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Saturday, 23 October 10
HEAVY RAINS NO DAMPENER FOR 2010 COAL OUTPUT TARGET, MINISTRY SAYS - THE JAKARTA GLOBE
The Jakarta Globe reported that, National coal production would likely meet the target set by the Energy Ministry despite unusually heavy rain this ...
Thursday, 21 October 10
WORLDS FIRST, SINGAPORE EXCHANGE TO CLEAR OTC INDONESIAN COAL SWAP - MONDOVISIONE
Mondovisione reported that, Singapore Exchange (SGX) will be the first exchange in the world to clear over-the-counter (OTC) Indonesian Sub-Bitumino ...
Thursday, 21 October 10
CAPESIZE, A FANTASTIC WEEK WITH IMPROVED RATES IN BOTH BASINS - FEARNBULK
Handy Activity remains slow this week combined with a lack of fresh enquiry in the Atlantic. Indexes are all negative except Cape but it is worth no ...
Wednesday, 20 October 10
BLENDING OF IMPORTED COAL AT THERMAL PLANT UP TO 30 % MAY BE ALLOWED - PUNJAB NEWS LINE
Punjab News Line reported that, Indian government is considering allowing increase in the blending ratio of imported coal from 10 to 30 percent at t ...
Wednesday, 20 October 10
CANADIAN CHALLENGER ACQUIRES INDONESIAN COAL PROJECT
COALspot.com (Press Release): According to Challenger Deep Resources Corp's website and press release posted on the site, Challenger Deep Res ...
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