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Wednesday, 12 September 12
INDIAS COALGATE: TIME FOR A ROOT CANAL
 A recent report from India’s Comptroller and Auditor General (CAG) pertaining to the allocation of coal blocks has created a political storm in India. The report alleges widespread corruption in coal block allocation and is perceived as potentially damaging for the already scam-tainted Manmohan Singh-led United Progressive Alliance (UPA) government.
According to the CAG, the underpriced sale and free allocation of coal blocks for captive mining may have cost the government as much as US$33 bill in lost revenue. At the heart of the debate is the 1993 policy which broke the government’s monopoly as a coal supplier and allowed private companies to mine coal for captive use, in a bid to increase coal production to meet burgeoning demand.
However, the decision resulted in a number of non-coal consuming industries approaching state governments and signing letters of intent promising to develop coal consuming plants if they were allocated coal mines. Coal blocks were allocated to private companies as well as state mining companies who were ill-equipped to run a power plant as well as a coal mine. Prime Minister Singh was in charge of the Ministry of Coal (MoC) from 2006 to 2009 when some of the controversial allocations took place.
A number of companies developed coal blocks, but the vast majority have been content to sit on the asset and wait until the government opened up the coal market to allow private captive coal miners to sell coal into the domestic market place. Of the 218 coal blocks that have been awarded to date, only 29 are currently in production. Many of these companies blame delays in environmental clearances and land acquisition issues for their inability to commence operations.
'Coalgate' Implications
Recently, the Ministry of Coal has started de-allocating coal blocks from miners who have not sufficiently developed their assets. As per the latest available data, 24 coal blocks have been de-allocated, including those from private companies including Binani Cement, Bhatia International Ltd and Lloyds Metal & Engineers Ltd. The threat of further de-allocation of mines by the MoC, as political fallout from the ongoing scandal, is expected to induce other mine owners to be more proactive with project development. There are significant financial implications for companies who have secured financing and have begun to develop plants dependent on captive coal blocks. Opposition from the business community is fervent as many coal-consuming plants are ready or partly ready, financing has been secured and industrial equipment has been ordered. If coal blocks are de-allocated, billions of dollars loaned to finance these projects would come under threat.
It is imperative for India to secure energy for its growing economy. It is facing severe shortages of domestic coal supply and ‘Coalgate’ will now join India’s ultra-mega power project (UMPP) policy as a shining example of failed energy policy. Salva does not believe that captive mining will grow to 653 Mt by 2020, as forecast by India’s Planning Commission.
Developments in captive coal production have the ability to widely swing India’s imported coal demand, particularly for thermal coal. The political and commercial implications of India’s ‘Coalgate’ scandal and captive mine development are worth keeping an eye on as India’s Central Bureau of Investigation initiates the due process of law against some of these companies. The repercussions will affect not just India, but possibly world coal markets.
Source:Salva
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Thursday, 20 September 12
DRY BULK INCHES FORWARD AFTER WEEKS OF BELOW PAR PERFORMANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has started to revive from its ashed, as the past couple of days, traders have reported an increased activity from China, result ...
Wednesday, 19 September 12
CHURCHILL STRENGTHENS LITIGATION TEAM WITH APPOINTMENT OF NICHOLAS SMITH AS MANAGING DIRECTOR
COALspot.com - Churchill Mining PLC (AIM: CHL) has announced that, Mr Nicholas Smith has joined the board of the Company and has been appointed as t ...
Wednesday, 19 September 12
DRY BULK TERMINALS SINGAPORE
Press Release - Dry bulk terminals are used all around the world to handle large quantities of bulk materials, like minerals, grains, etc. In today& ...
Tuesday, 18 September 12
JORC CODE REVISION - EXPOSURE DRAFT RELEASED FOR COMMENT
COALspot.com - The Australasian Joint Ore Reserves Committee (JORC) has today released for public comment the exposure draft of the JORC Code (2012) ...
Monday, 17 September 12
YEAR TO DATE, BUMA PRODUCED 231.1 MILLION BCM OF OVERBURDEN
COALspot.com - PT. Delta Dunia Makmur Tbk has removed 31.5 million bcm (+6.0 percent YoY) overburden in August 2012 totaled 31.5 million bcm ( ...
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- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- The University of Queensland
- PTC India Limited - India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Planning Commission, India
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
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