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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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- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- White Energy Company Limited
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- PTC India Limited - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Minerals Council of Australia
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- The University of Queensland
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
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