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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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Sunday, 16 September 12
GLOBAL LOW DEMAND ; INDONESIA COAL AND CFR SOUTH CHINA COAL SWAPS DIP
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for November 2012 delivery lost 1.345 percent W-O-W on Friday, 14 September 2012, closing but gai ...
Sunday, 16 September 12
THE FREIGHT RATES FROM INDONESIA TO INDIA EXPECTED TO BE STEADY - VISTAAR
COALspot.com - The freight market was mixed with most indices closing positive except for the Panamax index.
The main sentiment seems to be ...
Saturday, 15 September 12
FINANCE MINISTRY OPPOSES TAX INCENTIVE PLAN FOR COAL MINERS - JP
The Jakarta Post reported that, the Finance Ministry has turned down the idea of providing a fiscal incentive to the country’s coal mining ind ...
Friday, 14 September 12
DRY BULK MARKET LOOKS TOWARDS CHINA FOR SOME POSITIVE NEWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the dry bulk market freight rates submerged underwater for a large part of the year, dry bulk owners are looking for some positive enhancement ...
Friday, 14 September 12
GOVT OFFERS CONDITIONAL TAX HOLIDAY TO AILING COAL MINERS - JP
The Jakarta Post, one of the leading English news paper in Indonesia reported that, acknowledging difficulties encountered by coal miners due to a p ...
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- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Aditya Birla Group - India
- The University of Queensland
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Australian Coal Association
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Planning Commission, India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
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