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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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Saturday, 08 September 12
RIO TINTO COMPLETES ACQUISITION OF BHP BILLITON'S INTERESTS IN RICHARDS BAY MINERALS
Rio Tinto has doubled its holding in Richards Bay Minerals (RBM) following the completion of its acquisition of BHP Billiton’s entire inte ...
Friday, 07 September 12
HBA GAINS $ 1.56 PER MT IN SEPTEMBER
COALspot.com - The Indonesian government’s declared coal reference price has gained US$ 1.56 per MT M-o-M. This is the first gain ...
Thursday, 06 September 12
SOME ANCHORED PANAMAX VESSELS WAITING FOR CARGOS TO COME
Handy
According to Fearnleys weekly report, in the smaller segments Fearnleys sees little to no changes since last week. There are still entering s ...
Thursday, 06 September 12
DRY BULK CARRIERS STILL IN HIGH DEMAND AMONG SHIP OWNERS, BUT NEWBUILDING ACTIVITY SLIDES IN AUGUST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The slide of the dry bulk market this year hasn't abated ship owners' appetite for dry bulk carriers, as evidenced by the steady interest expresse ...
Tuesday, 04 September 12
SHIP OWNERS' COMPETITION LEADS TO TANKER FIXTURES BELOW OPERATING COSTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners operating in the VLCC tanker markets are increasingly finding it difficult to obtain even breakeven rates for their vessels, as competit ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Planning Commission, India
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Australian Coal Association
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
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