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