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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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Tuesday, 04 September 12
ORPHEUS SECURES ADDITIONAL SIGNIFICANT KINTAP COAL PROJECT IN SOUTH KALIMANTAN
COALspot.com - Indonesian coal producer, Orpheus Energy (ASX:OEG) has announced that it has secured a 50% equity ownership in an additional tenement ...
Monday, 03 September 12
SHIPOWNERS TO WAIT FOR FURTHER PRICE REDUCTIONS IN THE SECOND HAND VESSEL MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With September now upon us, shipbrokers are looking towards an interesting winter season, as ship owners are looking to capitalize on more second ha ...
Sunday, 02 September 12
ADAROS COAL ROYALTIES TO THE GOVERNMENT INCREASED BY 10.5 PERCENT Y-O-Y TO US$196.8 MILLION
COALspot.com - PT Adaro Energy Tbk (IDX: ADRO), the second largest power plant coal producer in Indonesia, announced its consolidated auditor-review ...
Saturday, 01 September 12
FALLING PRICES; BLEEDING MINERS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost 4.070 percent and 0.422 percent respectively on W-o-W and D- ...
Saturday, 01 September 12
PANAMAX FREIGHT RATES UNDER PRESSURE FROM LOW DEMAND - VISTAAR
COALspot.com - This week the freight market was weak with mixed results.
The BDI was down by 1.95 pct closing at 703 points, however there was so ...
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- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
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