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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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Friday, 31 August 12
ADVERSE SHIPPING MARKET CONDITIONS SHORTENS LIFE SPAN OF VESSELS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The adverse conditions which have been put in place in the world's freight markets, means that ship owners are forced to scrap vessels of a much yo ...
Thursday, 30 August 12
INDO-INDIA, LARGE ECO SUPRA NOW FIXED AT USD 7K FOR DELIVERY SINGAPORE - FEARNLEYS AS
Handy
The Supra market continued its negative trend with little fresh business entering the market. Continent positions fixed around USD 4k for tri ...
Thursday, 30 August 12
DRY BULK MARKET STILL LOOKING OUT FOR BETTER DAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With things in China moving slowly this week, as a result of holidays, it’s no surprise that the latest positive trend in the dry bulk market ...
Wednesday, 29 August 12
COLOMBIA'S MINING BOOM: PART TWO - JOSEPH KIRSCHKE
One of the most prominent casualties of Canada's entry into the Colombian mining sector has been a priest named Jose Reynal-Restrepo. Last Septembe ...
Wednesday, 29 August 12
COLOMBIA'S MINING BOOM: PART ONE - JOSEPH KIRSCHKE
COALspot.com - Colombia stands before one of the potentially largest, most diversified mining booms in the world. Untold reserves of gold, coal, cop ...
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- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- PTC India Limited - India
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Aditya Birla Group - India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
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