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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, 18 August 12
BULK FREIGHT MARKETS CONTINUED THEIR DECLINE IN LINE WITH WEAK DEMAND - VISTAAR
COALspot.com - This week also the indices fell on all segments with BDI touching lowest in almost 3 years.
The BDI closed at 714 points down by 7 ...
Thursday, 16 August 12
PUBLIC PRIVATE PARTNERSHIPS CONFERENCE 2012
Press Release - Asia’s Premier Public Private Partnerships Conference 2012 will showcase commercial opportunities for investors and developers ...
Wednesday, 15 August 12
UT GENERATED RP 3.09 TRILLION NET INCOME
COALspot.com - As of June 2012 Indonesia’s heavy equipment market grew 14%, from 8,448 units to 9,618 units (based on UT’s internal mark ...
Tuesday, 14 August 12
SAKARI ENTERED INTO JV IN CAMBODIA TO EXPLORE COAL OPPORTUNITIES
COALspot.com - Sakari joints hands with The Royal Group of Companies in Cambodia to explore and develop coal opportunities throughout the country.
...
Tuesday, 14 August 12
SAKARI SIGNS HEADS OF AGREEMENT TO ACQUIRE SIX COAL CONCESSIONS IN INDONESIA
COALspot.com - Sakari has signed a Heads of Agreement (HOA) to acquire a 100% interest in up to six IUPs, covering an area of over 29,000 hectares, ...
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- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Economic Council, Georgia
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- The University of Queensland
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
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