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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, 07 August 12
KRISHNAPATNAM PORT HAS DISCHARGED 122,247 MTS OF COAL IN JUST 24 HRS
COALspot.com - Keeping with the tradition of the new records that are set at the Olympic Games 2012, Krishnapatnam Port has also achieved in setting ...
Tuesday, 07 August 12
THE JAKARTA POST EDITORIAL: REVISITING THE MINING LAW
The Jakarta post, one of the leading English news paper in Indonesia writes in its editorial today, what the domestic and foreign investors had drea ...
Tuesday, 07 August 12
BARAMULTI SET TO LIST ON BOURSE IN Q4 - JP
The Jakarta Post reported that, coal miner PT Baramulti Sukses Sarana is preparing to make its shares available to the public in the fourth quarter ...
Tuesday, 07 August 12
REALM RESOURCES COMPLETES STUDY ON ITS KATINGAN RIA COAL PROJECT
COALspot.com - Realm Resources Ltd. has announced that it has completed the Project Study for the Katingan Ria Project in Central Kalimantan, Indone ...
Monday, 06 August 12
3RD ANNUAL INDONESIA POWER
Press Release - 3rd Annual Indonesia Power is Indonesia’s premier power event, where commercial opportunities and new projects are identified. ...
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- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Planning Commission, India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
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