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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, 27 July 12
PACIFIC MARKET REMAINED FLAT - FEARNLEYS AS
Handy
The Atlantic market continued its downward trend from last week with what appears to be a summer lull across the board. A trip from the USG t ...
Wednesday, 25 July 12
BUKIT ASAMS H1 REVENUE JUMPED BY 13 PERCENT
COALspot.com - PT Bukit Asam (Persero), Tbk., the state owned coal miner's revenue in H1 2012, has jumped 13 percent to IDR 5.79 trillion (approxim ...
Wednesday, 25 July 12
BUMI RESOURCES MINERALS SECURED PINJAM PAKAI FOR ITS ZINC AND LEAD PROJECT
COALspot.com - PT Bumi Resources Minerals Tbk. ("BRMS" or "the Company") today reported that its 80% owned subsidiary, PT Dairi ...
Tuesday, 24 July 12
SHIP OWNERS WAITING FOR SHIP PRICES TO FALL FURTHER BEFORE MOVING IN MORE AGGRESSIVELY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the summer season already well under way and many ship owners getting ready for the autumn, the sale & purchasing activity of second hand v ...
Monday, 23 July 12
NTPC INVITES BIDS FOR 2.6 MILLION TONS OF LOW MOISTURE IMPORTED COAL
COALspot.com - India’s largest electricity generator, NTPC Limited, incorporated in 1975 as a public sector company wholly owned by Government ...
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- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
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