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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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Sunday, 22 July 12
NEW CHAIRMAN FOR AUSTRALIAN COAL ASSOCIATION
The Australian Coal Association (ACA) announced that Mr Ross Willims has been appointed as its new independent Chairman effective November 5 2012. M ...
Sunday, 22 July 12
CENTRAL KALIMANTAN COAL RAILWAY NETWORK WILL BE BUILT BY 2015 - THE BORNEO POST
The borneo post reported that, a declaration to build a coal railway network is signed today (12/07/2012) in front of the Indonesian Vice President ...
Sunday, 22 July 12
COAL PRICES IN MIXED TRENDS; STOCKS REMAIN HIGH AT BOTH ENDS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for September 2012 delivery fell 0.99 percent on last Friday closing (d-o-d) and 1.19 percent com ...
Sunday, 22 July 12
TATA POWER SIGNS A LONG TERM COAL SUPPLY AGREEMENT WITH PT ANTANG GUNUNG MERATUS, INDONESIA
COALspot.com - Tata Power, India’s largest integrated power utility, last Friday announced that it has signed a long term coal suppl ...
Saturday, 21 July 12
THE FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT NEXT WEEK - VISTAAR
COALspot.com - The freight market was soft this week as all the segments were down.
The BDI was down by 6.58 pct closing at 1,037 points and the ...
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- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- The University of Queensland
- Planning Commission, India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
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