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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, 14 July 12
FREIGHT MARKET SEEMS TO BE QUITE VOLATILE - VISTAAR
COALspot.com - The market seems to be quite volatile with the trend changing almost every week. This week all the segments were down except for Pana ...
Friday, 13 July 12
TRANSCOAL MINERGY HAS RECEIVED PMA STATUS IN INDONESIA
COALspot.com - PT Transcoal Minergy (“TCM”) has received official foreign owned company status from the Capital Investment Coordinating ...
Thursday, 12 July 12
LACK OF CAPESIZE DEMAND DRAGS DRY BULK MARKET LOWER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
A lack of demand for the larger Capesize dry bulk carriers had as a result the fall of the industry’s benchmark, the BDI (Baltic Dry Index), w ...
Thursday, 12 July 12
RIO TINTO'S SENIOR MANAGEMENT CHANGES
COALspot.com - Rio Tinto is making changes to its senior management team as chief financial officer (CFO) Guy Elliott has decided to retire at the e ...
Thursday, 12 July 12
SOUTHGOBI RESOURCES ANNOUNCES NOTICE OF INVESTMENT DISPUTE FILED AGAINST MONGOLIAN GOVERNMENT
Press Release - SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi”) announced today that SGQ Coal Investment Pte. Ltd., a wholly ...
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- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
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