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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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Monday, 25 June 12
RIO TINTO MAKES FIRST COAL SHIPMENT FROM MOZAMBIQUE
Rio Tinto has started exporting premium hard coking coal from its Benga Mine in the Moatize Basin in Mozambique. The first shipment of 34,000 tonnes ...
Sunday, 24 June 12
SUPRAMAX FREIGHT MARKET FIRMED UP FROM INDONESIA TO INDIA - VISTAAR
COALspot.com - This week all the segments gained and marked was firm in the Supramax and Handy size sector, where as the Cape and Panamax inde ...
Saturday, 23 June 12
COAL PRICES APPETITE FOR ROLLER-COASTER RIDES
COALspot.com - SGX AsiaClear OTC Coal Swaps have suffered something of a roller-coaster ride in terms of prices during this week. SGX’s Indone ...
Friday, 22 June 12
PRESENT SPOT WEAKNESS IS TEMPORARY, SEASONAL AND RISE AS WINTER APPROACHES - BUMI
COALspot.com - PT Bumi Resources Tbk, the world’s one of the largest coal producer and Indonesia’s largest multi grade coal miner has no ...
Friday, 22 June 12
GLOBAL ACTION NEEDED ON ENERGY POVERTY - WORLD COAL
Eradicating energy poverty is possibly the biggest challenge facing the world today. Like climate change it can only be addressed with a concerted g ...
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- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- PTC India Limited - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- White Energy Company Limited
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- The University of Queensland
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
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