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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, 22 June 12
COAL: THE BACKBONE OF MODERN ELECTRICITY - ECOAL
Coal has been described as the "forgotten fuel," perhaps because many aren't aware of the huge role it plays in powering the global econo ...
Thursday, 21 June 12
DRY BULK MARKET ON THE RISE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market was on the rise once again yesterday, with the Baltic Dry Index (BDI), the industry’s benchmark, rising by 18 points, or 1 ...
Wednesday, 20 June 12
BDI MOVING HIGHER, PANAMAX AND SUPRAMAX VESSELS STRONGER, CAPESIZE RATES NEAR TO HISTORICAL LOWS OF DECEMBER 2008 - MARIA BERTZELETOU, HELLENIC SHIPPING
The dry market seems to follow the dynamic of the previous week with the Baltic Dry Index showing daily increases since June 8th, but is still stand ...
Tuesday, 19 June 12
SMALLER DRY BULK CARRIERS LIFT UP MARKET, PANAMAXES SET TO FALL SAYS ANALYST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Another rise for the dry bulk market was evident yesterday, as the industry’s benchmark, the BDI (Baltic Dry Index) was up for a ninth straigh ...
Sunday, 17 June 12
S7 & S8 ROUTES ARE LIKELY TO BE SOFT NEXT WEEK - VISTAAR
COALspot.com - The BDI gained some increase after continues fall for several weeks.
The BDI increased by 47 points (up by 5.36 pct) closing at 92 ...
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- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Australian Coal Association
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- White Energy Company Limited
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
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