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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, 04 June 12
MITRABAHTERA SUBSIDIARY SECURES CONTRACT FROM BERAU COAL - INSIDER STORIES
Insider Stories reported that, PT Mitra Alam Segara Sejati, a subsidiary that is 60% owned by PT Mitrabahtera Segara Sejati Tbk (MBSS), has secur ...
Sunday, 03 June 12
TTI ESTABLISHES COAL TRADING & MARKETING OFFICE
COALspot.com - TTI has officially established its coal trading, marketing-office in Jakarta, Indonesia. PT. Gunung Tinggi Coal is the TTI’s fi ...
Sunday, 03 June 12
FREIGHT MARKET CONTINUING ITS DECLINE
COALspot.com - The BDI continued to fall for the fifth straight week and the BDI fell by 2.57 pct this week closing at 904 points.
The Cape Size ...
Friday, 01 June 12
TNPL HAS SECURED 300K MT OF 6000 GAD COAL AT US$ 81 CNF TUTICORIN
COALspot.com - An India based coal trader Adani has offered the lowest price of US$ 81.00 per metric ton for calorific value of 6000 GAD and 15 perc ...
Friday, 01 June 12
COKAL ACCEPTED ON THE CLEAN AND CLEAR LIST FOR ITS BORNEO BARA PRIMA AND BUMI BARITO MINERAL PROJECTS
- Borneo Bara Prima (BBP) Project confirmed on the Clean and Clear List 9th May 2012
- Bumi Barito Mineral (BBM) Project confirmed on the Clean and ...
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- Singapore Mercantile Exchange
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- The University of Queensland
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Australian Coal Association
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Planning Commission, India
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
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