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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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Thursday, 03 May 12
DRY BULK MARKET REMAINS INACTIVE, POSTING MILD DECREASE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has kept retreating this week, although at a very low pace, on the back of a lull in demand. The industry's benchmark, th ...
Thursday, 03 May 12
MINERS DEMAND LEGAL CERTAINTY ON PRE-BAN INTERIM POLICY - THE JAKARTA POST
The Jakarta Post reported that, Mining companies represented by the Indonesian Mining Association (IMA) welcomed the government’s plan to impo ...
Thursday, 03 May 12
HANDY EAST COAST INDIA - CHINA AROUND USD 7000 - FEARNLEYS AS
Handy - Stable demand in the Atlantic offered good rates for the tonnage.
USG/Cont was worth USD 17500 and more. Baltic and Black Sea appeared to ...
Wednesday, 02 May 12
CHINA BLACKOUTS HIGHLIGHT PRICING POLICY WEAKNESS - FITCH
Fitch reported that, the likelihood of further electricity blackouts in China this summer underlines Fitch's view of the basic problem f ...
Tuesday, 01 May 12
VIETNAM FEARS IT MAY NOT SEEK COAL SUPPLIES - TBKTSG / VIETNAMNET BRIDGE
TBKTSG / VietNamNet Bridge reported that, with five coal-run thermopower plants under construction, PetroVietnam alone would need 18 million tons of ...
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- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Planning Commission, India
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- The University of Queensland
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
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