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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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Sunday, 29 April 12
THE FREIGHT MARKET EXPECTED TO BE STEADY NEXT WEEK - VISTAAR
COALspot.com - The BDI continued to go up with the support of Panamax/Supramax and was up by 8.34 pct closing at 1,156 points.
The cape index was ...
Sunday, 29 April 12
INDONESIAN SUB-BITUMINOUS COAL SWAPS FOR MAY 2012 DELIVERY WAS STABLE THIS WEEK
COALspot.com - Indonesian sub-bituminous coal swaps for May deliveries stable this week, according to DSP of SGX AsiaClear OTC Coal Swaps. In the me ...
Friday, 27 April 12
BUKIT ASAMS NET INCOME UP 14% IN 1Q 2012 (UNAUDITED)
Press Release - PT Bukit Asam (Persero) Tbk, announced the Consolidated Financial Statements and Subsidiaries per 31 March 2012 (Unaudited).
Reve ...
Thursday, 26 April 12
AUSTRALIAS COKAL EXPANDS MET COAL POTENTIAL INTO WEST KALIMANTAN
COALspot.com - Global metallurgical coal group Cokal Limited (Cokal) (ASX:CKA) announced today it has completed the acquisition of 75.2% of PT Silan ...
Thursday, 26 April 12
BUKIT ASAMS 1Q OPERATING PROFIT MARGIN HAS INCREASED BY 6% TO RP. 1 TRILLION
COALspot.com - PT. Bukit Asam (Persero), the Indonesia’s state owned coal miner's 1Q, 2012 revenue has increased by 31% to Rp. 3.02 trillion ...
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- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Posco Energy - South Korea
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Romanian Commodities Exchange
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