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Wednesday, 24 June 09
NTPC, COAL INDIA TO BUY MINING ASSETS OVERSEAS
 State-owned utility National Thermal Power Corporation (NTPC) and the largest coal producer Coal India are in advanced stages of acquiring mining assets in Mozambique, Indonesia and Australia, as the new government firms up plans to meet the growing energy demand.
While NTPC is focussing on Mozambique and Indonesia, Coal India is all set to sign a joint venture agreement with the Mozambique government and has also shortlisted mining firms in Australia and Indonesia, according to top executives from the two companies.
Speaking to ET, Coal India chairman Partha S Bhattacharyya said: “We hope to finalise our overseas expansion deals in Mozambique, Australia and Indonesia in the next three months. Coal India, which produced over 400 million tonne of coal in the previous fiscal, plans to raise its output to 520 million tonne by 2012 and 664 million tonne in the next five years. Its output past year accounted for 85% of the nation’s production. “From overseas assets, we aim to add 50 million tonne per annum by 2020,” added Mr Bhattacharyya.
In order to meet the country’s growing energy demands, NTPC and Coal India (CIL) have been trying to acquire overseas mining assets. Coal India’s overseas venture arm Coal Videsh and its joint venture unit International Coal Ventures are used for the purpose of acquisitions abroad.
International Coal Ventures is a special purpose vehicle (SPV) created by Coal India, SAIL, NTPC, National Mineral Development Corp and others to scout for coal assets abroad. Coal India and SAIL are major stake holders in the SPV.
According to NTPC chairman RS Sharma, “We will finalise merchant bankers for our proposed acquisitions next month.” NTPC has identified two mining assets in Indonesia and two in Mozambique for which due diligence process is in progress. The public sector utility would require about 150 million tonne of coal for its power units, which is mainly supplied by CIL.
Coal India is progressing fast also. “We have received the drafts of contract and the JV agreement from the Mozambique government,” said Mr Bhattacharyya. “We’ll go ahead after examining these documents,” he added. The company’s ventures in Australia and Indonesia are in advanced stages, he said, adding that the company has shortlisted few mining firms in both the countries.”
India’s largest coal producer has also been granted two exploratory coal mining blocks in Mozambique, with reserves of 1 billion tonne. “This project would require a joint investment of around Rs 2,000 crore per 10 million tonne exploration over five years. In this, CIL’s investment share would be in accordance with the nature of JV — it could be in order of 3:1 or 1:1,” said Mr Bhattacharyya.
Further, the coal ministry has proposals to raise the overseas investment limit of CIL beyond Rs 1,000 crore for asset acquisition. The proposal would be soon placed before the cabinet committee, minister of state for coal Sriprakash Jaiswal has said.
Being a navratna company, which has to be listed by October 2011, it could invest Rs 1,000 crore for overseas assets.
Source: Economic Times (http://economictimes.indiatimes.com/News-by-Industry/NTPC-Coal-India-to-buy-mining-assets/articleshow/4694481.cms)
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Friday, 19 June 09
COAL FORUM TO MEET IN BALI NEXT WEEK
Bali will host next week a Southeast Asian forum on coal, involving coal producers, consumers and government representatives.
The Indonesian Ener ...
Friday, 19 June 09
KARNATAKA POWER CORP BEGINS BLENDING INDONESIAN COAL
BL reported that the State Government owned power utility Karnataka Power Corporation Limited has begun blending imported Indonesian coal for its th ...
Thursday, 18 June 09
COAL MINING HALTS AFTER DEADLY BLAST - (UPDATE 2)
All mining activists in Sawahlunto, West Sumatra, are at a standstill after a major underground explosion killed at least 31 miners and buried 12 ot ...
Thursday, 18 June 09
INDIA'S HINDALCO CLOSE TO BUYING AUSTRALIA COAL MINE
India's largest aluminium maker Hindalco Industries is close to acquiring a coal mine in Australia, for about $70-$80 million, The Economic Times r ...
Thursday, 18 June 09
GERMAN COAL BUYERS SEE LOWER IMPORTS, PRICES
* Coal imports and prices fall as steel industry slumps
* Coal industry grapples with carbon polluter image
German imports of hard coal are like ...
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