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Monday, 17 August 09
COAL INDIA PLANS A PRICE HIKE OF 11%
 With the state-run CIL mining 84% of the coal produced in the country, an 11% increase will push up inflation by around 0.16%, the company said
Live Mint reported that, In a move that may impress investors ahead of its maiden public sale of shares but add to the costs of cement, power and steel companies, India’s largest coal miner has proposed an 11% increase in coal prices.
State-run Coal India Ltd, or CIL, argues its price hike will have only a marginal impact on inflation.
The price increase will net CIL an additional revenue of Rs4,629 crore and boost profits ahead of a public offer in the stock market.
“We see a price correction shortly and there should not be a problem,” said Partha S. Bhattacharyya, chairman of CIL. The company posted a profit of Rs300 crore on a turnover of Rs46,000 crore last year.
The weightage of coal in the Wholesale Price Index, or WPI, is 1.753%.
With the state-run CIL mining 84% of the coal produced in the country, an 11% increase will push up inflation by around 0.16%, the company said.
On 7 August, Mint had reported on the Union government plan to shortly approve a CIL proposal to increase the price of coal, a move that will directly affect cement, power and steel companies.
CIL is a holding firm under the coal ministry that contributes 85% of India’s coal output and is free to fix the price at which it sells the fuel, but only after prior approval from the government. The last coal price revision was in December 2007 and the latest revision is expected to partly bridge the price gap with international coal, which is about one-third higher.
Shriprakash Jaiswal, minister of state (independent charge) in the ministry of coal, did not respond to repeated phone calls and a message to his cellphone.
Any increase in prices of coal, a key input for most sectors, will have a cascading effect.
It will increase the price for coal to the power sector by Rs77 per tonne, which will work out to around 5 paise per unit of power generated; for the cement sector, the impact will be around Rs20 per tonne which will work out to around 80 paise on a 40kg bag, said Bhattacharyya.
Overall annual inflation, as measured by WPI, is still contracting and was -1.74% on 1 August. There is, however, a fear that inflation may bounce back later in the year, especially since food price inflation continues to be firm — the pressure will only worsen with the country declaring drought in 171 districts in the middle of its most important crop season, kharif.
The National Council of Applied Economic Research in its monthly report on 12 August said that the possibility of the inflation rate rising in the current fiscal cannot be ruled out.
“Rise in prices of basic raw material may have multiplier effect on inflation, apart from direct impact on the indices, which in recessionary time, may have adverse impact on the economy,” said Dipesh Dipu, principal consultant (mining) with audit and consulting firm PricewaterhouseCoopers.
Crisil Ltd principal economist D.K. Joshi said: “The coal price increase will have an impact on energy-intensive industries. However, I do not see it as a major problem on inflation for the next couple of months. Going ahead, it will add to the cost of raw materials.”
CIL believes that the price hike will help CIL partly offset the increase in input costs, such as a higher wage bill on account of the Sixth Pay Commission, and thereby show a healthier balance sheet ahead of its proposed listing on bourses.
“That’s (listing) the idea. In declining profitability, who will invest? This will help us with our proposed listing,” said Bhattacharyya.
Indian coal (with a calorific value of 3,500 kilocalorie per kg) is priced at around $38 (Rs1,835) per tonne, around 30-40% lower than international prices.
India has 256 billion tonnes of coal reserves, of which around 455 million tonnes (mt) per annum is mined. CIL is targeting a production of 435 mt this year, against 403.73 mt achieved in 2008-09.
Demand for coal is expected to reach about two billion tonnes a year by 2031-32, about five times the current rate of extraction, with the maximum demand coming from the power sector.
Source:Live Mint
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Friday, 28 August 09
COAL MINE BUYERS DUST OFF THEIR CASH ( ANALYZED BY REUTERS)
* Coal asset buyers give up waiting for bargains
* Mining majors expected to buy not sell
* South Africa a target, Indonesia less so
By Jackie ...
Friday, 28 August 09
JSW MAY BUY AFRICAN MINE FOR US$ 350
The Economic Times Reported that, The Sajjan Jindal-owned JSW Group is in advanced talks to acquire a coal mine in Swaziland, Africa, at an estimate ...
Friday, 28 August 09
COAL INDIA ALLOWED TO IMPORT COKING COAL
The government Thursday allowed the state-owned Coal India to import coking coal and high grade ash thermal coal by acquiring coal properties abroad ...
Thursday, 27 August 09
CIL TO SPEND US$ 1 - 1.5 BN TO ACQUIRE ASSETS IN 4 COUNTRIES
Business Standard reported that, "Coal India is looking to spend $1-1.5 billion in acquiring mining assets in Australia, Indonesia, South Afric ...
Wednesday, 26 August 09
INDIA'S JSW TO DOUBLE JAIGARH PORT CAPACITY TO 20 MT
Sea Trade Asia reported that, JSW Jaigarh Port, a wholly owned subsidiary of JSW Infrastructure & Logistics, plans to double cargo handling capa ...
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- Oldendorff Carriers - Singapore
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- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
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- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
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- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
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- Indian Oil Corporation Limited
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- Global Business Power Corporation, Philippines
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- Chamber of Mines of South Africa
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- Thai Mozambique Logistica
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- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Agrawal Coal Company - India
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- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
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- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
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- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
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- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
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- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
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- Cement Manufacturers Association - India
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- Grasim Industreis Ltd - India
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- VISA Power Limited - India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
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- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
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