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Wednesday, 28 October 09
MIDDLE EAST COAL EYEING INDIAN POWER PLANTS IN EXCHANGE FOR LONG TERM COAL SUPPLY
Reuters reported that UAE's Middle East Coal is in talks to buy equity stakes in India's power plants in exchange for long term coal supply.
MEC is JV between UAE investment fund RAK Minerals & Metals Investments and UAE based mining company Trimex. RMMI won a license in March to build a 150 kilometers long rail link carrying coal from a mine in Indonesia's East Kalimantan province to a coal terminal.
Mr Madu Koneru VC of Middle East Coal said that "We are close to signing a contact with a number of Indian power plants who need to be supplied with coal over the coming 15 years, the deals will be finalized by the end of next month. India has one of the fastest growing economies and also has a shortage of power supply so that's why we have decided to go ahead with these deals."
The deals would help MEC find the USD 500 million in financing it needs for the project. MEC would start approaching institutions for funding once the deals were in place.
He said that RMMI plans to provide USD 100 million of the initial USD 600 million investment. Around USD 500 million will come from institutions such as the World Bank. The rest of the investment would come from additional partners that the company is now seeking.
Middle East Coal plans to start shipments of 3 to 5 million tonnes of thermal coal via road. Once the rail project is complete, shipments would rise to 17 million tonnes. MEC had raised its projections for how much coal it could ship as it had progressed with planning for the project. Earlier this year, the company said that it would ship 15 million tonnes of coal.
Sourced from Steel Guru
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Monday, 28 December 09
INDONESIAN MINER LINKED TO FUGITIVE FINANCIER
The Energy Ministry is unlikely to approve the transfer of ownership of coal miner PT Riau Baraharum on allegations it is indirectly owned by fugiti ...
Monday, 28 December 09
SOMALI PIRATES SAY $4 MILLION RANSOM PAID FOR COAL SHIP
A helicopter dropped a $4 million ransom payment on Sunday on to the deck of a Chinese coal ship hijacked by Somali pirates in mid-October, a pirate ...
Saturday, 26 December 09
COAL INDIA, RIO TINTO MAY HOLD TALKS SOON ON TIE-UP
State owned Coal India Limited (CIL), which is in the race for acquisition of overseas coal properties to plug the demand supply shortfall of the dr ...
Saturday, 26 December 09
COKING COAL PRICES MAY RISE BY 10 - 15% FROM APRIL 2010
The price of coking coal, one of the key raw materials for steel production, is likely to increase by 10-15% in next April, the month in which m ...
Saturday, 26 December 09
COAL INDIA SECURES TWO BLOCKS IN MOZAMBIQUE
It's official now. Mozambique has awarded two coal acreages in its Maotize region with an estimated one billion tonne reserves to Coal India Ltd bu ...
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- The University of Queensland
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- Carbofer General Trading SA - India
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- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
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- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
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- Electricity Authority, New Zealand
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- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Australian Coal Association
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
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- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
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- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
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- Miang Besar Coal Terminal - Indonesia
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- Parliament of New Zealand
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- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
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- London Commodity Brokers - England
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- Directorate General of MIneral and Coal - Indonesia
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- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
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- The Treasury - Australian Government
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- Thiess Contractors Indonesia
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- PowerSource Philippines DevCo
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- Power Finance Corporation Ltd., India
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