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Wednesday, 30 December 09
COAL PRICE RISE REQUEST DENIED


A proposal by the Viet Nam National Coal and Mineral Industries Group to double the price of coal has been turned down by the Ministry of Industry and Trade.

Deputy Minister Do Huu Hao said the ministry did not agree with the price proposal and would try to come up with a reasonable scheme that would not choke other industries.

Vinacomin had previously suggested a formula to raise the coal price next year, which was 10 per cent less than the export price in accordance with a policy that would permit setting the price of coal at the market rate in 2010.

Under Vinacomin's calculations, the proposed prices would have been between 107 per cent and 249 per cent higher than the current level.

The proposal stirred up the market with a threat that the Viet Nam Electricity Corporation (EVN) would increase electricity prices by 17.1 per cent, as the electricity industry would have been sold the coal at the 249 per cent price increase. To read more VN Business News



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Recent News

Tuesday, 29 December 09
PROFIT IN COAL INDUSTRY DOWN 9.4% Y-O-Y IN JAN.- NOV.
In November, China's coal production was 289mln tons, up 26.3% year on year, an increase of 5.2% over last month. China's average daily trucks loa ...


Tuesday, 29 December 09
DHARMA HENWA EYES 20% REVENUE GROWTH
Local integrated mining services provider PT Dharma Henwa, which was earlier this year acquired by coal mining giant PT Bumi Resources, expects reve ...


Monday, 28 December 09
NEED TO IMPORT COAL COMES EARLY
Viet Nam may need to start importing coal as early as 2012, three years earlier than expected, to meet its electricity demands. The Viet Nam Coal ...


Monday, 28 December 09
GOVT EYES $3.57B MINING, GEOTHERMAL INVESTMENT
The country can expect up to US$3.57 billion in investment in mining and geothermal energy next year, which would represent an increase by more than ...


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 ...


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