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Monday, 28 June 10
MEC TO INK COAL-EQUITY SWAP DEALS WITH POWER PROJECTS
 Business Line reported that, First it was power producers moving to pick up stakes in coal mining projects to ensure the raw material supplies.
Now coal miners are beginning to move to pick up stakes in power plants for better returns on the raw material they produce.
Minerals Energy Commodities (MEC), a 50:50 joint venture between Indian industrial minerals producer Trimex Group and the UAE Government-owned RAK Minerals and Metals, which is setting up a coal project in Indonesia, is close to firming up deals with private mega-power projects in India involving swapping coal for equity.
MEC has been talking with some of the major players in the power sector, including Tata Power, JSW Energy and Reliance Power, to push through its business model involving trading of coal in exchange for equity in the power projects.
“There has been a very encouraging response from the power projects in India. We will be concluding such coal-equity swap deals with three major power projects that are in the construction phase. We hope to make an announcement in the next couple of months,” Mr Madhu Koneru, Executive Vice-Chairman of MEC Holdings, told Business Line.
While most major players in the power sector such as Tata Power, JSW and Reliance, are in the process of acquiring coal assets abroad, this will be the first time they will sell equity in exchange for coal.
“This is a win-win situation for both. While we will get better returns on the coal we produce if we have equity in power projects, and power producers can benefit from assured raw material supplies,” Mr Koneru said.
Indonesia project
MEC is setting up a 30-million-tonne coal mining project in Indonesia at a cost of $2 billion, which is expected to start production from 2012.
The joint venture company has decided to earmark half of this production to supply to power projects in India through the equity-coal swap deal, with the rest to be sold in the open market.
“The 15 mt of coal will be sufficient to feed power plants with a total capacity of 4-5,000 MW. We will thus be signing this deal with three power projects with capacity of over 1,000 MW each,” he said.
The deals had taken some time for finalisation as MEC had to do elaborate due diligence to finalise the quantum of equity to compensate for the quantum of coal to be supplied.
What actually yielded encouraging response from the power players is that MEC is willing to supply the coal at production rates, ranging from $30-$35 a tonne, which is lower than the market price.
Source: blonnet
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Thursday, 29 October 09
COAL OF AFRICA SEES VELE OUTPUT BY APRIL 2010
* First coal from Mooiplaats mined and sold
* Talks with Transnet on rail PPP on track
Reuters reported that, Coal of Africa (CoAL) said on Mond ...
Thursday, 29 October 09
UAE FUND EYES INDIA POWER FOR INDONESIAN COAL
Reuters reported that, the UAE's Middle East Coal (MEC) is in talks to buy equity stakes in India's power plants in exchange for long-term coal su ...
Thursday, 29 October 09
CESC POSTS RS 126 CRORE (US$ 26,655,178) NET PROFIT IN QUARTER TWO
Economic Times reported that, Energy major CESC posted a marginal increase in net profit at Rs 126 crore (US$ 26,655,178) for the quarter ended Sep ...
Thursday, 29 October 09
INDIA MMTC TENDER SET TO BOOST S.AFRICA COAL
The South African coal market is set to be boosted further by India's state-owned trading firm MMTC Ltd's tender for 12.5 million tonnes, Indian t ...
Thursday, 29 October 09
INDIA CEMENTS SET TO ACQUIRE COAL MINE IN INDONESIA
Business-Standard reported that, India Cements is set to acquire a coal mine in Indonesia for around $20 million (around Rs 100 crore). The company ...
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- Planning Commission, India
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- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
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- Commonwealth Bank - Australia
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- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
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- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
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- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
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- Attock Cement Pakistan Limited
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- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
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- India Bulls Power Limited - India
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- Formosa Plastics Group - Taiwan
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- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
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- PowerSource Philippines DevCo
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- Bulk Trading Sa - Switzerland
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- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
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- Interocean Group of Companies - India
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- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
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- International Coal Ventures Pvt Ltd - India
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- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
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- Indogreen Group - Indonesia
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- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
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