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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, 24 September 09
S.KOREA HYUNDAI STEEL TO BUY COAL FROM SIBERIA
Reuters reported that, South Korea's Hyundai Steel said on Wednesday it will buy a maximum of 300,000 tonnes of coal per year from Siberian Anthrac ...
Thursday, 24 September 09
NO IMPORTED COAL-BASED UMPPS: TATA POWER
Will wait until policy environment becomes more favourable.
Business Standard reported that, Tata Power Company (TPC), India’s largest priv ...
Thursday, 24 September 09
BUMI RAISES $1.9 BILLION SELLING DEBT TO CHINA'S CIC
Bloomberg reported that, PT Bumi Resources, Indonesia’s biggest coal producer, said it raised $1.9 billion selling debt to China’s sover ...
Thursday, 24 September 09
MACQUARIE DOWNGRADES U.S. COAL SECTOR TO NEUTRAL
Reuters reported that, Macquarie Research downgraded the U.S. coal sector to "neutral" from "overweight" as it believes that dem ...
Thursday, 24 September 09
CHINA WILL BE IMPORTER OF COKING COAL NEXT YEAR, MCCLOSKEY SAYS
Bloomberg reported that, China, the world’s largest coal user and producer, will remain an importer of the fuel through next year, according t ...
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