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Wednesday, 12 September 12
INDIAS COALGATE: TIME FOR A ROOT CANAL
 A recent report from India’s Comptroller and Auditor General (CAG) pertaining to the allocation of coal blocks has created a political storm in India. The report alleges widespread corruption in coal block allocation and is perceived as potentially damaging for the already scam-tainted Manmohan Singh-led United Progressive Alliance (UPA) government.
According to the CAG, the underpriced sale and free allocation of coal blocks for captive mining may have cost the government as much as US$33 bill in lost revenue. At the heart of the debate is the 1993 policy which broke the government’s monopoly as a coal supplier and allowed private companies to mine coal for captive use, in a bid to increase coal production to meet burgeoning demand.
However, the decision resulted in a number of non-coal consuming industries approaching state governments and signing letters of intent promising to develop coal consuming plants if they were allocated coal mines. Coal blocks were allocated to private companies as well as state mining companies who were ill-equipped to run a power plant as well as a coal mine. Prime Minister Singh was in charge of the Ministry of Coal (MoC) from 2006 to 2009 when some of the controversial allocations took place.
A number of companies developed coal blocks, but the vast majority have been content to sit on the asset and wait until the government opened up the coal market to allow private captive coal miners to sell coal into the domestic market place. Of the 218 coal blocks that have been awarded to date, only 29 are currently in production. Many of these companies blame delays in environmental clearances and land acquisition issues for their inability to commence operations.
'Coalgate' Implications
Recently, the Ministry of Coal has started de-allocating coal blocks from miners who have not sufficiently developed their assets. As per the latest available data, 24 coal blocks have been de-allocated, including those from private companies including Binani Cement, Bhatia International Ltd and Lloyds Metal & Engineers Ltd. The threat of further de-allocation of mines by the MoC, as political fallout from the ongoing scandal, is expected to induce other mine owners to be more proactive with project development. There are significant financial implications for companies who have secured financing and have begun to develop plants dependent on captive coal blocks. Opposition from the business community is fervent as many coal-consuming plants are ready or partly ready, financing has been secured and industrial equipment has been ordered. If coal blocks are de-allocated, billions of dollars loaned to finance these projects would come under threat.
It is imperative for India to secure energy for its growing economy. It is facing severe shortages of domestic coal supply and ‘Coalgate’ will now join India’s ultra-mega power project (UMPP) policy as a shining example of failed energy policy. Salva does not believe that captive mining will grow to 653 Mt by 2020, as forecast by India’s Planning Commission.
Developments in captive coal production have the ability to widely swing India’s imported coal demand, particularly for thermal coal. The political and commercial implications of India’s ‘Coalgate’ scandal and captive mine development are worth keeping an eye on as India’s Central Bureau of Investigation initiates the due process of law against some of these companies. The repercussions will affect not just India, but possibly world coal markets.
Source:Salva
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Wednesday, 10 October 12
TAPPING OPPORTUNITIES WITHIN GLOBAL ECONOMIC PERSPECTIVE
Press Release: Mining sector will continue to play a significant role in supporting industrial and economic development in Indonesia which is curren ...
Tuesday, 09 October 12
REALM RESOURCES RECOMMENCES DRILLING AT KATINGAN RIA COAL PROJECT
COALspot.com : Realm Resources Ltd. (ASX) has announced that it has commenced work on the phase three technical programme at its Katingan Project in ...
Sunday, 07 October 12
INDONESIAN GOVERNMENT DECLARED HBA FELL AGAIN IN OCTOBER
COALspot.com - The Indonesian government’s declared coal reference price has lost US$ 0.17 per MT M-M.
The monthly coal referen ...
Saturday, 06 October 12
CFR SOUTH CHINA COAL SWAPS FOR DECEMBER'13 DELIVERY GAINED 1.3 PERCENT W-W
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for December 2012 delivery gained 0.098 percent and 0.164 percent W-W and D-D respectively o ...
Saturday, 06 October 12
FREIGHT MARKET IS LIKELY TO PICK AFTER THE HOLIDAYS IN CHINA - VISTAAR
COALspot.com - The freight market appeared to be seeing some increase BDI up by 14.23 pct closing at 875 points. The Cape and Panamax index also saw ...
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- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- White Energy Company Limited
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- The University of Queensland
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
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