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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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Thursday, 04 October 12
CAPESIZE : IN SPITE OF THE HOLIDAYS IN CHINA, RATES ARE CLIMBING UP - FEARNLEYS AS
Handy
Atlantic market remains quiet due to lack of cargoes and more supply of ships. Rates from Continent to east Med were around USD 13k and Black ...
Wednesday, 03 October 12
BARCLAYS'S PRICE FORECAST FOR NEWCASTLE COAL HAS BEEN WRITTEN DOWN
“ The main story in the global coal markets has been the growth in supply, with all of the major exporters adding volumes into a market which ...
Sunday, 30 September 12
SUB-BIT INDONESIA COAL SWAPS: MIXED TREND
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for November 2012 delivery lost 0.73 percent w-o-w but gained 0.41 percent d-o-d on Friday, 28 Se ...
Sunday, 30 September 12
INDONESIA HAS NO PLAN TO CAP COAL PRODUCTION
COALspot.com - “The current low coal prices were mainly due to a global oversupply condition, spurred by numerous mining exploitations in the ...
Sunday, 30 September 12
FREIGHT MARKET UNDER PRESSURE; OVERALL SENTIMENTS ARE STILL BEARISH
COALspot.com - The freight market seemed to have lost steam and all indices were down except for cape index.
The BDI was slightly down by 6 point ...
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- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- The University of Queensland
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
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