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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, 20 September 12
DRY BULK INCHES FORWARD AFTER WEEKS OF BELOW PAR PERFORMANCE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has started to revive from its ashed, as the past couple of days, traders have reported an increased activity from China, result ...
Wednesday, 19 September 12
CHURCHILL STRENGTHENS LITIGATION TEAM WITH APPOINTMENT OF NICHOLAS SMITH AS MANAGING DIRECTOR
COALspot.com - Churchill Mining PLC (AIM: CHL) has announced that, Mr Nicholas Smith has joined the board of the Company and has been appointed as t ...
Wednesday, 19 September 12
DRY BULK TERMINALS SINGAPORE
Press Release - Dry bulk terminals are used all around the world to handle large quantities of bulk materials, like minerals, grains, etc. In today& ...
Tuesday, 18 September 12
JORC CODE REVISION - EXPOSURE DRAFT RELEASED FOR COMMENT
COALspot.com - The Australasian Joint Ore Reserves Committee (JORC) has today released for public comment the exposure draft of the JORC Code (2012) ...
Monday, 17 September 12
YEAR TO DATE, BUMA PRODUCED 231.1 MILLION BCM OF OVERBURDEN
COALspot.com - PT. Delta Dunia Makmur Tbk has removed 31.5 million bcm (+6.0 percent YoY) overburden in August 2012 totaled 31.5 million bcm ( ...
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- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Economic Council, Georgia
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- London Commodity Brokers - England
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
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