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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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- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- The University of Queensland
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
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