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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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Saturday, 08 September 12
RIO TINTO COMPLETES ACQUISITION OF BHP BILLITON'S INTERESTS IN RICHARDS BAY MINERALS
Rio Tinto has doubled its holding in Richards Bay Minerals (RBM) following the completion of its acquisition of BHP Billiton’s entire inte ...
Friday, 07 September 12
HBA GAINS $ 1.56 PER MT IN SEPTEMBER
COALspot.com - The Indonesian government’s declared coal reference price has gained US$ 1.56 per MT M-o-M. This is the first gain ...
Thursday, 06 September 12
SOME ANCHORED PANAMAX VESSELS WAITING FOR CARGOS TO COME
Handy
According to Fearnleys weekly report, in the smaller segments Fearnleys sees little to no changes since last week. There are still entering s ...
Thursday, 06 September 12
DRY BULK CARRIERS STILL IN HIGH DEMAND AMONG SHIP OWNERS, BUT NEWBUILDING ACTIVITY SLIDES IN AUGUST - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The slide of the dry bulk market this year hasn't abated ship owners' appetite for dry bulk carriers, as evidenced by the steady interest expresse ...
Tuesday, 04 September 12
SHIP OWNERS' COMPETITION LEADS TO TANKER FIXTURES BELOW OPERATING COSTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners operating in the VLCC tanker markets are increasingly finding it difficult to obtain even breakeven rates for their vessels, as competit ...
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- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- SMC Global Power, Philippines
- Australian Coal Association
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
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