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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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Tuesday, 04 September 12
ORPHEUS SECURES ADDITIONAL SIGNIFICANT KINTAP COAL PROJECT IN SOUTH KALIMANTAN
COALspot.com - Indonesian coal producer, Orpheus Energy (ASX:OEG) has announced that it has secured a 50% equity ownership in an additional tenement ...
Monday, 03 September 12
SHIPOWNERS TO WAIT FOR FURTHER PRICE REDUCTIONS IN THE SECOND HAND VESSEL MARKETS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With September now upon us, shipbrokers are looking towards an interesting winter season, as ship owners are looking to capitalize on more second ha ...
Sunday, 02 September 12
ADAROS COAL ROYALTIES TO THE GOVERNMENT INCREASED BY 10.5 PERCENT Y-O-Y TO US$196.8 MILLION
COALspot.com - PT Adaro Energy Tbk (IDX: ADRO), the second largest power plant coal producer in Indonesia, announced its consolidated auditor-review ...
Saturday, 01 September 12
FALLING PRICES; BLEEDING MINERS
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for October 2012 delivery lost 4.070 percent and 0.422 percent respectively on W-o-W and D- ...
Saturday, 01 September 12
PANAMAX FREIGHT RATES UNDER PRESSURE FROM LOW DEMAND - VISTAAR
COALspot.com - This week the freight market was weak with mixed results.
The BDI was down by 1.95 pct closing at 703 points, however there was so ...
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- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Planning Commission, India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- The University of Queensland
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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